Kentucky Retirement Systems Cuts Holdings in Extra Space Storage Inc. (NYSE:EXR)

Kentucky Retirement Systems trimmed its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 1.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,564 shares of the real estate investment trust’s stock after selling 200 shares during the period. Kentucky Retirement Systems’ holdings in Extra Space Storage were worth $2,179,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. ING Groep NV purchased a new position in shares of Extra Space Storage during the 4th quarter worth approximately $4,050,000. Handelsbanken Fonder AB raised its stake in shares of Extra Space Storage by 33.9% during the 4th quarter. Handelsbanken Fonder AB now owns 134,185 shares of the real estate investment trust’s stock worth $20,074,000 after buying an additional 33,954 shares in the last quarter. Ieq Capital LLC raised its stake in shares of Extra Space Storage by 59.1% during the 4th quarter. Ieq Capital LLC now owns 9,622 shares of the real estate investment trust’s stock worth $1,439,000 after buying an additional 3,576 shares in the last quarter. Kestra Investment Management LLC purchased a new position in shares of Extra Space Storage during the 4th quarter worth approximately $54,000. Finally, Atria Wealth Solutions Inc. raised its stake in shares of Extra Space Storage by 21.0% during the 4th quarter. Atria Wealth Solutions Inc. now owns 13,332 shares of the real estate investment trust’s stock worth $1,994,000 after buying an additional 2,317 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares of the company’s stock, valued at $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.36% of the company’s stock.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $155.85 on Friday. The company has a market cap of $33.04 billion, a P/E ratio of 40.80, a P/E/G ratio of 7.76 and a beta of 0.91. 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 52 week low of $131.02 and a 52 week high of $184.87. The business has a fifty day simple moving average of $151.61 and a 200-day simple moving average of $163.72.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.16%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Wall Street Analysts Forecast Growth

EXR has been the subject of several research analyst reports. Wells Fargo & Company dropped their price objective on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday. Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective for the company in a research note on Friday, January 10th. Barclays dropped their price objective on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Finally, Truist Financial raised their price objective 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $173.09.

Extra Space Storage Company 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.