Norges Bank Makes New Investment in Extra Space Storage Inc $EXR

Norges Bank bought a new stake in shares of Extra Space Storage Inc (NYSE:EXR) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 7,177,855 shares of the real estate investment trust’s stock, valued at approximately $1,058,303,000. Norges Bank owned 3.38% of Extra Space Storage as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in Extra Space Storage by 0.9% during the second quarter. Vanguard Group Inc. now owns 34,269,652 shares of the real estate investment trust’s stock valued at $5,052,717,000 after buying an additional 300,167 shares during the period. Geode Capital Management LLC lifted its stake in Extra Space Storage by 1.8% in the 2nd quarter. Geode Capital Management LLC now owns 5,795,253 shares of the real estate investment trust’s stock worth $851,070,000 after acquiring an additional 100,637 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Extra Space Storage by 10.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,513,795 shares of the real estate investment trust’s stock worth $665,514,000 after acquiring an additional 419,240 shares during the period. Invesco Ltd. grew its stake in Extra Space Storage by 18.7% during 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 in the last quarter. Finally, Northern Trust Corp grew its stake in Extra Space Storage by 1.7% during 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 in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insider Activity at Extra Space Storage

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

Extra Space Storage Stock Performance

EXR stock opened at $133.17 on Friday. The firm has a 50 day moving average of $139.13 and a two-hundred day moving average of $143.55. Extra Space Storage Inc has a 12 month low of $121.03 and a 12 month high of $173.81. The company has a market capitalization of $28.27 billion, a price-to-earnings ratio of 29.73, a P/E/G ratio of 2.56 and a beta of 1.14. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88.

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

Extra Space Storage Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Extra Space Storage in a research report on Wednesday, October 8th. Barclays cut their target price on shares of Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. Wells Fargo & Company upgraded shares of Extra Space Storage from an “equal weight” rating to an “overweight” rating and set a $160.00 price target on the stock in a report on Tuesday, August 26th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $146.00 price target (down from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. Finally, Scotiabank cut their price objective on Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating for the company in a report on Thursday, August 28th. Six analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Extra Space Storage has a consensus rating of “Hold” and an average target price of $148.36.

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.