The Manufacturers Life Insurance Company Cuts Stock Position in Extra Space Storage Inc. (NYSE:EXR)

The Manufacturers Life Insurance Company lessened its stake in Extra Space Storage Inc. (NYSE:EXR) by 1.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 142,757 shares of the real estate investment trust’s stock after selling 2,222 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Extra Space Storage worth $22,186,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Millennium Management LLC increased its holdings in Extra Space Storage by 42.8% in the 2nd quarter. Millennium Management LLC now owns 505,208 shares of the real estate investment trust’s stock worth $78,514,000 after acquiring an additional 151,368 shares in the last quarter. MBB Public Markets I LLC acquired a new stake in Extra Space Storage during the 2nd quarter worth $2,358,000. Element Pointe Advisors LLC acquired a new stake in Extra Space Storage during the 2nd quarter worth $202,000. Employees Retirement System of Texas boosted its stake in Extra Space Storage by 10.7% during the 2nd quarter. Employees Retirement System of Texas now owns 92,745 shares of the real estate investment trust’s stock worth $14,414,000 after purchasing an additional 9,000 shares during the last quarter. Finally, 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 worth $4,294,000 after purchasing an additional 21,900 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Down 1.0 %

Shares of NYSE EXR opened at $178.31 on Wednesday. The firm has a market cap of $37.75 billion, a price-to-earnings ratio of 39.71, a PEG ratio of 2.67 and a beta of 0.86. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.76. Extra Space Storage Inc. has a 52-week low of $101.19 and a 52-week high of $184.87. The business’s 50 day moving average is $171.80 and its two-hundred day moving average is $156.21.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date was Monday, September 16th. Extra Space Storage’s payout ratio is 144.32%.

Analyst Ratings Changes

EXR has been the topic of several recent research reports. Scotiabank lifted their target price on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research note on Thursday, August 22nd. Barclays lifted their target price on shares of Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Royal Bank of Canada started coverage on shares of Extra Space Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target on the stock. Citigroup lowered their price target 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. Finally, Wells Fargo & Company boosted their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Extra Space Storage 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, EVP Gwyn Goodson Mcneal sold 2,823 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the sale, the executive vice president now owns 32,855 shares of the company’s stock, valued at $5,815,663.55. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value of $499,699.23. Following the completion of the transaction, the executive vice president now owns 32,855 shares in the company, valued at $5,815,663.55. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kenneth M. Woolley sold 6,647 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the transaction, the director now owns 404,306 shares of the company’s stock, valued at approximately $71,655,152.38. The disclosure for this sale can be found here. Insiders have sold a total of 11,470 shares of company stock valued at $2,028,407 over the last quarter. 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.