Extra Space Storage Inc. (NYSE:EXR) Position Boosted by Vert Asset Management LLC

Vert Asset Management LLC lifted its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 1.1% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 86,495 shares of the real estate investment trust’s stock after buying an additional 973 shares during the period. Extra Space Storage accounts for approximately 5.3% of Vert Asset Management LLC’s portfolio, making the stock its 7th largest holding. Vert Asset Management LLC’s holdings in Extra Space Storage were worth $12,715,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 12,055,172 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Extra Space Storage by 8.9% during the fourth quarter. Principal Financial Group Inc. now owns 7,083,752 shares of the real estate investment trust’s stock valued at $1,135,738,000 after buying an additional 577,918 shares during the period. Norges Bank acquired a new position in Extra Space Storage during the fourth quarter worth approximately $1,022,811,000. JPMorgan Chase & Co. increased its position 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 worth $406,781,000 after purchasing an additional 2,867,657 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in Extra Space Storage by 6.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,219,030 shares of the real estate investment trust’s stock worth $516,107,000 after purchasing an additional 186,940 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Wall Street Analyst Weigh In

EXR has been the subject of several research analyst reports. Citigroup dropped their price target on shares of Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, June 7th. Evercore ISI dropped their price target on shares of Extra Space Storage from $145.00 to $139.00 in a research report on Wednesday, May 1st. Wells Fargo & Company upped their price target on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Raymond James reissued an “outperform” rating and issued a $160.00 price objective on shares of Extra Space Storage in a research report on Thursday, March 28th. Finally, Barclays increased their price objective on shares of Extra Space Storage from $157.00 to $158.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $151.83.

Extra Space Storage Stock Performance

Shares of EXR stock traded up $0.25 during trading hours on Thursday, reaching $157.24. The stock had a trading volume of 186,092 shares, compared to its average volume of 1,105,771. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.15 and a quick ratio of 0.15. Extra Space Storage Inc. has a twelve month low of $101.19 and a twelve month high of $164.99. The firm has a 50-day simple moving average of $145.77 and a 200-day simple moving average of $146.58. The firm has a market capitalization of $33.29 billion, a PE ratio of 34.97, a price-to-earnings-growth ratio of 3.77 and a beta of 0.81.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $1.62 dividend. The ex-dividend date is Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.12%. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Insider Buying and Selling

In related news, Director Joseph J. Bonner sold 677 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the sale, the director now owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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.