Allspring Global Investments Holdings LLC Trims Holdings in Extra Space Storage Inc. (NYSE:EXR)

Allspring Global Investments Holdings LLC trimmed its position in Extra Space Storage Inc. (NYSE:EXR) by 59.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,512 shares of the real estate investment trust’s stock after selling 44,735 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Extra Space Storage were worth $4,892,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Extra Space Storage by 55.7% in the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after purchasing an additional 12,055,172 shares in the last quarter. State Street Corp lifted its holdings in Extra Space Storage by 6.0% in the 1st quarter. State Street Corp now owns 9,397,883 shares of the real estate investment trust’s stock valued at $1,531,197,000 after purchasing an additional 533,145 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Extra Space Storage by 22.1% in the 3rd quarter. Principal Financial Group Inc. now owns 6,505,834 shares of the real estate investment trust’s stock valued at $790,975,000 after purchasing an additional 1,178,760 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Extra Space Storage by 599.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock valued at $406,781,000 after purchasing an additional 2,867,657 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Extra Space Storage by 1.5% during the 1st quarter. Geode Capital Management LLC now owns 3,183,153 shares of the real estate investment trust’s stock worth $517,605,000 after acquiring an additional 47,305 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Stock Down 1.3 %

EXR opened at $132.52 on Friday. The firm has a 50 day moving average price of $142.57 and a 200 day moving average price of $137.52. The company has a market cap of $28.04 billion, a PE ratio of 26.83, a price-to-earnings-growth ratio of 3.34 and a beta of 0.74. Extra Space Storage Inc. has a 1 year low of $101.19 and a 1 year high of $164.99. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.30 and a current ratio of 0.30.

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

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.89%. The ex-dividend date was Thursday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is 131.17%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Extra Space Storage in a report on Tuesday, January 30th. They set a “hold” rating and a $141.00 price objective on the stock. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. Wells Fargo & Company increased their price objective on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Friday, April 5th. Finally, Raymond James reiterated an “outperform” rating and set a $160.00 price objective on shares of Extra Space Storage in a report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $150.17.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the sale, the executive vice president now owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the sale, the executive vice president now owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. Insiders sold 3,532 shares of company stock valued at $514,819 over the last 90 days. 1.36% of the stock is owned by corporate 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.