Geode Capital Management LLC Has $839.83 Million Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Geode Capital Management LLC reduced its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 0.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,627,253 shares of the real estate investment trust’s stock after selling 22,046 shares during the period. Geode Capital Management LLC owned approximately 2.65% of Extra Space Storage worth $839,826,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC boosted its stake in Extra Space Storage by 8.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 15,078 shares of the real estate investment trust’s stock valued at $2,232,000 after buying an additional 1,160 shares in the last quarter. Schroder Investment Management Group grew its holdings in shares of Extra Space Storage by 21.0% during the 4th quarter. Schroder Investment Management Group now owns 55,887 shares of the real estate investment trust’s stock valued at $8,229,000 after purchasing an additional 9,699 shares during the last quarter. Allianz SE acquired a new position in Extra Space Storage during the 4th quarter worth approximately $1,415,000. Allstate Corp lifted its stake in Extra Space Storage by 212.2% in the 4th quarter. Allstate Corp now owns 31,629 shares of the real estate investment trust’s stock valued at $4,732,000 after purchasing an additional 21,499 shares during the last quarter. Finally, DnB Asset Management AS boosted its position in Extra Space Storage by 0.4% in the fourth quarter. DnB Asset Management AS now owns 36,145 shares of the real estate investment trust’s stock valued at $5,407,000 after buying an additional 152 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP William N. Springer sold 1,220 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the sale, the executive vice president now directly owns 20,158 shares in the company, valued at $3,077,320.28. This trade represents a 5.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Joseph J. Bonner sold 672 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total value of $100,195.20. Following the transaction, the director now directly owns 4,557 shares in the company, valued at approximately $679,448.70. This trade represents a 12.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Scotiabank dropped their price target on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Royal Bank of Canada dropped their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Finally, Wells Fargo & Company dropped their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $171.09.

Extra Space Storage Stock Performance

Shares of EXR opened at $147.96 on Thursday. 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 firm’s fifty day simple moving average is $152.17 and its two-hundred day simple moving average is $159.40. Extra Space Storage Inc. has a 12 month low of $131.02 and a 12 month high of $184.87. The stock has a market capitalization of $31.37 billion, a P/E ratio of 38.73, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, beating the consensus estimate of $1.10 by $0.93. The company had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. As a group, analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.38%. Extra Space Storage’s payout ratio is presently 160.40%.

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.