Manning & Napier Advisors LLC Buys 718,266 Shares of Extra Space Storage Inc. (NYSE:EXR)

Manning & Napier Advisors LLC lifted its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 1,127.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 781,986 shares of the real estate investment trust’s stock after purchasing an additional 718,266 shares during the period. Extra Space Storage accounts for 1.3% of Manning & Napier Advisors LLC’s holdings, making the stock its 25th biggest position. Manning & Napier Advisors LLC owned about 0.37% of Extra Space Storage worth $116,985,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. Forsta AP Fonden increased its stake in shares of Extra Space Storage by 0.9% during the 4th quarter. Forsta AP Fonden now owns 42,700 shares of the real estate investment trust’s stock worth $6,388,000 after purchasing an additional 400 shares during the last quarter. Vert Asset Management LLC increased its stake in shares of Extra Space Storage by 8.0% during the fourth quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust’s stock worth $13,984,000 after purchasing an additional 6,910 shares during the period. Pacer Advisors Inc. boosted its position in shares of Extra Space Storage by 134.3% in the fourth quarter. Pacer Advisors Inc. now owns 167,735 shares of the real estate investment trust’s stock valued at $25,093,000 after acquiring an additional 96,136 shares during the period. Blue Trust Inc. raised its position in shares of Extra Space Storage by 131.9% in the fourth quarter. Blue Trust Inc. now owns 2,078 shares of the real estate investment trust’s stock valued at $311,000 after buying an additional 1,182 shares in the last quarter. Finally, Gradient Investments LLC lifted its position in shares of Extra Space Storage by 5.6% during the 4th quarter. Gradient Investments LLC now owns 199,393 shares of the real estate investment trust’s stock valued at $29,829,000 after acquiring an additional 10,619 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Stock Down 0.1 %

Extra Space Storage stock traded down $0.17 during trading on Wednesday, hitting $154.93. 196,814 shares of the company were exchanged, compared to its average volume of 1,211,849. Extra Space Storage Inc. has a 52 week low of $131.02 and a 52 week high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $32.84 billion, a P/E ratio of 40.62, a PEG ratio of 7.48 and a beta of 0.91. The business’s 50 day moving average is $155.79 and its 200 day moving average is $164.86.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. During the same period in the prior year, the business earned $2.02 EPS. Extra Space Storage’s quarterly revenue was up 10.2% compared to the same quarter last year. Analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 169.63%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Truist Financial lifted their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Scotiabank upgraded shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective for the company in a report on Friday, January 10th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. StockNews.com upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Barclays dropped their price objective on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $171.25.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the transaction, the director now owns 5,877 shares in the company, valued at $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is owned by company insiders.

Extra Space Storage 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.