State Street Corp Has $2.41 Billion Stock Position in Extra Space Storage Inc. (NYSE:EXR)

State Street Corp lifted its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,390,830 shares of the real estate investment trust’s stock after purchasing an additional 227,006 shares during the quarter. State Street Corp owned 6.32% of Extra Space Storage worth $2,412,894,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. EdgeRock Capital LLC acquired a new stake in shares of Extra Space Storage during the 2nd quarter worth $25,000. Centerpoint Advisors LLC acquired a new stake in shares of Extra Space Storage during the 2nd quarter worth $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Extra Space Storage during the 3rd quarter worth $33,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Extra Space Storage during the 3rd quarter worth $42,000. Finally, Blue Trust Inc. grew its holdings in shares of Extra Space Storage by 540.5% during the 2nd quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 200 shares in the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on EXR shares. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Evercore ISI reduced their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Barclays raised their price objective on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Truist Financial raised their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday. Finally, Royal Bank of Canada started coverage on Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective on the stock. Three analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $171.43.

Extra Space Storage Price Performance

Extra Space Storage stock opened at $163.64 on Friday. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $34.69 billion, a PE ratio of 42.84, a P/E/G ratio of 8.33 and a beta of 0.89. Extra Space Storage Inc. has a 12 month low of $131.02 and a 12 month high of $184.87. The stock has a 50-day moving average price of $168.43 and a two-hundred day moving average price of $164.72.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $826.93 million. During the same quarter last year, the business earned $2.02 earnings per share. Extra Space Storage’s revenue was up 10.2% compared to the same quarter last year. Analysts expect that Extra Space Storage Inc. will post 8.09 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.96%. Extra Space Storage’s dividend payout ratio (DPR) is 169.63%.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, Director Kenneth M. Woolley sold 6,647 shares of Extra Space Storage stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now directly owns 404,306 shares in the company, valued at approximately $71,655,152.38. The trade was a 1.62 % decrease in their ownership of the stock. The sale 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 Extra Space Storage stock in a transaction that occurred on Tuesday, October 1st. The stock was 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 owns 24,190 shares of the company’s stock, 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. Insiders sold 17,228 shares of company stock worth $3,023,957 over the last ninety days. 1.36% of the stock is 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.