APG Asset Management US Inc. Cuts Stock Position in Extra Space Storage Inc. (NYSE:EXR)

APG Asset Management US Inc. trimmed its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 3.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,554,515 shares of the real estate investment trust’s stock after selling 83,000 shares during the period. Extra Space Storage makes up about 2.2% of APG Asset Management US Inc.’s investment portfolio, making the stock its 14th largest holding. APG Asset Management US Inc. owned 1.21% of Extra Space Storage worth $388,082,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Squarepoint Ops LLC boosted its stake in Extra Space Storage by 382.2% during the 2nd quarter. Squarepoint Ops LLC now owns 27,630 shares of the real estate investment trust’s stock valued at $4,294,000 after purchasing an additional 21,900 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Extra Space Storage by 60.6% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 40,520 shares of the real estate investment trust’s stock valued at $6,297,000 after purchasing an additional 15,295 shares during the last quarter. Marshall Wace LLP purchased a new stake in Extra Space Storage during the 2nd quarter valued at $25,602,000. Bank of Montreal Can boosted its stake in Extra Space Storage by 15.6% during the 2nd quarter. Bank of Montreal Can now owns 232,018 shares of the real estate investment trust’s stock valued at $37,072,000 after purchasing an additional 31,331 shares during the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in shares of Extra Space Storage by 17.5% during the 2nd quarter. Public Sector Pension Investment Board now owns 29,372 shares of the real estate investment trust’s stock valued at $4,565,000 after buying an additional 4,378 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Stock Performance

Extra Space Storage stock opened at $181.34 on Thursday. The firm’s 50 day simple moving average is $171.06 and its 200-day simple moving average is $155.51. The company has a market cap of $38.39 billion, a P/E ratio of 40.39, a price-to-earnings-growth ratio of 2.67 and a beta of 0.86. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20. Extra Space Storage Inc. has a fifty-two week low of $101.19 and a fifty-two week high of $184.87.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend is Monday, September 16th. Extra Space Storage’s dividend payout ratio is currently 144.32%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on EXR shares. Citigroup decreased their target price on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, June 7th. Bank of America lowered Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $172.00 to $155.00 in a research report on Monday, August 5th. Raymond James lifted their price target on Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada started coverage on Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective on the stock. Finally, Truist Financial boosted their price target on Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $170.93.

Insider Buying and Selling

In related news, EVP William N. Springer sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of 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 filing with the SEC, which is accessible through the SEC website. In related news, EVP William N. Springer sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of 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 filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’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 sale, the chief executive officer now owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,970 shares of company stock worth $3,172,757. 1.36% of the stock is owned by company 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.