Sterling Capital Management LLC Has $4.46 Million Stake in Extra Space Storage Inc. (NYSE:EXR)

Sterling Capital Management LLC increased its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 16.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,816 shares of the real estate investment trust’s stock after buying an additional 4,303 shares during the period. Sterling Capital Management LLC’s holdings in Extra Space Storage were worth $4,460,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Norges Bank bought a new stake in shares of Extra Space Storage during the 4th quarter valued at $938,647,000. Massachusetts Financial Services Co. MA grew its stake in shares of Extra Space Storage by 3.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust’s stock worth $458,520,000 after purchasing an additional 104,986 shares during the period. Invesco Ltd. increased its holdings in Extra Space Storage by 3.5% in the fourth quarter. Invesco Ltd. now owns 2,575,742 shares of the real estate investment trust’s stock valued at $385,331,000 after purchasing an additional 87,354 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Extra Space Storage by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,409,330 shares of the real estate investment trust’s stock valued at $360,436,000 after buying an additional 43,223 shares during the period. Finally, Daiwa Securities Group Inc. boosted its holdings in Extra Space Storage by 5.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,127,067 shares of the real estate investment trust’s stock worth $318,209,000 after buying an additional 106,608 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on EXR shares. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Scotiabank raised shares of Extra Space Storage from a “sector perform” rating to a “sector outperform” rating and lowered their target price for the company from $165.00 to $149.00 in a research note on Wednesday. Royal Bank of Canada reduced their price target on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Barclays lowered their price objective on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a research report on Wednesday, March 12th. Finally, Mizuho initiated coverage on Extra Space Storage in a report on Wednesday. They set an “outperform” rating and a $141.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and a consensus price target of $167.25.

Insider Activity at Extra Space Storage

In related news, EVP William N. Springer sold 1,220 shares of the firm’s 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 completion of the transaction, the executive vice president now directly owns 20,158 shares of the company’s stock, valued at approximately $3,077,320.28. This trade represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the sale, 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 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 valued at $1,392,315. 1.36% of the stock is owned by insiders.

Extra Space Storage Stock Up 1.5 %

NYSE:EXR opened at $133.77 on Friday. Extra Space Storage Inc. has a 52-week low of $121.03 and a 52-week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The stock has a 50-day simple moving average of $148.62 and a 200 day simple moving average of $156.62. The company has a market cap of $28.39 billion, a PE ratio of 35.02, a PEG ratio of 7.76 and a beta of 0.96.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data 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. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. On average, sell-side analysts expect that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.84%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage’s payout ratio is 160.40%.

Extra Space Storage 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.