Retirement Systems of Alabama Sells 1,698 Shares of Extra Space Storage Inc. (NYSE:EXR)

Retirement Systems of Alabama cut its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 1.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 167,764 shares of the real estate investment trust’s stock after selling 1,698 shares during the period. Retirement Systems of Alabama owned 0.08% of Extra Space Storage worth $30,229,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Pathway Financial Advisers LLC increased its holdings in shares of Extra Space Storage by 17,832.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock valued at $363,783,000 after acquiring an additional 2,007,626 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Extra Space Storage by 724.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock worth $357,100,000 after purchasing an additional 1,741,320 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Extra Space Storage by 543.5% during the second quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock valued at $61,724,000 after buying an additional 335,447 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Extra Space Storage by 20.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock valued at $291,720,000 after buying an additional 319,965 shares in the last quarter. Finally, Mizuho Securities USA LLC grew its position in shares of Extra Space Storage by 1,664.3% in the 3rd quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust’s stock worth $51,912,000 after buying an additional 271,765 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 EXR opened at $158.22 on Friday. The business’s 50-day moving average is $166.78 and its two-hundred day moving average is $165.27. The company has a market capitalization of $33.54 billion, a P/E ratio of 41.42, a P/E/G ratio of 8.03 and a beta of 0.89. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. During the same period last year, the business earned $2.02 earnings per share. The firm’s revenue was up 10.2% on a year-over-year basis. Research analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on EXR shares. KeyCorp raised their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Wells Fargo & Company restated an “equal weight” rating and set a $175.00 target price on shares of Extra Space Storage in a research note on Monday, October 21st. Truist Financial increased their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Royal Bank of Canada initiated coverage on Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target on the stock. Finally, Barclays increased their price objective on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Extra Space Storage presently has a consensus rating of “Hold” and a consensus target price of $171.43.

Insider Buying and Selling

In related news, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the transaction, the director now owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This represents a 34.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the sale, the chief executive officer now directly owns 24,190 shares in the company, valued at approximately $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by insiders.

Extra Space Storage Company Profile

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.