JPMorgan Chase & Co. Trims Position in Extra Space Storage Inc $EXR

JPMorgan Chase & Co. lowered its stake in Extra Space Storage Inc (NYSE:EXR) by 14.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,866,863 shares of the real estate investment trust’s stock after selling 646,932 shares during the period. JPMorgan Chase & Co. owned 1.82% of Extra Space Storage worth $544,996,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in Extra Space Storage by 6.4% in the 3rd quarter. Principal Financial Group Inc. now owns 6,715,901 shares of the real estate investment trust’s stock worth $946,540,000 after purchasing an additional 406,146 shares in the last quarter. Cibc World Market Inc. increased its position in shares of Extra Space Storage by 19.4% during the third quarter. Cibc World Market Inc. now owns 190,863 shares of the real estate investment trust’s stock valued at $26,900,000 after acquiring an additional 30,983 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in Extra Space Storage by 38.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 589,271 shares of the real estate investment trust’s stock worth $83,052,000 after acquiring an additional 162,773 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in Extra Space Storage by 32.0% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 24,240 shares of the real estate investment trust’s stock valued at $3,416,000 after acquiring an additional 5,870 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. boosted its stake in Extra Space Storage by 6.6% during the 3rd quarter. Resona Asset Management Co. Ltd. now owns 127,235 shares of the real estate investment trust’s stock valued at $17,982,000 after purchasing an additional 7,831 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Evercore reaffirmed a “cautious” rating on shares of Extra Space Storage in a report on Monday, November 3rd. Truist Financial upped their target price on shares of Extra Space Storage from $142.00 to $146.00 and gave the company a “hold” rating in a research note on Tuesday, January 20th. UBS Group reduced their price target on shares of Extra Space Storage from $156.00 to $148.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Wall Street Zen downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Extra Space Storage in a report on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Extra Space Storage currently has an average rating of “Hold” and an average price target of $144.67.

Extra Space Storage Stock Down 1.7%

EXR opened at $145.38 on Thursday. The firm’s 50 day simple moving average is $137.88 and its two-hundred day simple moving average is $138.71. The company has a market capitalization of $30.86 billion, a PE ratio of 32.45, a PEG ratio of 1.78 and a beta of 1.27. Extra Space Storage Inc has a 1-year low of $121.03 and a 1-year high of $162.77. The company has a current ratio of 0.24, a quick ratio of 0.24 and a debt-to-equity ratio of 0.89.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.5%. Extra Space Storage’s dividend payout ratio (DPR) is 144.64%.

Extra Space Storage Profile

Extra Space Storage (NYSE: EXR) is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.