Kentucky Retirement Systems Sells 286 Shares of Extra Space Storage Inc (NYSE:EXR)

Kentucky Retirement Systems cut its stake in shares of Extra Space Storage Inc (NYSE:EXR) by 2.0% in the 1st quarter, HoldingsChannel reports. The firm owned 14,278 shares of the real estate investment trust’s stock after selling 286 shares during the period. Kentucky Retirement Systems’ holdings in Extra Space Storage were worth $2,120,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Cohen & Steers Inc. lifted its holdings in shares of Extra Space Storage by 5.9% during the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock worth $1,383,094,000 after acquiring an additional 516,941 shares during the last quarter. Norges Bank bought a new stake in shares of Extra Space Storage during the 4th quarter worth $938,647,000. Dimensional Fund Advisors LP lifted its stake in Extra Space Storage by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust’s stock worth $469,229,000 after purchasing an additional 24,533 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in 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 last quarter. Finally, Northern Trust Corp lifted its stake in Extra Space Storage by 48.7% during the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust’s stock worth $430,107,000 after purchasing an additional 941,212 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Trading Up 2.1%

NYSE:EXR opened at $149.16 on Tuesday. The company has a fifty day moving average of $146.94 and a 200 day moving average of $148.78. Extra Space Storage Inc has a 52 week low of $121.03 and a 52 week high of $184.87. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $31.65 billion, a P/E ratio of 34.61, a P/E/G ratio of 3.55 and a beta of 1.11.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, beating the consensus estimate of $1.96 by $0.04. The firm had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.96 earnings per share. On average, research analysts predict that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date of this dividend is Monday, June 16th. Extra Space Storage’s payout ratio is 150.35%.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 9,190 shares in the company, valued at $1,355,065.50. This represents a 44.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.36% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on EXR. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Royal Bank Of Canada dropped their target price on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating for the company in a research report on Thursday, May 1st. JPMorgan Chase & Co. boosted their price objective on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a “neutral” rating in a report on Friday, June 13th. Bank of America boosted their price objective on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a “neutral” rating in a report on Tuesday, May 13th. Finally, Benchmark lowered their price target on shares of Extra Space Storage from $61.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Extra Space Storage has an average rating of “Moderate Buy” and an average target price of $159.54.

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.