New York Life Investment Management LLC Acquires 1,128 Shares of Extra Space Storage Inc. (NYSE:EXR)

New York Life Investment Management LLC increased its holdings in Extra Space Storage Inc. (NYSE:EXR) by 3.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 32,878 shares of the real estate investment trust’s stock after purchasing an additional 1,128 shares during the quarter. New York Life Investment Management LLC’s holdings in Extra Space Storage were worth $5,271,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Zions Bancorporation N.A. lifted its stake in shares of Extra Space Storage by 241.9% in the 3rd quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 150 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Extra Space Storage by 162.5% in the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 143 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Extra Space Storage during the third quarter valued at approximately $32,000. Anchor Investment Management LLC purchased a new position in shares of Extra Space Storage in the fourth quarter worth $35,000. Finally, Bruce G. Allen Investments LLC bought a new stake in Extra Space Storage during the 4th quarter valued at $41,000. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Trading Up 1.5 %

NYSE:EXR opened at $141.87 on Friday. The firm has a market capitalization of $30.02 billion, a P/E ratio of 31.60, a PEG ratio of 3.43 and a beta of 0.76. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.15 and a quick ratio of 0.30. Extra Space Storage Inc. has a one year low of $101.19 and a one year high of $164.99. The company’s 50-day simple moving average is $141.56 and its 200 day simple moving average is $138.70.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a net margin of 29.10% and a return on equity of 6.76%. The business had revenue of $797.77 million for the quarter, compared to analysts’ expectations of $778.05 million. During the same quarter in the previous year, the business posted $2.09 earnings per share. Extra Space Storage’s revenue for the quarter was up 57.4% on a year-over-year basis. As a group, analysts forecast that Extra Space Storage Inc. will post 8.05 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.57%. The ex-dividend date was Thursday, March 14th. Extra Space Storage’s dividend payout ratio is presently 144.32%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. Raymond James restated an “outperform” rating and set a $160.00 price target on shares of Extra Space Storage in a report on Thursday, March 28th. Evercore ISI dropped their price objective on Extra Space Storage from $145.00 to $139.00 in a report on Wednesday. Barclays assumed coverage on Extra Space Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $157.00 target price on the stock. Finally, Scotiabank initiated coverage on Extra Space Storage in a report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 target price for the company. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $149.67.

Insider Buying and Selling

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

About Extra Space Storage

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.