PGGM Investments Decreases Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

PGGM Investments cut its stake in Extra Space Storage Inc. (NYSE:EXR) by 4.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,302,667 shares of the real estate investment trust’s stock after selling 66,779 shares during the period. Extra Space Storage accounts for about 2.9% of PGGM Investments’ investment portfolio, making the stock its 6th biggest position. PGGM Investments owned approximately 0.62% of Extra Space Storage worth $202,447,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of EXR. Norges Bank bought a new position in Extra Space Storage in the 4th quarter worth approximately $1,022,811,000. Boston Partners acquired a new position in shares of Extra Space Storage during the first quarter valued at $130,554,000. Capital Research Global Investors boosted its holdings in Extra Space Storage by 111.4% in the fourth quarter. Capital Research Global Investors now owns 1,537,317 shares of the real estate investment trust’s stock valued at $246,478,000 after acquiring an additional 810,158 shares during the last quarter. Principal Financial Group Inc. increased its position in Extra Space Storage by 8.9% in the fourth quarter. Principal Financial Group Inc. now owns 7,083,752 shares of the real estate investment trust’s stock worth $1,135,738,000 after purchasing an additional 577,918 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in Extra Space Storage by 2,244.2% during the 1st quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust’s stock worth $87,824,000 after purchasing an additional 572,231 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Extra Space Storage Trading Up 0.4 %

Shares of Extra Space Storage stock traded up $0.74 during trading hours on Wednesday, hitting $166.68. The company’s stock had a trading volume of 869,952 shares, compared to its average volume of 1,075,423. Extra Space Storage Inc. has a 12 month low of $101.19 and a 12 month high of $171.46. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.15. The company has a market capitalization of $35.29 billion, a PE ratio of 37.12, a price-to-earnings-growth ratio of 3.37 and a beta of 0.83. The stock has a 50 day moving average of $159.18 and a 200 day moving average of $148.52.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $1.62 per share. The ex-dividend date was Friday, June 14th. This represents a $6.48 annualized dividend and a yield of 3.89%. Extra Space Storage’s dividend payout ratio (DPR) is currently 144.32%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EXR. Evercore ISI raised 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 note on Monday, July 15th. Scotiabank raised their price objective on shares of Extra Space Storage from $140.00 to $159.00 and gave the company a “sector underperform” rating in a research note on Friday, July 19th. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their price target for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Finally, Citigroup reduced their price target on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Extra Space Storage has an average rating of “Hold” and an average price target of $160.67.

Insider Buying and Selling at Extra Space Storage

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

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.