OVERSEA CHINESE BANKING Corp Ltd Buys 17,781 Shares of Extra Space Storage Inc. (NYSE:EXR)

OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 35.3% in the 4th quarter, Holdings Channel reports. The firm owned 68,183 shares of the real estate investment trust’s stock after acquiring an additional 17,781 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Extra Space Storage were worth $10,200,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new position in Extra Space Storage during the fourth quarter worth $25,000. Harbour Investments Inc. grew its holdings in Extra Space Storage by 90.9% during the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 80 shares during the period. Harvest Fund Management Co. Ltd bought a new position in shares of Extra Space Storage in the 3rd quarter worth about $42,000. Continuum Advisory LLC lifted its stake in shares of Extra Space Storage by 68.1% in the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 126 shares during the period. Finally, Quent Capital LLC lifted its stake in shares of Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 154 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insider Activity

In other news, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the transaction, the executive vice president now directly owns 20,158 shares of the company’s stock, valued at $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 sale, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,392 shares of company stock worth $1,396,515 over the last quarter. Insiders own 1.36% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wells Fargo & Company lowered their target price on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Scotiabank cut their target price on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Barclays decreased their price target on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. Finally, Royal Bank of Canada cut their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Extra Space Storage presently has a consensus rating of “Hold” and a consensus price target of $171.09.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $147.85 on Wednesday. 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 firm’s 50-day simple moving average is $152.88 and its 200 day simple moving average is $161.60. The stock has a market cap of $31.34 billion, a price-to-earnings ratio of 38.70, a PEG ratio of 7.76 and a beta of 0.90. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two week high of $184.87.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. As a group, research analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.38%. Extra Space Storage’s dividend payout ratio is currently 160.40%.

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.