Vanguard Group Inc. Boosts Stake in Extra Space Storage Inc. (NYSE:EXR)

Vanguard Group Inc. lifted its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 0.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,686,389 shares of the real estate investment trust’s stock after buying an additional 170,380 shares during the period. Vanguard Group Inc. owned approximately 15.91% of Extra Space Storage worth $4,951,899,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Cornerstone Advisors LLC purchased a new stake in shares of Extra Space Storage during the 1st quarter valued at about $74,000. Intech Investment Management LLC lifted its position in Extra Space Storage by 138.7% during the first quarter. Intech Investment Management LLC now owns 5,405 shares of the real estate investment trust’s stock valued at $795,000 after purchasing an additional 3,141 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its stake in Extra Space Storage by 19.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 247,203 shares of the real estate investment trust’s stock valued at $36,307,000 after buying an additional 40,055 shares during the last quarter. Centersquare Investment Management LLC lifted its holdings in shares of Extra Space Storage by 1.3% during the 1st quarter. Centersquare Investment Management LLC now owns 2,546,475 shares of the real estate investment trust’s stock valued at $341,941,000 after buying an additional 32,591 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Extra Space Storage by 13.7% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 381,954 shares of the real estate investment trust’s stock worth $56,147,000 after buying an additional 46,097 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Citigroup lowered their target price on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, June 7th. Scotiabank increased their price objective on shares of Extra Space Storage from $140.00 to $159.00 and gave the stock a “sector underperform” rating in a research note on Friday. 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 report on Monday, May 20th. Evercore ISI lifted their price target on shares of Extra Space Storage from $140.00 to $151.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Finally, Wells Fargo & Company upped their price objective on 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 investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $155.17.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the transaction, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the transaction, the chief executive officer now owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph J. Bonner sold 677 shares of Extra Space Storage stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $148.22, for a total value of $100,344.94. Following the completion of the sale, the director now directly owns 5,229 shares in the company, valued at $775,042.38. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock traded down $3.12 during trading hours on Friday, hitting $164.10. The company’s stock had a trading volume of 754,115 shares, compared to its average volume of 862,605. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.15 and a current ratio of 0.15. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $171.46. The business has a 50 day moving average price of $153.03 and a two-hundred day moving average price of $147.09. The company has a market cap of $34.74 billion, a PE ratio of 36.55, a PEG ratio of 3.46 and a beta of 0.83.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date was Friday, June 14th. Extra Space Storage’s dividend payout ratio (DPR) is currently 144.32%.

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.