Extra Space Storage Inc. (NYSE:EXR) Stock Position Lifted by DNB Asset Management AS

DNB Asset Management AS raised its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 5.9% in the 2nd quarter, Holdings Channel reports. The firm owned 34,790 shares of the real estate investment trust’s stock after purchasing an additional 1,933 shares during the quarter. DNB Asset Management AS’s holdings in Extra Space Storage were worth $5,407,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV increased its position in Extra Space Storage by 19.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock worth $72,000 after buying an additional 76 shares during the period. First Hawaiian Bank bought a new stake in Extra Space Storage in the 2nd quarter valued at about $437,000. GAMMA Investing LLC boosted its stake in Extra Space Storage by 97.3% during the 2nd quarter. GAMMA Investing LLC now owns 2,074 shares of the real estate investment trust’s stock valued at $322,000 after purchasing an additional 1,023 shares during the period. Pathway Financial Advisers LLC bought a new position in Extra Space Storage in the 1st quarter worth about $1,629,000. Finally, Boston Partners acquired a new stake in shares of Extra Space Storage in the first quarter valued at approximately $130,554,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Price Performance

NYSE EXR opened at $163.02 on Wednesday. Extra Space Storage Inc. has a 1 year low of $101.19 and a 1 year high of $171.46. The stock’s 50-day moving average price is $156.79 and its two-hundred day moving average price is $147.83. The company has a market cap of $34.52 billion, a PE ratio of 36.31, a PEG ratio of 3.37 and a beta of 0.83. The company has a current ratio of 0.20, a quick ratio of 0.15 and a debt-to-equity ratio of 0.76.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date was Friday, June 14th. Extra Space Storage’s dividend payout ratio is 144.32%.

Insiders Place Their Bets

In other news, Director Joseph J. Bonner sold 677 shares of the stock in a transaction on 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 owns 5,229 shares in the company, valued at $775,042.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other 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 transaction, the chief executive officer now owns 31,690 shares in the company, 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 the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the transaction, the director now owns 5,229 shares in the company, valued at $775,042.38. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on EXR. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their target price for the company from $172.00 to $155.00 in a research note on Monday. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Raymond James raised their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Wells Fargo & Company increased their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Barclays upped their target price on Extra Space Storage from $157.00 to $158.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $160.67.

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.