US Bancorp DE Grows Stake in Extra Space Storage Inc. (NYSE:EXR)

US Bancorp DE raised its stake in Extra Space Storage Inc. (NYSE:EXR) by 1.1% during the fourth quarter, HoldingsChannel reports. The fund owned 28,237 shares of the real estate investment trust’s stock after buying an additional 308 shares during the period. US Bancorp DE’s holdings in Extra Space Storage were worth $4,224,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of EXR. Golden State Wealth Management LLC purchased a new stake in shares of Extra Space Storage in the fourth quarter worth $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Extra Space Storage in the third quarter worth $33,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Extra Space Storage in the third quarter worth $42,000. Quent Capital LLC grew its stake in shares of Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 154 shares during the last quarter. Finally, Asset Planning Inc purchased a new stake in shares of Extra Space Storage in the fourth quarter worth $52,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Stock Up 2.5 %

EXR stock opened at $157.24 on Thursday. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two week high of $184.87. The business’s 50-day moving average is $152.63 and its two-hundred day moving average is $163.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company has a market cap of $33.33 billion, a price-to-earnings ratio of 41.16, a P/E/G ratio of 7.76 and a beta of 0.91.

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

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s dividend payout ratio is 160.40%.

Analysts Set New Price Targets

EXR has been the topic of a number of recent research reports. Royal Bank of Canada cut their target price on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 27th. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, January 28th. 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 report on Thursday, December 5th. Wells Fargo & Company lowered their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Finally, 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 report on Monday, January 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Extra Space Storage currently has an average rating of “Hold” and a consensus target price of $171.36.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the company’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 owns 20,158 shares of the company’s stock, valued at approximately $3,077,320.28. The trade was a 5.71 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.36% 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.