Allianz Asset Management GmbH Increases Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Allianz Asset Management GmbH increased its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 0.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 168,623 shares of the real estate investment trust’s stock after buying an additional 1,143 shares during the period. Allianz Asset Management GmbH owned about 0.08% of Extra Space Storage worth $25,226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new stake in shares of Extra Space Storage in the 4th quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Extra Space Storage in the 3rd quarter worth $33,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Extra Space Storage in the 3rd quarter worth $42,000. Quent Capital LLC increased its stake in shares of Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 154 shares during the last quarter. Finally, Asset Planning Inc acquired a new stake in shares of Extra Space Storage in the 4th quarter worth $52,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

EXR has been the subject of a number of recent research reports. Truist Financial raised their target price on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. Barclays cut their price objective on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective for the company in a research report on Friday, January 10th. Finally, Wells Fargo & Company cut their price objective on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $173.09.

Extra Space Storage Stock Performance

NYSE EXR opened at $159.14 on Tuesday. The company has a market cap of $33.73 billion, a P/E ratio of 41.66, a P/E/G ratio of 7.76 and a beta of 0.91. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The stock has a 50-day moving average of $151.61 and a two-hundred day moving average of $163.74. Extra Space Storage Inc. has a 1-year low of $131.02 and a 1-year high of $184.87.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend is Friday, March 14th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. The trade was a 31.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.36% of the stock is currently owned by corporate insiders.

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.