Allspring Global Investments Holdings LLC Decreases Holdings in Extra Space Storage Inc. (NYSE:EXR)

Allspring Global Investments Holdings LLC trimmed its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 59.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,512 shares of the real estate investment trust’s stock after selling 44,735 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Extra Space Storage were worth $4,892,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings 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 valued at $4,095,585,000 after purchasing an additional 12,055,172 shares in the last quarter. State Street Corp lifted its stake in shares of Extra Space Storage by 6.0% in 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 buying an additional 533,145 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Extra Space Storage by 22.1% in 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 buying an additional 1,178,760 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Extra Space Storage by 599.8% in 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 buying an additional 2,867,657 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Extra Space Storage by 1.5% in 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 buying an additional 47,305 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Extra Space Storage

In related news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction that occurred 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 completion of the transaction, the chief marketing officer now owns 94,126 shares in the company, valued at $13,785,693.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 transaction, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction that occurred on 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 transaction, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,532 shares of company stock worth $514,819. Corporate insiders own 1.36% of the company’s stock.

Extra Space Storage Price Performance

Shares of EXR opened at $132.52 on Friday. Extra Space Storage Inc. has a 1-year low of $101.19 and a 1-year high of $164.99. The stock has a market cap of $28.04 billion, a PE ratio of 26.83, a P/E/G ratio of 3.34 and a beta of 0.74. The firm has a 50-day simple moving average of $142.57 and a two-hundred day simple moving average of $137.52. 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 (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The company had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. During the same quarter in the prior year, the business earned $2.09 earnings per share. Extra Space Storage’s revenue 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 year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors 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 4.89%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is currently 131.17%.

Analyst Ratings Changes

Several research firms have recently weighed in on EXR. The Goldman Sachs Group raised their price target on shares of Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, March 2nd. Wells Fargo & Company lifted their target price on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. TheStreet raised shares of Extra Space Storage from a “c+” rating to a “b-” rating in a research note on Thursday, January 11th. Finally, Raymond James reaffirmed an “outperform” rating and set a $160.00 target price on shares of Extra Space Storage in a research note on Thursday, March 28th. 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 has a consensus rating of “Hold” and a consensus target price of $150.17.

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.