Franklin Resources Inc. Has $27.25 Million Holdings in Extra Space Storage Inc. (NYSE:EXR)

Franklin Resources Inc. lessened its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 16.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 159,228 shares of the real estate investment trust’s stock after selling 31,578 shares during the quarter. Franklin Resources Inc. owned 0.08% of Extra Space Storage worth $27,250,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of EXR. Blue Trust Inc. lifted its holdings in shares of Extra Space Storage by 540.5% during the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 200 shares during the period. Fifth Third Bancorp lifted its holdings in Extra Space Storage by 1.3% during the 2nd quarter. Fifth Third Bancorp now owns 9,943 shares of the real estate investment trust’s stock valued at $1,545,000 after purchasing an additional 130 shares during the last quarter. Atria Wealth Solutions Inc. boosted its position in Extra Space Storage by 243.7% in the second quarter. Atria Wealth Solutions Inc. now owns 24,206 shares of the real estate investment trust’s stock valued at $3,762,000 after buying an additional 17,163 shares in the last quarter. Fifth Third Wealth Advisors LLC bought a new stake in Extra Space Storage during the second quarter worth about $253,000. Finally, Retirement Systems of Alabama grew its stake in Extra Space Storage by 32.2% during the second quarter. Retirement Systems of Alabama now owns 169,462 shares of the real estate investment trust’s stock worth $26,336,000 after buying an additional 41,306 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. KeyCorp boosted their target price on Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a report on Monday, September 9th. Wells Fargo & Company reissued an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Truist Financial raised their target price on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Barclays upped 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. Finally, Evercore ISI lowered their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Three 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $171.43.

Extra Space Storage Stock Down 4.4 %

NYSE:EXR opened at $147.66 on Thursday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a 12-month low of $131.02 and a 12-month high of $184.87. The stock’s fifty day simple moving average is $165.47 and its 200-day simple moving average is $165.77. The firm has a market capitalization of $31.30 billion, a P/E ratio of 38.65, a P/E/G ratio of 8.03 and a beta of 0.89.

Extra Space Storage (NYSE:EXR) last posted 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 company had revenue of $824.80 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.02 earnings per share. Equities research analysts expect that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be given a dividend of $1.62 per share. The ex-dividend date is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.39%. Extra Space Storage’s dividend payout ratio is 169.63%.

Insider Activity

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

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.