Louisiana State Employees Retirement System Makes New $2.05 Million Investment in Extra Space Storage Inc. (NYSE:EXR)

Louisiana State Employees Retirement System acquired a new position in Extra Space Storage Inc. (NYSE:EXR) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 12,800 shares of the real estate investment trust’s stock, valued at approximately $2,052,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. First Horizon Advisors Inc. raised its stake in shares of Extra Space Storage by 1,272.7% in the first quarter. First Horizon Advisors Inc. now owns 151 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 140 shares during the last quarter. Zions Bancorporation N.A. raised its stake in shares of Extra Space Storage by 241.9% in the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 150 shares during the last quarter. Money Concepts Capital Corp purchased a new stake in shares of Extra Space Storage in the fourth quarter worth approximately $27,000. EverSource Wealth Advisors LLC raised its stake in shares of Extra Space Storage by 162.5% in the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 143 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Extra Space Storage in the third quarter worth approximately $32,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the transaction, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the transaction, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the transaction, the executive vice president now owns 37,028 shares of the company’s stock, valued at $5,369,060. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,532 shares of company stock worth $514,819. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Stock Performance

Shares of EXR opened at $136.10 on Thursday. The firm has a market cap of $28.80 billion, a PE ratio of 27.55, a PEG ratio of 3.38 and a beta of 0.74. The stock’s fifty day moving average price is $142.98 and its two-hundred day moving average price is $137.45. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.30 and a quick ratio of 0.30. Extra Space Storage Inc. has a 1 year low of $101.19 and a 1 year high of $164.99.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.01). The company had revenue of $797.77 million during the quarter, compared to analysts’ expectations of $778.05 million. Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. Extra Space Storage’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.09 earnings per share. On average, equities research analysts forecast that Extra Space Storage Inc. will post 8.05 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.76%. The ex-dividend date was Thursday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 131.17%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. TheStreet upgraded Extra Space Storage from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. Scotiabank assumed coverage on Extra Space Storage in a report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 price target on the stock. Raymond James reiterated an “outperform” rating and set a $160.00 price target on shares of Extra Space Storage in a report on Thursday, March 28th. Wells Fargo & Company lifted their price target on Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Friday, April 5th. Finally, Morgan Stanley upgraded Extra Space Storage from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $115.00 to $150.00 in a report on Thursday, December 21st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $150.17.

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.