Canada Pension Plan Investment Board Boosts Stake in Extra Space Storage Inc. (NYSE:EXR)

Canada Pension Plan Investment Board lifted its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 20.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,877,100 shares of the real estate investment trust’s stock after buying an additional 319,965 shares during the period. Canada Pension Plan Investment Board owned approximately 0.89% of Extra Space Storage worth $291,720,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in EXR. Beacon Pointe Advisors LLC raised its position in Extra Space Storage by 21.2% during the 4th quarter. Beacon Pointe Advisors LLC now owns 2,130 shares of the real estate investment trust’s stock worth $341,000 after buying an additional 373 shares during the last quarter. Brown Advisory Inc. lifted its position in shares of Extra Space Storage by 5.4% in the fourth quarter. Brown Advisory Inc. now owns 4,336 shares of the real estate investment trust’s stock valued at $695,000 after acquiring an additional 221 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Extra Space Storage during the 4th quarter worth $224,000. BI Asset Management Fondsmaeglerselskab A S boosted its position in Extra Space Storage by 59.1% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 5,543 shares of the real estate investment trust’s stock worth $889,000 after acquiring an additional 2,060 shares during the last quarter. Finally, UBS Group AG boosted its holdings in shares of Extra Space Storage by 25.9% during the 4th quarter. UBS Group AG now owns 526,274 shares of the real estate investment trust’s stock worth $84,378,000 after purchasing an additional 108,151 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

EXR has been the subject of a number of analyst reports. Bank of America lowered shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $172.00 to $155.00 in a report on Monday, August 5th. Scotiabank boosted their price objective on Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a report on Thursday, August 22nd. KeyCorp increased their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a report on Monday, September 9th. Royal Bank of Canada assumed coverage on Extra Space Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective for the company. Finally, Raymond James boosted their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $170.93.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the transaction, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total value of $350,660.00. Following the sale, the executive vice president now directly owns 11,919 shares in the company, valued at $2,089,758.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the transaction, the chief executive officer now directly owns 31,690 shares in the company, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,970 shares of company stock worth $3,172,757. 1.36% of the stock is currently owned by insiders.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $180.09 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.20 and a current ratio of 0.20. Extra Space Storage Inc. has a one year low of $101.19 and a one year high of $184.87. The company has a 50-day simple moving average of $169.66 and a 200-day simple moving average of $154.46. The stock has a market capitalization of $38.13 billion, a price-to-earnings ratio of 40.11, a PEG ratio of 2.56 and a beta of 0.86.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.60%. Extra Space Storage’s payout ratio is 144.32%.

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.