Extra Space Storage Inc $EXR Shares Bought by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System increased its position in Extra Space Storage Inc (NYSE:EXR) by 1.3% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 207,924 shares of the real estate investment trust’s stock after purchasing an additional 2,650 shares during the period. State Board of Administration of Florida Retirement System owned 0.10% of Extra Space Storage worth $30,656,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in Extra Space Storage by 205.7% in the first 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. Nuveen LLC acquired a new position in Extra Space Storage during the 1st quarter valued at approximately $257,917,000. AQR Capital Management LLC grew its stake in Extra Space Storage by 570.3% during the 1st quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust’s stock worth $166,180,000 after buying an additional 956,500 shares during the last quarter. Resolution Capital Ltd increased its position in Extra Space Storage by 259.1% in the first quarter. Resolution Capital Ltd now owns 902,157 shares of the real estate investment trust’s stock worth $133,961,000 after buying an additional 650,957 shares during the period. Finally, Invesco Ltd. increased its position in Extra Space Storage by 18.7% in the first quarter. Invesco Ltd. now owns 3,056,384 shares of the real estate investment trust’s stock worth $453,843,000 after buying an additional 480,642 shares during the period. Institutional investors own 99.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Evercore ISI reiterated a “cautious” rating on shares of Extra Space Storage in a research report on Monday, November 3rd. UBS Group reduced their price target on Extra Space Storage from $169.00 to $160.00 and set a “buy” rating for the company in a research report on Tuesday, September 16th. Royal Bank Of Canada cut their price objective on shares of Extra Space Storage from $148.00 to $146.00 and set a “sector perform” rating on the stock in a research note on Friday, November 7th. Citigroup reduced their price objective on shares of Extra Space Storage from $165.00 to $150.00 and set a “neutral” rating for the company in a report on Friday, August 22nd. Finally, Scotiabank dropped their price target on shares of Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 28th. Six investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $148.36.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total value of $1,060,575.00. Following the sale, the chief executive officer owned 19,760 shares in the company, valued at approximately $2,794,261.60. This trade represents a 27.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.96% of the company’s stock.

Extra Space Storage Stock Down 0.1%

Shares of Extra Space Storage stock opened at $133.17 on Friday. The stock has a 50-day moving average price of $139.13 and a 200 day moving average price of $143.53. The company has a market cap of $28.27 billion, a P/E ratio of 29.73, a P/E/G ratio of 2.56 and a beta of 1.14. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $173.81.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Wednesday, October 29th. The real estate investment trust reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.02. The firm had revenue of $858.46 million for the quarter, compared to the consensus estimate of $736.26 million. Extra Space Storage had a return on equity of 6.53% and a net margin of 28.40%.The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.07 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. As a group, analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Monday, December 15th. Extra Space Storage’s dividend payout ratio is 144.64%.

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.