Manning & Napier Advisors LLC Increases Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Manning & Napier Advisors LLC raised its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 1,127.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 781,986 shares of the real estate investment trust’s stock after purchasing an additional 718,266 shares during the quarter. Extra Space Storage makes up about 1.3% of Manning & Napier Advisors LLC’s holdings, making the stock its 25th biggest holding. Manning & Napier Advisors LLC’s holdings in Extra Space Storage were worth $116,985,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in EXR. Forsta AP Fonden increased its position in shares of Extra Space Storage by 0.9% during the fourth quarter. Forsta AP Fonden now owns 42,700 shares of the real estate investment trust’s stock valued at $6,388,000 after buying an additional 400 shares during the period. Vert Asset Management LLC lifted its stake in shares of Extra Space Storage by 8.0% in the 4th quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust’s stock valued at $13,984,000 after purchasing an additional 6,910 shares during the period. Pacer Advisors Inc. boosted its position in shares of Extra Space Storage by 134.3% during the fourth quarter. Pacer Advisors Inc. now owns 167,735 shares of the real estate investment trust’s stock valued at $25,093,000 after purchasing an additional 96,136 shares in the last quarter. Blue Trust Inc. grew its stake in Extra Space Storage by 131.9% in the fourth quarter. Blue Trust Inc. now owns 2,078 shares of the real estate investment trust’s stock worth $311,000 after purchasing an additional 1,182 shares during the period. Finally, Gradient Investments LLC grew its stake in Extra Space Storage by 5.6% in the fourth quarter. Gradient Investments LLC now owns 199,393 shares of the real estate investment trust’s stock worth $29,829,000 after purchasing an additional 10,619 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

EXR has been the subject of several recent research reports. 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 report on Friday, January 10th. Evercore ISI lowered their price target on 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. Wells Fargo & Company restated an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Barclays cut their target price on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Finally, StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $171.25.

Extra Space Storage Price Performance

NYSE:EXR traded down $0.17 on Wednesday, reaching $154.93. 196,814 shares of the company’s stock traded hands, compared to its average volume of 1,211,849. The stock has a 50-day simple moving average of $155.79 and a 200-day simple moving average of $164.86. Extra Space Storage Inc. has a 12 month low of $131.02 and a 12 month high of $184.87. The firm has a market cap of $32.84 billion, a PE ratio of 40.62, a P/E/G ratio of 7.48 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 (NYSE:EXR) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. During the same quarter in the previous year, the company earned $2.02 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. Equities research analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were paid a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $6.48 annualized dividend and a yield of 4.18%. Extra Space Storage’s payout ratio is 169.63%.

Insider Buying and Selling at Extra Space Storage

In related news, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares in the company, valued at approximately $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. 1.36% of the stock is currently owned by insiders.

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.