Kayne Anderson Rudnick Investment Management LLC Sells 2,903 Shares of Extra Space Storage Inc. (NYSE:EXR)

Kayne Anderson Rudnick Investment Management LLC decreased its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 16.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,944 shares of the real estate investment trust’s stock after selling 2,903 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Extra Space Storage were worth $2,323,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Extra Space Storage by 0.5% during the first quarter. Vanguard Group Inc. now owns 33,686,389 shares of the real estate investment trust’s stock valued at $4,951,899,000 after purchasing an additional 170,380 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Extra Space Storage by 4.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock valued at $551,586,000 after buying an additional 157,763 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Extra Space Storage by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock worth $485,973,000 after buying an additional 45,717 shares during the period. Diamond Hill Capital Management Inc. increased its stake in Extra Space Storage by 7.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock worth $460,890,000 after buying an additional 198,888 shares in the last quarter. Finally, Centersquare Investment Management LLC raised its holdings in Extra Space Storage by 1.3% during the first quarter. Centersquare Investment Management LLC now owns 2,546,475 shares of the real estate investment trust’s stock valued at $341,941,000 after acquiring an additional 32,591 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Extra Space Storage

In other news, EVP William N. Springer sold 2,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 11,919 shares in the company, valued at $2,089,758.27. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the sale, 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 sold 18,970 shares of company stock worth $3,172,757 over the last 90 days. Company insiders own 1.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on EXR shares. Barclays upped their price target on Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Evercore ISI raised their target price on shares of Extra Space Storage from $167.00 to $170.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Truist Financial boosted their price target on shares of Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Raymond James raised their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Finally, StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $170.93.

Extra Space Storage Stock Performance

Shares of EXR stock opened at $183.14 on Tuesday. Extra Space Storage Inc. has a one year low of $101.19 and a one year high of $184.87. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.20 and a current ratio of 0.20. The firm’s 50 day moving average price is $170.44 and its 200-day moving average price is $155.10. The firm has a market cap of $38.78 billion, a P/E ratio of 40.79, a P/E/G ratio of 2.56 and a beta of 0.86.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $1.62 dividend. The ex-dividend date is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.54%. Extra Space Storage’s dividend payout ratio is presently 144.32%.

Extra Space Storage Company 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.