Zurcher Kantonalbank Zurich Cantonalbank Purchases 1,871 Shares of Extra Space Storage Inc. (NYSE:EXR)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 1.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,645 shares of the real estate investment trust’s stock after purchasing an additional 1,871 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Extra Space Storage were worth $23,721,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Glenmede Trust Co. NA increased its stake in Extra Space Storage by 5.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 5,578 shares of the real estate investment trust’s stock worth $1,005,000 after buying an additional 266 shares in the last quarter. Townsquare Capital LLC boosted its stake in shares of Extra Space Storage by 30.9% in the third quarter. Townsquare Capital LLC now owns 8,267 shares of the real estate investment trust’s stock worth $1,490,000 after acquiring an additional 1,953 shares during the period. BNP Paribas Financial Markets grew its position in shares of Extra Space Storage by 31.8% during the third quarter. BNP Paribas Financial Markets now owns 341,983 shares of the real estate investment trust’s stock worth $61,622,000 after purchasing an additional 82,587 shares in the last quarter. Brooklyn Investment Group bought a new stake in Extra Space Storage during the 3rd quarter valued at approximately $194,000. Finally, D.A. Davidson & CO. bought a new stake in Extra Space Storage during the 3rd quarter valued at approximately $257,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

NYSE:EXR opened at $171.21 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The stock’s fifty day moving average is $169.64 and its 200 day moving average is $164.31. The firm has a market capitalization of $36.29 billion, a PE ratio of 44.82, a PEG ratio of 8.69 and a beta of 0.87. Extra Space Storage Inc. has a fifty-two week low of $129.23 and a fifty-two week high of $184.87.

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

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.78%. Extra Space Storage’s dividend payout ratio (DPR) is presently 169.63%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the sale, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the transaction, the director now directly owns 5,877 shares in the company, valued at $967,119.12. This represents a 34.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,228 shares of company stock valued at $3,023,957. 1.36% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

EXR has been the subject of several recent analyst reports. Royal Bank of Canada started coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective for the company. Evercore ISI reduced their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. KeyCorp lifted their price target on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a report on Monday, September 9th. Wells Fargo & Company restated an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a research report on Monday, October 21st. Finally, Bank of America downgraded 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 research report on Monday, August 5th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $171.36.

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.