Zurcher Kantonalbank Zurich Cantonalbank Grows Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 17.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 118,087 shares of the real estate investment trust’s stock after purchasing an additional 17,163 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.06% of Extra Space Storage worth $18,933,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. NewEdge Wealth LLC purchased a new stake in Extra Space Storage during the third quarter valued at $341,000. Vanguard Personalized Indexing Management LLC raised its stake in shares of Extra Space Storage by 110.8% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 11,914 shares of the real estate investment trust’s stock valued at $1,448,000 after acquiring an additional 6,262 shares during the period. Vanguard Group Inc. raised its stake in shares of Extra Space Storage by 55.7% in the third quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after acquiring an additional 12,055,172 shares during the period. Pallas Capital Advisors LLC purchased a new stake in shares of Extra Space Storage in the fourth quarter valued at $1,287,000. Finally, Vert Asset Management LLC raised its stake in shares of Extra Space Storage by 15.7% in the fourth quarter. Vert Asset Management LLC now owns 85,522 shares of the real estate investment trust’s stock valued at $13,712,000 after acquiring an additional 11,612 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on EXR shares. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, March 2nd. Morgan Stanley raised shares of Extra Space Storage from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $115.00 to $150.00 in a research note on Thursday, December 21st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Extra Space Storage in a report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 price target on the stock. The Goldman Sachs Group upped their price target on shares of Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Finally, Truist Financial upped their price target on shares of Extra Space Storage from $138.00 to $152.00 and gave the stock a “hold” rating in a report on Thursday, December 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $150.17.

Extra Space Storage Stock Down 1.4 %

Shares of Extra Space Storage stock opened at $134.20 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.30 and a quick ratio of 0.30. Extra Space Storage Inc. has a 1 year low of $101.19 and a 1 year high of $164.99. The firm’s 50-day moving average is $142.79 and its two-hundred day moving average is $137.43. The stock has a market cap of $28.40 billion, a price-to-earnings ratio of 27.17, a PEG ratio of 3.34 and a beta of 0.74.

Extra Space Storage (NYSE:EXR) last issued 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 return on equity of 8.34% and a net margin of 31.81%. The business had revenue of $797.77 million for the quarter, compared to the consensus estimate of $778.05 million. During the same quarter in the previous year, the company earned $2.09 earnings per share. The firm’s revenue was up 57.4% on a year-over-year basis. As a group, research analysts expect that Extra Space Storage Inc. will post 8.05 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s dividend payout ratio is currently 131.17%.

Insider Activity

In other 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 value of $299,950.08. Following 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 Securities & Exchange Commission, which can be accessed through this link. In other 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 value of $299,950.08. Following 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 Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the sale, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,532 shares of company stock worth $514,819. Corporate insiders own 1.36% of the company’s stock.

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.