California Public Employees Retirement System Sells 16,670 Shares of Extra Space Storage Inc. (NYSE:EXR)

California Public Employees Retirement System trimmed its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 3.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 496,509 shares of the real estate investment trust’s stock after selling 16,670 shares during the period. California Public Employees Retirement System owned approximately 0.24% of Extra Space Storage worth $79,605,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EXR. Vanguard Group Inc. increased its stake in Extra Space Storage by 55.7% during the third quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after acquiring an additional 12,055,172 shares during the period. JPMorgan Chase & Co. boosted its holdings in Extra Space Storage by 599.8% during the third quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock valued at $406,781,000 after purchasing an additional 2,867,657 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in Extra Space Storage during the third quarter valued at approximately $173,621,000. First Eagle Investment Management LLC boosted its holdings in Extra Space Storage by 233,362.8% during the third quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock valued at $160,940,000 after purchasing an additional 1,323,167 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Extra Space Storage by 22.1% during the third quarter. Principal Financial Group Inc. now owns 6,505,834 shares of the real estate investment trust’s stock valued at $790,975,000 after purchasing an additional 1,178,760 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Stock Performance

EXR stock opened at $134.64 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.30 and a quick ratio of 0.30. The company has a 50 day moving average price of $142.19 and a 200 day moving average price of $138.01. Extra Space Storage Inc. has a fifty-two week low of $101.19 and a fifty-two week high of $164.99. The stock has a market capitalization of $28.49 billion, a PE ratio of 27.26, a price-to-earnings-growth ratio of 3.27 and a beta of 0.74.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The company had revenue of $797.77 million during the quarter, compared to the consensus estimate of $778.05 million. During the same quarter last year, the firm earned $2.09 EPS. The business’s revenue for the quarter was up 57.4% on a year-over-year basis. Analysts forecast that Extra Space Storage Inc. will post 8.05 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.81%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s payout ratio is 131.17%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the sale, the chief marketing officer now owns 94,126 shares in the company, valued at approximately $13,785,693.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the sale, the executive vice president now owns 37,028 shares in the company, valued at approximately $5,369,060. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,532 shares of company stock worth $514,819. Insiders own 1.36% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on EXR. Raymond James reaffirmed an “outperform” rating and set a $160.00 price objective on shares of Extra Space Storage in a report on Thursday, March 28th. Scotiabank began coverage on Extra Space Storage in a report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 price objective on the stock. Truist Financial lifted their price objective on Extra Space Storage from $138.00 to $152.00 and gave the company a “hold” rating in a report on Thursday, December 28th. TheStreet raised Extra Space Storage from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Extra Space Storage in a report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $150.17.

Extra Space Storage 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.