New York Life Investment Management LLC Increases Position in Extra Space Storage Inc $EXR

New York Life Investment Management LLC grew its stake in Extra Space Storage Inc (NYSE:EXR) by 1.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,789 shares of the real estate investment trust’s stock after acquiring an additional 435 shares during the quarter. New York Life Investment Management LLC’s holdings in Extra Space Storage were worth $4,687,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Extra Space Storage by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust’s stock valued at $5,044,129,000 after acquiring an additional 295,556 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Extra Space Storage by 205.7% in the 1st quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust’s stock valued at $608,001,000 after acquiring an additional 2,755,265 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Extra Space Storage by 0.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,077,577 shares of the real estate investment trust’s stock valued at $456,989,000 after acquiring an additional 12,607 shares during the period. Invesco Ltd. increased its holdings in shares of Extra Space Storage by 18.7% in the 1st quarter. Invesco Ltd. now owns 3,056,384 shares of the real estate investment trust’s stock valued at $453,843,000 after acquiring an additional 480,642 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Extra Space Storage by 1.7% in the 1st quarter. Northern Trust Corp now owns 2,922,828 shares of the real estate investment trust’s stock valued at $434,011,000 after acquiring an additional 47,779 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the completion of the sale, the chief executive officer owned 19,760 shares of the company’s stock, valued at approximately $2,794,261.60. The trade was a 27.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.96% of the company’s stock.

Extra Space Storage Stock Performance

Shares of EXR opened at $141.82 on Thursday. The stock has a 50-day moving average of $144.13 and a two-hundred day moving average of $145.35. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $175.57. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a market cap of $30.10 billion, a P/E ratio of 30.76, a P/E/G ratio of 2.65 and a beta of 1.11.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.02. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.During the same quarter in the previous year, the company posted $2.07 earnings per share. The company’s revenue was up 4.1% on a year-over-year basis. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. As a group, research analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $6.48 dividend on an annualized basis and a yield of 4.6%. Extra Space Storage’s payout ratio is currently 140.56%.

Analyst Upgrades and Downgrades

EXR has been the topic of a number of analyst reports. Wall Street Zen upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Barclays dropped their target price on Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating on the stock in a research note on Friday, August 8th. Weiss Ratings restated a “hold (c)” rating on shares of Extra Space Storage in a research note on Wednesday, October 8th. Evercore ISI boosted their target price on Extra Space Storage from $147.00 to $149.00 and gave the stock a “cautious” rating in a research note on Friday, October 3rd. Finally, Scotiabank dropped their target price on Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 28th. Six analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $148.64.

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.