Mutual of America Capital Management LLC Cuts Stake in Extra Space Storage Inc. (NYSE:EXR)

Mutual of America Capital Management LLC cut its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 3.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,029 shares of the real estate investment trust’s stock after selling 1,001 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Extra Space Storage were worth $4,822,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Boston Partners purchased a new position in Extra Space Storage in the first quarter valued at $130,554,000. Capital Research Global Investors grew its position in shares of Extra Space Storage by 111.4% during the fourth quarter. Capital Research Global Investors now owns 1,537,317 shares of the real estate investment trust’s stock worth $246,478,000 after buying an additional 810,158 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Extra Space Storage by 2,244.2% during the first quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust’s stock worth $87,824,000 after buying an additional 572,231 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Extra Space Storage by 43.7% during the first quarter. Canada Pension Plan Investment Board now owns 1,557,135 shares of the real estate investment trust’s stock worth $228,899,000 after buying an additional 473,559 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Extra Space Storage by 25.8% in the fourth quarter. Wellington Management Group LLP now owns 2,199,347 shares of the real estate investment trust’s stock valued at $352,621,000 after acquiring an additional 451,242 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Price Performance

Extra Space Storage stock opened at $180.41 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20. The business has a 50 day simple moving average of $170.03 and a 200-day simple moving average of $154.77. Extra Space Storage Inc. has a 12 month low of $101.19 and a 12 month high of $184.87. The stock has a market capitalization of $38.20 billion, a PE ratio of 40.18, a price-to-earnings-growth ratio of 2.56 and a beta of 0.86.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.59%. The ex-dividend date is Monday, September 16th. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the transaction, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the transaction, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP William N. Springer sold 2,000 shares of the 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 transaction, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at $2,089,758.27. The disclosure for this sale can be found here. Insiders have sold a total of 18,970 shares of company stock valued at $3,172,757 over the last quarter. Corporate insiders own 1.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on EXR shares. Citigroup dropped their price objective on shares of Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, June 7th. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and raised their price target for the company from $162.00 to $204.00 in a research note on Wednesday. Wells Fargo & Company upped their price objective on Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Barclays raised their target price on Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Raymond James increased their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $170.93.

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.