DNB Asset Management AS Increases Stake in Extra Space Storage Inc. (NYSE:EXR)

DNB Asset Management AS boosted its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 5.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 34,790 shares of the real estate investment trust’s stock after purchasing an additional 1,933 shares during the period. DNB Asset Management AS’s holdings in Extra Space Storage were worth $5,407,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in EXR. EdgeRock Capital LLC purchased a new stake in shares of Extra Space Storage in the 4th quarter valued at $26,000. Creekmur Asset Management LLC purchased a new stake in Extra Space Storage in the fourth quarter valued at $26,000. Livforsakringsbolaget Skandia Omsesidigt grew its position in Extra Space Storage by 200.0% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 300 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 200 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in shares of Extra Space Storage by 19.7% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after buying an additional 76 shares during the last quarter. Finally, Cornerstone Advisors LLC acquired a new position in shares of Extra Space Storage in the 1st quarter valued at about $74,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Raymond James lifted their price target on Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Bank of America cut Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $172.00 to $155.00 in a research report on Monday. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Scotiabank upped their price objective on shares of Extra Space Storage from $140.00 to $159.00 and gave the stock a “sector underperform” rating in a research report on Friday, July 19th. Finally, Evercore ISI lifted their target price on shares of Extra Space Storage from $140.00 to $151.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $160.67.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock opened at $163.02 on Wednesday. Extra Space Storage Inc. has a one year low of $101.19 and a one year high of $171.46. The company has a market cap of $34.52 billion, a price-to-earnings ratio of 36.31, a PEG ratio of 3.37 and a beta of 0.83. The business’s 50 day moving average price is $156.79 and its 200 day moving average price is $147.83. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.15 and a current ratio of 0.20.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date was Friday, June 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Extra Space Storage 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 value of $100,344.94. Following the transaction, the director now owns 5,229 shares of the company’s stock, valued at $775,042.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage 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 owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by company insiders.

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.