RNC Capital Management LLC Buys New Holdings in Extra Space Storage Inc. (NYSE:EXR)

RNC Capital Management LLC bought a new stake in Extra Space Storage Inc. (NYSE:EXR) in the fourth quarter, Holdings Channel reports. The institutional investor bought 1,673 shares of the real estate investment trust’s stock, valued at approximately $250,000.

Other large investors have also modified their holdings of the company. Tidal Investments LLC raised its stake in shares of Extra Space Storage by 34.4% in the third quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock valued at $2,278,000 after purchasing an additional 3,234 shares in the last quarter. Swedbank AB raised its stake in shares of Extra Space Storage by 4.5% in the third quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust’s stock valued at $43,810,000 after purchasing an additional 10,408 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Extra Space Storage by 724.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after acquiring an additional 1,741,320 shares during the period. Duff & Phelps Investment Management Co. grew its position in Extra Space Storage by 9.5% in the third quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock valued at $6,397,000 after acquiring an additional 3,093 shares during the period. Finally, Brown Financial Advisors grew its position in Extra Space Storage by 69.1% in the third quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock valued at $1,646,000 after acquiring an additional 3,731 shares during the period. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Thursday, January 2nd. The shares were 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 in the company, valued at $2,470,286.90. The trade was a 31.00 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is owned by company insiders.

Extra Space Storage Price Performance

Extra Space Storage stock opened at $156.01 on Friday. The business’s 50-day simple moving average is $153.37 and its 200 day simple moving average is $164.27. The stock has a market cap of $33.07 billion, a price-to-earnings ratio of 40.84, a P/E/G ratio of 7.67 and a beta of 0.91. Extra Space Storage Inc. has a 12-month low of $131.02 and a 12-month high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage’s dividend payout ratio is 169.63%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Wells Fargo & Company reiterated an “equal weight” rating and issued a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. Evercore ISI lowered their price target on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Barclays lowered their price target on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Scotiabank upgraded Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target on the stock in a research report on Friday, January 10th. Finally, Truist Financial upped their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $174.00.

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.