Nissay Asset Management Corp Japan ADV Boosts Stake in Extra Space Storage Inc. (NYSE:EXR)

Nissay Asset Management Corp Japan ADV boosted its stake in Extra Space Storage Inc. (NYSE:EXR) by 2.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 55,852 shares of the real estate investment trust’s stock after purchasing an additional 1,082 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Extra Space Storage were worth $8,271,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EXR. Norges Bank acquired a new stake in shares of Extra Space Storage in the fourth quarter valued at $938,647,000. Northern Trust Corp boosted its holdings in Extra Space Storage by 48.7% during the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust’s stock valued at $430,107,000 after acquiring an additional 941,212 shares during the period. Balyasny Asset Management L.P. acquired a new position in Extra Space Storage in the 4th quarter valued at about $107,453,000. Manning & Napier Advisors LLC grew its position in Extra Space Storage by 1,127.2% in the 4th quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust’s stock valued at $116,985,000 after acquiring an additional 718,266 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC increased its stake in Extra Space Storage by 91.2% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,089,753 shares of the real estate investment trust’s stock worth $163,027,000 after purchasing an additional 519,934 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on EXR shares. Wells Fargo & Company lowered their price objective 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. Mizuho initiated coverage on shares of Extra Space Storage in a research report on Wednesday, April 9th. They issued an “outperform” rating and a $141.00 price target for the company. Bank of America lifted their target price on Extra Space Storage from $155.00 to $161.00 and gave the company a “neutral” rating in a report on Tuesday. Evercore ISI upped their price target on Extra Space Storage from $144.00 to $149.00 and gave the stock an “in-line” rating in a report on Thursday, May 1st. Finally, Barclays reduced their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 12th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $158.69.

Extra Space Storage Stock Performance

Shares of EXR opened at $148.48 on Friday. The company has a market capitalization of $31.51 billion, a price-to-earnings ratio of 38.87, a price-to-earnings-growth ratio of 7.76 and a beta of 1.14. Extra Space Storage Inc. has a 52-week low of $121.03 and a 52-week 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. The stock has a 50 day moving average price of $143.11 and a 200 day moving average price of $152.18.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.04. The business had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $705.12 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.96 EPS. Research analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.36%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s payout ratio is 150.35%.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, Director Joseph J. Bonner sold 672 shares of the business’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 completion of the sale, the director now owns 4,557 shares in the company, valued at approximately $679,448.70. The trade was a 12.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the transaction, the chief executive officer now owns 9,190 shares in the company, valued at approximately $1,355,065.50. This trade represents a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,392 shares of company stock worth $1,392,315. Corporate insiders own 0.96% of the company’s stock.

Extra Space Storage Company 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.