Kentucky Retirement Systems Trims Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Kentucky Retirement Systems cut its stake in Extra Space Storage Inc. (NYSE:EXR) by 5.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,045 shares of the real estate investment trust’s stock after selling 860 shares during the quarter. Kentucky Retirement Systems’ holdings in Extra Space Storage were worth $2,359,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Extra Space Storage by 0.5% during the first quarter. Vanguard Group Inc. now owns 33,686,389 shares of the real estate investment trust’s stock valued at $4,951,899,000 after purchasing an additional 170,380 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Extra Space Storage by 8.9% during the 4th quarter. Principal Financial Group Inc. now owns 7,083,752 shares of the real estate investment trust’s stock valued at $1,135,738,000 after buying an additional 577,918 shares in the last quarter. Norges Bank purchased a new stake in shares of Extra Space Storage in the 4th quarter worth about $1,022,811,000. Massachusetts Financial Services Co. MA grew its position in shares of Extra Space Storage by 6.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,219,030 shares of the real estate investment trust’s stock worth $516,107,000 after buying an additional 186,940 shares during the period. Finally, Daiwa Securities Group Inc. increased its stake in shares of Extra Space Storage by 8.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 2,724,293 shares of the real estate investment trust’s stock worth $436,786,000 after acquiring an additional 211,395 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the sale, the chief executive officer now owns 31,690 shares in the company, valued at $4,835,260.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Joseph J. Bonner sold 677 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the completion of the sale, the director now owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the sale, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Barclays upped their price objective on shares of Extra Space Storage from $157.00 to $158.00 and gave the stock an “overweight” rating in a report on Monday, May 20th. Citigroup cut their price target on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, June 7th. Raymond James lifted their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Wells Fargo & Company boosted their target price on Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Scotiabank raised their price target on Extra Space Storage from $140.00 to $159.00 and gave the company a “sector underperform” rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $157.67.

Extra Space Storage Stock Performance

NYSE EXR traded down $1.21 during trading hours on Monday, hitting $163.40. The company’s stock had a trading volume of 273,037 shares, compared to its average volume of 1,068,640. Extra Space Storage Inc. has a 12 month low of $101.19 and a 12 month high of $171.46. The company’s 50 day simple moving average is $154.38 and its two-hundred day simple moving average is $147.22. The company has a market cap of $34.60 billion, a P/E ratio of 36.37, a price-to-earnings-growth ratio of 3.47 and a beta of 0.83. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.15 and a quick ratio of 0.15.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $1.62 dividend. The ex-dividend date was Friday, June 14th. This represents a $6.48 annualized dividend and a yield of 3.97%. Extra Space Storage’s payout ratio is 144.32%.

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.