Cambridge Investment Research Advisors Inc. lifted its stake in shares of Extra Space Storage Inc. (NYSE:EXR – Free Report) by 6.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,480 shares of the real estate investment trust’s stock after buying an additional 950 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Extra Space Storage were worth $2,685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Principal Financial Group Inc. increased its position in shares of Extra Space Storage by 10.1% during the first quarter. Principal Financial Group Inc. now owns 5,160,449 shares of the real estate investment trust’s stock valued at $840,779,000 after buying an additional 474,396 shares during the period. Geode Capital Management LLC grew its holdings in Extra Space Storage by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 3,135,848 shares of the real estate investment trust’s stock worth $460,800,000 after purchasing an additional 38,582 shares during the period. Norges Bank purchased a new stake in Extra Space Storage in the fourth quarter worth about $380,823,000. Dimensional Fund Advisors LP grew its holdings in Extra Space Storage by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,877,977 shares of the real estate investment trust’s stock worth $276,405,000 after purchasing an additional 22,497 shares during the period. Finally, Daiwa Securities Group Inc. grew its holdings in Extra Space Storage by 11.0% in the first quarter. Daiwa Securities Group Inc. now owns 1,607,431 shares of the real estate investment trust’s stock worth $261,898,000 after purchasing an additional 159,387 shares during the period. Hedge funds and other institutional investors own 66.40% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have weighed in on EXR. Raymond James cut their price objective on shares of Extra Space Storage from $185.00 to $165.00 and set a “strong-buy” rating on the stock in a report on Thursday. Truist Financial dropped their target price on shares of Extra Space Storage from $155.00 to $138.00 and set a “hold” rating on the stock in a research note on Tuesday, August 29th. Evercore ISI upgraded shares of Extra Space Storage from an “underperform” rating to an “outperform” rating and set a $164.00 target price on the stock in a research note on Monday, June 12th. Bank of America started coverage on shares of Extra Space Storage in a research note on Monday, May 8th. They issued a “buy” rating on the stock. Finally, StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Extra Space Storage presently has an average rating of “Hold” and a consensus price target of $160.14.
Extra Space Storage Stock Up 0.1 %
Shares of Extra Space Storage stock opened at $128.83 on Friday. The company has a market cap of $27.22 billion, a price-to-earnings ratio of 21.02, a price-to-earnings-growth ratio of 6.71 and a beta of 0.54. The company’s 50 day moving average is $139.40 and its 200 day moving average is $148.71. Extra Space Storage Inc. has a twelve month low of $123.67 and a twelve month high of $206.29. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 1.86.
Extra Space Storage Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.61 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.44 dividend on an annualized basis and a yield of 1.89%. Extra Space Storage’s dividend payout ratio (DPR) is 39.80%.
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 June 30, 2023, the Company owned and/or operated 2,438 self-storage stores in 41 states and Washington, DC The Company's stores comprise approximately 1.7 million units and approximately 184.0 million square feet of rentable space.
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