Extra Space Storage Inc. (NYSE:EXR) Stake Increased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA raised its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 3.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,064,970 shares of the real estate investment trust’s stock after acquiring an additional 104,986 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.45% of Extra Space Storage worth $458,520,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in EXR. Golden State Wealth Management LLC bought a new position in shares of Extra Space Storage during the fourth quarter worth about $25,000. Harbour Investments Inc. lifted its holdings in Extra Space Storage by 90.9% during the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 80 shares during the last quarter. Continuum Advisory LLC grew its position in shares of Extra Space Storage by 68.1% in the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after acquiring an additional 126 shares in the last quarter. Quent Capital LLC increased its holdings in shares of Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 154 shares during the last quarter. Finally, Asset Planning Inc acquired a new stake in shares of Extra Space Storage during the 4th quarter valued at approximately $52,000. 99.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Scotiabank decreased their price objective on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Royal Bank of Canada lowered their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. Barclays dropped their price objective on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Finally, Wells Fargo & Company dropped their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $171.09.

Extra Space Storage Price Performance

Shares of EXR opened at $147.96 on Thursday. Extra Space Storage Inc. has a one year low of $131.02 and a one year high of $184.87. The stock’s fifty day moving average is $152.17 and its 200-day moving average is $159.40. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The firm has a market capitalization of $31.37 billion, a price-to-earnings ratio of 38.73, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The company had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Equities analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.38%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 160.40%.

Insider Activity

In related news, Director Joseph J. Bonner sold 672 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the sale, the director now directly owns 4,557 shares in the company, valued at approximately $679,448.70. This trade represents a 12.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at $3,077,320.28. This represents a 5.71 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is owned by insiders.

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 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.