Commonwealth Equity Services LLC Buys 1,472 Shares of Extra Space Storage Inc. (NYSE:EXR)

Commonwealth Equity Services LLC increased its position in Extra Space Storage Inc. (NYSE:EXR) by 7.7% in the 1st quarter, HoldingsChannel reports. The fund owned 20,572 shares of the real estate investment trust’s stock after purchasing an additional 1,472 shares during the period. Commonwealth Equity Services LLC’s holdings in Extra Space Storage were worth $3,024,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Extra Space Storage by 55.7% in 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 purchasing an additional 12,055,172 shares during the period. Norges Bank purchased a new position in Extra Space Storage during the fourth quarter valued at approximately $1,022,811,000. JPMorgan Chase & Co. increased its holdings in 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 during the period. Capital Research Global Investors lifted its stake in Extra Space Storage by 111.4% in the 4th quarter. Capital Research Global Investors now owns 1,537,317 shares of the real estate investment trust’s stock worth $246,478,000 after purchasing an additional 810,158 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Extra Space Storage by 45.9% in the 3rd quarter. Legal & General Group Plc now owns 2,402,752 shares of the real estate investment trust’s stock valued at $292,127,000 after purchasing an additional 756,363 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Price Performance

Shares of EXR stock traded down $0.17 during mid-day trading on Friday, hitting $154.03. The company had a trading volume of 127,735 shares, compared to its average volume of 1,103,709. The company has a market capitalization of $32.61 billion, a P/E ratio of 34.34, a P/E/G ratio of 3.25 and a beta of 0.83. Extra Space Storage Inc. has a 52-week low of $101.19 and a 52-week high of $164.99. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.15 and a quick ratio of 0.15. The stock’s 50 day moving average price is $148.67 and its 200-day moving average price is $146.98.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date was Friday, June 14th. Extra Space Storage’s dividend payout ratio (DPR) is 144.32%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on EXR. Wells Fargo & Company lifted their price target on Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Barclays increased their target price on shares of Extra Space Storage from $157.00 to $158.00 and gave the company an “overweight” rating in a report on Monday, May 20th. Citigroup cut their price target on shares of Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, June 7th. Raymond James reissued an “outperform” rating and issued a $160.00 target price on shares of Extra Space Storage in a research note on Thursday, March 28th. Finally, Evercore ISI reduced their price target on Extra Space Storage from $145.00 to $139.00 in a research report on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $151.83.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the transaction, the chief executive officer now directly owns 31,690 shares in the company, valued at approximately $4,835,260.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the sale, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph J. Bonner sold 677 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $148.22, for a total transaction of $100,344.94. Following the transaction, the director now owns 5,229 shares in the company, valued at $775,042.38. The disclosure for this sale can be found here. 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.