California Public Employees Retirement System Sells 16,670 Shares of Extra Space Storage Inc. (NYSE:EXR)

California Public Employees Retirement System cut its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 3.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 496,509 shares of the real estate investment trust’s stock after selling 16,670 shares during the quarter. California Public Employees Retirement System’s holdings in Extra Space Storage were worth $79,605,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in EXR. Vanguard Group Inc. boosted its position in shares of Extra Space Storage by 55.7% during the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock worth $4,095,585,000 after acquiring an additional 12,055,172 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Extra Space Storage by 599.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock worth $406,781,000 after acquiring an additional 2,867,657 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in shares of Extra Space Storage during the 3rd quarter worth approximately $173,621,000. First Eagle Investment Management LLC boosted its position in shares of Extra Space Storage by 233,362.8% during the 3rd quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock worth $160,940,000 after acquiring an additional 1,323,167 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Extra Space Storage by 22.1% during the 3rd quarter. Principal Financial Group Inc. now owns 6,505,834 shares of the real estate investment trust’s stock worth $790,975,000 after acquiring an additional 1,178,760 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insider Buying and Selling

In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on 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 transaction, the executive vice president now owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction 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 $13,785,693.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on 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 directly owns 37,028 shares of the company’s stock, valued at $5,369,060. The disclosure for this sale can be found here. Insiders sold 3,532 shares of company stock valued at $514,819 over the last quarter. Insiders own 1.36% of the company’s stock.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $134.64 on Thursday. The firm has a market cap of $28.49 billion, a PE ratio of 27.26, a price-to-earnings-growth ratio of 3.27 and a beta of 0.74. The firm’s fifty day moving average is $142.19 and its 200-day moving average is $138.01. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.30 and a current ratio of 0.30. Extra Space Storage Inc. has a 52 week low of $101.19 and a 52 week high of $164.99.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The business had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. Extra Space Storage’s revenue for the quarter was up 57.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.09 EPS. Sell-side analysts predict that Extra Space Storage Inc. will post 8.05 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s dividend payout ratio is presently 131.17%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on EXR shares. TheStreet upgraded shares of Extra Space Storage from a “c+” rating to a “b-” rating in a research report on Thursday, January 11th. Wells Fargo & Company raised their target price on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Raymond James restated an “outperform” rating and issued a $160.00 target price on shares of Extra Space Storage in a research report on Thursday, March 28th. Barclays initiated coverage on shares of Extra Space Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $157.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Extra Space Storage in a research report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $150.17.

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.