Power Corp of Canada Purchases New Shares in Extra Space Storage Inc. (NYSE:EXR)

Posted by Defense World Staff on Mar 16th, 2023

Power Corp of Canada purchased a new stake in shares of Extra Space Storage Inc. (NYSE:EXR – Get Rating) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,112 shares of the real estate investment trust’s stock, valued at approximately $192,000.

A number of other hedge funds also recently bought and sold shares of EXR. Zimmer Partners LP raised its stake in Extra Space Storage by 1,875.0% during the second quarter. Zimmer Partners LP now owns 987,500 shares of the real estate investment trust’s stock valued at $167,994,000 after purchasing an additional 937,500 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Extra Space Storage by 16.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,637,995 shares of the real estate investment trust’s stock valued at $618,895,000 after acquiring an additional 501,723 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Extra Space Storage by 104.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 779,098 shares of the real estate investment trust’s stock valued at $132,540,000 after acquiring an additional 398,729 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Extra Space Storage by 79.3% during the second quarter. Goldman Sachs Group Inc. now owns 850,517 shares of the real estate investment trust’s stock valued at $144,690,000 after acquiring an additional 376,279 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Extra Space Storage by 183.3% during the first quarter. Renaissance Technologies LLC now owns 385,000 shares of the real estate investment trust’s stock valued at $79,156,000 after acquiring an additional 249,100 shares during the last quarter. Hedge funds and other institutional investors own 95.32% of the company’s stock.

Analyst Upgrades and Downgrades

EXR has been the topic of a number of analyst reports. KeyCorp cut their price objective on shares of Extra Space Storage from $220.00 to $190.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 30th. Truist Financial boosted their price objective on shares of Extra Space Storage from $160.00 to $165.00 and gave the company a “hold” rating in a research report on Wednesday, March 8th. StockNews.com started coverage on shares of Extra Space Storage in a research report on Thursday. They set a “hold” rating on the stock. Morgan Stanley cut their price target on shares of Extra Space Storage from $153.00 to $145.00 and set an “underweight” rating on the stock in a report on Wednesday, December 14th. Finally, Wolfe Research cut shares of Extra Space Storage from an “outperform” rating to a “peer perform” rating in a report on Wednesday, January 18th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Extra Space Storage has a consensus rating of “Hold” and an average price target of $170.89.

Insiders Place Their Bets

In other Extra Space Storage news, CMO Samrat Sondhi sold 6,290 shares of the stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $161.88, for a total transaction of $1,018,225.20. Following the transaction, the chief marketing officer now directly owns 82,653 shares in the company, valued at approximately $13,379,867.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,500 shares of the stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $164.00, for a total transaction of $246,000.00. Following the completion of the sale, the executive vice president now directly owns 32,290 shares of the company’s stock, valued at $5,295,560. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Samrat Sondhi sold 6,290 shares of the stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $161.88, for a total transaction of $1,018,225.20. Following the sale, the chief marketing officer now directly owns 82,653 shares of the company’s stock, valued at $13,379,867.64. The disclosure for this sale can be found here. Insiders have sold a total of 8,440 shares of company stock worth $1,371,963 in the last three months. Corporate insiders own 1.52% of the company’s stock.

Extra Space Storage Stock Up 0.1 %

Shares of Extra Space Storage stock opened at $157.58 on Thursday. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.54 and a quick ratio of 0.54. Extra Space Storage Inc. has a 1 year low of $139.97 and a 1 year high of $222.35. The firm’s 50-day moving average is $157.86 and its two-hundred day moving average is $163.72. The stock has a market cap of $21.27 billion, a price-to-earnings ratio of 24.58, a PEG ratio of 2.24 and a beta of 0.54.

Extra Space Storage (NYSE:EXR – Get Rating) last issued its earnings results on Wednesday, February 22nd. The real estate investment trust reported $1.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.56). Extra Space Storage had a return on equity of 22.01% and a net margin of 45.52%. The business had revenue of $506.70 million for the quarter, compared to the consensus estimate of $433.39 million. During the same quarter in the previous year, the company earned $1.91 earnings per share. The firm’s revenue was up 18.4% on a year-over-year basis. As a group, research analysts expect that Extra Space Storage Inc. will post 8.56 earnings per share for the current fiscal year.

Extra Space Storage Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.11%. This is a boost from Extra Space Storage’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, March 14th. Extra Space Storage’s dividend payout ratio is presently 93.60%.

About Extra Space Storage

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Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.