Royal London Asset Management Ltd. Raises Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Royal London Asset Management Ltd. increased its position in Extra Space Storage Inc. (NYSE:EXR) by 0.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 86,727 shares of the real estate investment trust’s stock after buying an additional 649 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Extra Space Storage were worth $12,974,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in EXR. Golden State Wealth Management LLC bought a new stake in Extra Space Storage in the fourth quarter valued at $25,000. Harbour Investments Inc. boosted its holdings in Extra Space Storage by 90.9% in the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 80 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in Extra Space Storage in the third quarter valued at $42,000. Quent Capital LLC boosted its holdings in Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 154 shares in the last quarter. Finally, Asset Planning Inc bought a new stake in Extra Space Storage in the fourth quarter valued at $52,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock opened at $143.92 on Friday. The stock has a market cap of $30.51 billion, a price-to-earnings ratio of 37.67, a PEG ratio of 7.76 and a beta of 0.90. The firm’s 50-day moving average is $152.76 and its 200 day moving average is $161.05. Extra Space Storage Inc. has a 1 year low of $131.02 and a 1 year high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The company had revenue of $821.90 million for the quarter, compared to analysts’ expectations of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Sell-side analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s payout ratio is 160.40%.

Analyst Ratings Changes

Several analysts recently weighed in on EXR shares. Wells Fargo & Company cut their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Truist Financial lifted their price target on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Royal Bank of Canada dropped their target price on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Finally, Scotiabank dropped their target price on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Extra Space Storage has an average rating of “Hold” and an average target price of $171.09.

Insider Buying and Selling

In other Extra Space Storage news, Director Joseph J. Bonner sold 672 shares of the company’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total transaction of $100,195.20. Following the transaction, the director now owns 4,557 shares in the company, valued at approximately $679,448.70. This represents a 12.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the transaction, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,392 shares of company stock worth $1,396,515 in the last quarter. Corporate insiders own 1.36% of the company’s stock.

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.