Prudential Financial Inc. Raises Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Prudential Financial Inc. lifted its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 28.5% during the 4th quarter, HoldingsChannel reports. The firm owned 1,442,852 shares of the real estate investment trust’s stock after acquiring an additional 320,083 shares during the period. Prudential Financial Inc.’s holdings in Extra Space Storage were worth $215,851,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EXR. Golden State Wealth Management LLC purchased a new stake in Extra Space Storage during the 4th quarter valued at $25,000. Harbour Investments Inc. grew its stake in Extra Space Storage by 90.9% during the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 80 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in Extra Space Storage in the third quarter worth $42,000. Continuum Advisory LLC lifted its position in Extra Space Storage by 68.1% in the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after buying an additional 126 shares during the last quarter. Finally, Quent Capital LLC lifted its stake in shares of Extra Space Storage by 89.0% during the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 154 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $143.92 on Monday. The firm has a market cap of $30.51 billion, a price-to-earnings ratio of 37.67, a P/E/G ratio of 7.76 and a beta of 0.90. The business has a fifty day simple moving average of $152.76 and a 200 day simple moving average of $160.95. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a 1 year low of $131.02 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, topping the consensus estimate of $1.10 by $0.93. The firm had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. As a group, sell-side analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.50%. Extra Space Storage’s dividend payout ratio (DPR) is 160.40%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on EXR shares. Wells Fargo & Company dropped their target price on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Barclays lowered their target price on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. Royal Bank of Canada decreased their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Finally, Scotiabank dropped their target price on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Extra Space Storage currently has an average rating of “Hold” and an average price target of $171.09.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at $3,077,320.28. The trade was a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. The trade was a 31.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,392 shares of company stock worth $1,396,515. Corporate insiders own 1.36% of the company’s stock.

About Extra Space Storage

Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2023, the Company owned and/or operated 3,714 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.6 million units and approximately 283.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.