The Manufacturers Life Insurance Company Raises Position in Extra Space Storage Inc. (NYSE:EXR)

The Manufacturers Life Insurance Company grew its position in Extra Space Storage Inc. (NYSE:EXR) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 147,115 shares of the real estate investment trust’s stock after purchasing an additional 4,358 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Extra Space Storage were worth $26,509,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in EXR. Graypoint LLC grew its holdings in shares of Extra Space Storage by 4.3% in the 3rd quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock worth $284,000 after acquiring an additional 65 shares during the period. Hummer Financial Advisory Services Inc raised its stake in Extra Space Storage by 1.2% during the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock worth $1,067,000 after purchasing an additional 70 shares during the period. Buckley Wealth Management LLC increased its position in Extra Space Storage by 1.9% during the 3rd quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock worth $687,000 after purchasing an additional 71 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in Extra Space Storage by 19.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after purchasing an additional 76 shares during the period. Finally, Bleakley Financial Group LLC raised its holdings in shares of Extra Space Storage by 4.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock valued at $356,000 after buying an additional 77 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insiders Place Their Bets

In other Extra Space Storage news, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now owns 404,306 shares in the company, valued at approximately $71,655,152.38. This trade represents a 1.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This represents a 34.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,228 shares of company stock valued at $3,023,957 over the last 90 days. Insiders own 1.36% of the company’s stock.

Analysts Set New Price Targets

EXR has been the subject of a number of recent analyst reports. Barclays raised their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Evercore ISI lowered their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $172.00 to $155.00 in a report on Monday, August 5th. Finally, Royal Bank of Canada started coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective on the stock. Three analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $171.36.

Extra Space Storage Trading Down 1.0 %

NYSE EXR opened at $170.96 on Friday. Extra Space Storage Inc. has a one year low of $129.23 and a one year high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The stock has a market capitalization of $36.24 billion, a P/E ratio of 44.75, a P/E/G ratio of 8.69 and a beta of 0.87. The business has a 50 day simple moving average of $169.64 and a 200 day simple moving average of $164.42.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. During the same quarter last year, the business posted $2.02 earnings per share. The business’s revenue was up 10.2% compared to the same quarter last year. Research analysts expect that Extra Space Storage Inc. will post 8.09 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

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.