Sumitomo Mitsui Trust Holdings Inc. Reduces Holdings in Extra Space Storage Inc. (NYSE:EXR)

Sumitomo Mitsui Trust Holdings Inc. lowered its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 11.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 905,555 shares of the real estate investment trust’s stock after selling 122,895 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.43% of Extra Space Storage worth $133,117,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings 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 purchasing an additional 12,055,172 shares in the last quarter. Principal Financial Group Inc. raised its position 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 last quarter. Norges Bank bought a new stake in shares of Extra Space Storage during the fourth quarter valued at approximately $1,022,811,000. JPMorgan Chase & Co. raised its position in shares of 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 buying an additional 2,867,657 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of 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 valued at $516,107,000 after buying an additional 186,940 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Price Performance

Shares of NYSE:EXR traded up $0.93 during midday trading on Wednesday, reaching $154.65. 43,344 shares of the company’s stock traded hands, compared to its average volume of 1,109,677. Extra Space Storage Inc. has a 1 year low of $101.19 and a 1 year high of $164.99. The company has a market cap of $32.74 billion, a P/E ratio of 34.24, a PEG ratio of 3.73 and a beta of 0.83. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.15 and a current ratio of 0.15. The company has a fifty day simple moving average of $147.87 and a two-hundred day simple moving average of $146.88.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date was Friday, June 14th. Extra Space Storage’s payout ratio is 144.32%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Evercore ISI reduced their price objective on shares of Extra Space Storage from $145.00 to $139.00 in a research report on Wednesday, May 1st. Raymond James reiterated an “outperform” rating and set a $160.00 price objective on shares of Extra Space Storage in a research report on Thursday, March 28th. Citigroup lowered their target price on shares of Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating for the company in a research note on Friday, June 7th. Barclays boosted their target price on shares of Extra Space Storage from $157.00 to $158.00 and gave the company an “overweight” rating in a research note on Monday, May 20th. Finally, Wells Fargo & Company upped their price objective on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $151.83.

Insider Buying and Selling

In related news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $148.22, for a total transaction of $100,344.94. Following the completion of the transaction, the director now directly owns 5,229 shares in the company, valued at approximately $775,042.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.36% of the company’s stock.

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.