Teachers Retirement System of The State of Kentucky Reduces Position in Extra Space Storage Inc. (NYSE:EXR)

Teachers Retirement System of The State of Kentucky decreased its holdings in Extra Space Storage Inc. (NYSE:EXR) by 5.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,014 shares of the real estate investment trust’s stock after selling 979 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Extra Space Storage were worth $3,066,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. State Street Corp boosted its holdings in Extra Space Storage by 1.7% in the 3rd quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock worth $2,412,894,000 after buying an additional 227,006 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of Extra Space Storage by 4.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock worth $551,586,000 after acquiring an additional 157,763 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Extra Space Storage by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock worth $485,973,000 after acquiring an additional 45,717 shares during the period. Diamond Hill Capital Management Inc. grew its position in shares of Extra Space Storage by 7.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock valued at $460,890,000 after purchasing an additional 198,888 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Extra Space Storage by 4.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,366,107 shares of the real estate investment trust’s stock valued at $426,349,000 after purchasing an additional 111,137 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm’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 transaction of $1,338,900.00. Following the transaction, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. This trade represents a 23.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the business’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 completion of the sale, the director now owns 5,877 shares of the company’s stock, valued at $967,119.12. The trade was a 34.39 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Trading Down 0.5 %

Shares of EXR stock opened at $158.20 on Friday. The business has a 50-day moving average price of $166.56 and a two-hundred day moving average price of $165.38. Extra Space Storage Inc. has a 12-month low of $131.02 and a 12-month high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a market cap of $33.54 billion, a P/E ratio of 41.41, a price-to-earnings-growth ratio of 8.03 and a beta of 0.89.

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 for the quarter, missing analysts’ consensus estimates 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%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.02 EPS. Equities analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Analyst Ratings Changes

Several research analysts have commented on the company. Barclays raised their target price on Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Scotiabank cut their price objective on shares of Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a research report on Monday, November 25th. Evercore ISI decreased 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 report on Monday, October 14th. Truist Financial increased their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $171.43.

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.