Resona Asset Management Co. Ltd. Buys Shares of 119,297 Extra Space Storage Inc. (NYSE:EXR)

Resona Asset Management Co. Ltd. bought a new position in Extra Space Storage Inc. (NYSE:EXR) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 119,297 shares of the real estate investment trust’s stock, valued at approximately $17,718,000. Resona Asset Management Co. Ltd. owned 0.06% of Extra Space Storage as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Tidal Investments LLC boosted its position in Extra Space Storage by 34.4% during the 3rd quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock worth $2,278,000 after acquiring an additional 3,234 shares during the period. Duff & Phelps Investment Management Co. lifted its position in shares of Extra Space Storage by 9.5% in the third quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock worth $6,397,000 after purchasing an additional 3,093 shares in the last quarter. Brown Financial Advisors lifted its position in shares of Extra Space Storage by 69.1% in the third quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock worth $1,646,000 after purchasing an additional 3,731 shares in the last quarter. Manning & Napier Advisors LLC boosted its holdings in shares of Extra Space Storage by 1,127.2% during the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust’s stock worth $116,985,000 after purchasing an additional 718,266 shares during the period. Finally, Vert Asset Management LLC grew its position in Extra Space Storage by 8.0% during the fourth quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust’s stock valued at $13,984,000 after purchasing an additional 6,910 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Price Performance

NYSE EXR opened at $138.05 on Friday. Extra Space Storage Inc. has a 1 year low of $131.02 and a 1 year high of $184.87. The company has a fifty day simple moving average of $151.74 and a 200 day simple moving average of $158.88. 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 company has a market cap of $29.27 billion, a P/E ratio of 36.14, a P/E/G ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.93. The company had revenue of $821.90 million during the quarter, compared to analysts’ expectations of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. On average, sell-side analysts predict 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. Stockholders of record on Friday, March 14th were given a $1.62 dividend. The ex-dividend date was Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.69%. Extra Space Storage’s dividend payout ratio is 160.40%.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the completion of the sale, the chief executive officer now owns 9,190 shares in the company, valued at approximately $1,355,065.50. This trade represents a 44.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph J. Bonner sold 672 shares of Extra Space Storage stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $149.10, for a total value of $100,195.20. Following the sale, the director now directly owns 4,557 shares in the company, valued at approximately $679,448.70. This trade represents a 12.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,392 shares of company stock worth $1,392,315. Insiders own 1.36% of the company’s stock.

Wall Street Analyst Weigh In

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

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.