BNP Paribas Financial Markets Buys 82,587 Shares of Extra Space Storage Inc. (NYSE:EXR)

BNP Paribas Financial Markets raised its position in Extra Space Storage Inc. (NYSE:EXR) by 31.8% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 341,983 shares of the real estate investment trust’s stock after buying an additional 82,587 shares during the period. BNP Paribas Financial Markets’ holdings in Extra Space Storage were worth $61,622,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in EXR. Pathway Financial Advisers LLC boosted its holdings in Extra Space Storage by 17,832.9% in the third quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock valued at $363,783,000 after acquiring an additional 2,007,626 shares during the last quarter. Boston Partners bought a new stake in shares of Extra Space Storage during the first quarter worth approximately $130,554,000. American Century Companies Inc. raised its stake in shares of Extra Space Storage by 543.5% during the second quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock worth $61,724,000 after buying an additional 335,447 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Extra Space Storage by 20.5% during the second quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock worth $291,720,000 after buying an additional 319,965 shares during the last quarter. Finally, Mizuho Securities USA LLC raised its stake in shares of Extra Space Storage by 1,664.3% during the third quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust’s stock worth $51,912,000 after buying an additional 271,765 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on EXR shares. Scotiabank dropped their price target on shares of Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a research note on Monday. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and upped their target price for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. Barclays upped their target price on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Finally, Royal Bank of Canada assumed coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price for the company. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Extra Space Storage has an average rating of “Hold” and a consensus price target of $171.36.

Insider Buying and Selling at Extra Space Storage

In other news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now directly owns 5,877 shares of the company’s stock, valued at $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the transaction, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,228 shares of company stock worth $3,023,957 over the last quarter. 1.36% of the stock is currently owned by insiders.

Extra Space Storage Stock Performance

Shares of EXR opened at $172.68 on Thursday. Extra Space Storage Inc. has a 12 month low of $125.82 and a 12 month high of $184.87. The firm has a fifty day simple moving average of $169.97 and a 200 day simple moving average of $164.09. The stock has a market capitalization of $36.60 billion, a price-to-earnings ratio of 45.20, a PEG ratio of 8.58 and a beta of 0.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). The business had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.02 EPS. Research analysts forecast that Extra Space Storage Inc. will post 8.09 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

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.