Louisiana State Employees Retirement System Makes New $2.05 Million Investment in Extra Space Storage Inc. (NYSE:EXR)

Louisiana State Employees Retirement System acquired a new position in shares of Extra Space Storage Inc. (NYSE:EXR) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,800 shares of the real estate investment trust’s stock, valued at approximately $2,052,000.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Extra Space Storage by 55.7% during the third quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock worth $4,095,585,000 after acquiring an additional 12,055,172 shares in the last quarter. State Street Corp grew its holdings in shares of Extra Space Storage by 6.0% during the first quarter. State Street Corp now owns 9,397,883 shares of the real estate investment trust’s stock worth $1,531,197,000 after purchasing an additional 533,145 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Extra Space Storage by 22.1% during the third quarter. Principal Financial Group Inc. now owns 6,505,834 shares of the real estate investment trust’s stock worth $790,975,000 after purchasing an additional 1,178,760 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Extra Space Storage by 599.8% during the third quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock worth $406,781,000 after purchasing an additional 2,867,657 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Extra Space Storage by 1.5% during the first quarter. Geode Capital Management LLC now owns 3,183,153 shares of the real estate investment trust’s stock worth $517,605,000 after purchasing an additional 47,305 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Extra Space Storage

In other news, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares in the company, valued at approximately $5,369,060. The disclosure for this sale can be found here. Insiders have sold a total of 3,532 shares of company stock valued at $514,819 over the last 90 days. 1.36% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on EXR. Deutsche Bank Aktiengesellschaft began coverage on Extra Space Storage in a report on Tuesday, January 30th. They set a “hold” rating and a $141.00 target price on the stock. Raymond James restated an “outperform” rating and set a $160.00 target price on shares of Extra Space Storage in a report on Thursday, March 28th. Morgan Stanley upgraded Extra Space Storage from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $115.00 to $150.00 in a report on Thursday, December 21st. Truist Financial raised their price target on Extra Space Storage from $138.00 to $152.00 and gave the company a “hold” rating in a report on Thursday, December 28th. Finally, Wells Fargo & Company raised their price target on Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $150.17.

Extra Space Storage Price Performance

Shares of EXR opened at $136.10 on Thursday. The stock has a market cap of $28.80 billion, a P/E ratio of 27.55, a price-to-earnings-growth ratio of 3.38 and a beta of 0.74. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. The stock’s 50-day moving average price is $142.98 and its two-hundred day moving average price is $137.45. Extra Space Storage Inc. has a 1 year low of $101.19 and a 1 year high of $164.99.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The business had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The company’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.09 EPS. On average, equities analysts predict that Extra Space Storage Inc. will post 8.05 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date was Thursday, March 14th. Extra Space Storage’s dividend payout ratio is currently 131.17%.

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.