Franklin Resources Inc. Sells 9,398 Shares of Extra Space Storage Inc. (NYSE:EXR)

Franklin Resources Inc. lessened its holdings in Extra Space Storage Inc. (NYSE:EXR) by 5.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 149,830 shares of the real estate investment trust’s stock after selling 9,398 shares during the quarter. Franklin Resources Inc.’s holdings in Extra Space Storage were worth $22,415,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EXR. Walleye Capital LLC increased its stake in Extra Space Storage by 174.8% in the third quarter. Walleye Capital LLC now owns 1,280 shares of the real estate investment trust’s stock valued at $231,000 after acquiring an additional 2,992 shares during the period. HighTower Advisors LLC grew its stake in shares of Extra Space Storage by 3.5% in the 3rd quarter. HighTower Advisors LLC now owns 44,420 shares of the real estate investment trust’s stock valued at $8,008,000 after purchasing an additional 1,486 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Extra Space Storage by 1.7% in the 3rd quarter. Janus Henderson Group PLC now owns 29,117 shares of the real estate investment trust’s stock worth $5,246,000 after buying an additional 500 shares in the last quarter. IHT Wealth Management LLC bought a new position in shares of Extra Space Storage during the 3rd quarter worth approximately $282,000. Finally, Royal London Asset Management Ltd. boosted its stake in Extra Space Storage by 3.4% in the 3rd quarter. Royal London Asset Management Ltd. now owns 86,078 shares of the real estate investment trust’s stock valued at $15,510,000 after buying an additional 2,849 shares in the last quarter. 99.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Friday, March 7th. Royal Bank of Canada decreased their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 27th. Wells Fargo & Company decreased their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Finally, Scotiabank cut their price objective on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $171.09.

Extra Space Storage Trading Down 4.2 %

EXR stock opened at $138.05 on Monday. The business has a fifty day moving average of $151.74 and a 200-day moving average of $158.72. The company has a market cap of $29.30 billion, a P/E ratio of 36.14, a PEG ratio of 7.76 and a beta of 0.96. Extra Space Storage Inc. has a twelve month low of $131.02 and a twelve month high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data 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. The firm had revenue of $821.90 million during the quarter, compared to analysts’ expectations of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. As a group, equities research analysts expect that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $1.62 dividend. The ex-dividend date was Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.69%. Extra Space Storage’s payout ratio is presently 160.40%.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total value of $1,105,875.00. Following the transaction, the chief executive officer now directly owns 9,190 shares in the company, valued at $1,355,065.50. This trade represents a 44.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the sale, the executive vice president now owns 20,158 shares of the company’s stock, valued at $3,077,320.28. This represents a 5.71 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,392 shares of company stock valued at $1,392,315. Company insiders own 1.36% of the company’s stock.

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.