California Public Employees Retirement System Reduces Holdings in Extra Space Storage Inc. (NYSE:EXR)

California Public Employees Retirement System cut its position in Extra Space Storage Inc. (NYSE:EXR) by 2.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 407,145 shares of the real estate investment trust’s stock after selling 11,026 shares during the quarter. California Public Employees Retirement System’s holdings in Extra Space Storage were worth $60,909,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new position in Extra Space Storage in the 4th quarter valued at about $25,000. Harbour Investments Inc. lifted its stake in shares of Extra Space Storage by 90.9% in the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 80 shares in the last quarter. Quent Capital LLC lifted its stake in shares of Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 154 shares in the last quarter. Asset Planning Inc purchased a new position in Extra Space Storage in the fourth quarter valued at about $52,000. Finally, Kestra Investment Management LLC acquired a new stake in Extra Space Storage during the 4th quarter valued at approximately $54,000. 99.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

EXR has been the subject of several research analyst reports. Wells Fargo & Company reduced their target price on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Scotiabank cut their target price on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Barclays decreased their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. Finally, Truist Financial upped their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $171.09.

Extra Space Storage Stock Down 0.5 %

Shares of Extra Space Storage stock opened at $147.81 on Wednesday. The stock has a market capitalization of $31.34 billion, a price-to-earnings ratio of 38.69, a PEG ratio of 7.76 and a beta of 0.90. Extra Space Storage Inc. has a twelve month low of $131.02 and a twelve month high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The business’s 50 day simple moving average is $152.21 and its 200-day simple moving average is $159.48.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Equities research analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage’s payout ratio is 160.40%.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the sale, the executive vice president now directly owns 20,158 shares in the company, valued at $3,077,320.28. The trade was a 5.71 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,392 shares of company stock worth $1,396,515. 1.36% of the stock is owned by company insiders.

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.