KBC Group NV Increases Stake in Extra Space Storage Inc. (NYSE:EXR)

KBC Group NV grew its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 351.2% during the third quarter, according to its most recent filing with the SEC. The firm owned 158,401 shares of the real estate investment trust’s stock after acquiring an additional 123,298 shares during the period. KBC Group NV owned about 0.07% of Extra Space Storage worth $28,542,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in EXR. Huntington National Bank raised its holdings in Extra Space Storage by 5.8% in the 3rd quarter. Huntington National Bank now owns 1,878 shares of the real estate investment trust’s stock worth $338,000 after purchasing an additional 103 shares during the period. D Orazio & Associates Inc. bought a new position in Extra Space Storage during the third quarter valued at $228,000. Victory Capital Management Inc. raised its position in Extra Space Storage by 17.8% during the third quarter. Victory Capital Management Inc. now owns 167,257 shares of the real estate investment trust’s stock valued at $30,138,000 after purchasing an additional 25,321 shares during the period. Aptus Capital Advisors LLC lifted its stake in shares of Extra Space Storage by 5.5% in the 3rd quarter. Aptus Capital Advisors LLC now owns 1,570 shares of the real estate investment trust’s stock valued at $283,000 after purchasing an additional 82 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd increased its position in Extra Space Storage by 335.4% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 50,402 shares of the real estate investment trust’s stock valued at $9,082,000 after acquiring an additional 38,825 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Buying and Selling

In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the transaction, the executive vice president now directly owns 32,855 shares of the company’s stock, valued at approximately $5,815,663.55. This trade represents a 7.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the transaction, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. This trade represents a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,970 shares of company stock worth $3,367,307 over the last ninety days. 1.36% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Bank of America lowered shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $172.00 to $155.00 in a report on Monday, August 5th. Truist Financial lifted their price target on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Wells Fargo & Company restated an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a research report on Monday, October 21st. Finally, KeyCorp boosted their price objective on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research report on Monday, September 9th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $171.50.

Extra Space Storage Trading Up 0.7 %

Shares of EXR opened at $164.56 on Friday. The stock’s fifty day simple moving average is $171.68 and its 200 day simple moving average is $162.27. The firm has a market capitalization of $34.88 billion, a P/E ratio of 43.08, a price-to-earnings-growth ratio of 8.26 and a beta of 0.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a twelve month low of $125.32 and a twelve month high of $184.87.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). The company had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm posted $2.02 earnings per share. On average, equities research analysts forecast that Extra Space Storage Inc. will post 8.09 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.94%. Extra Space Storage’s dividend payout ratio is presently 169.63%.

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.