Johnson Investment Counsel Inc. Raises Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Johnson Investment Counsel Inc. lifted its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 0.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,005 shares of the real estate investment trust’s stock after acquiring an additional 142 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Extra Space Storage were worth $2,531,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Private Advisor Group LLC increased its position in Extra Space Storage by 5.6% in the first quarter. Private Advisor Group LLC now owns 1,404 shares of the real estate investment trust’s stock worth $289,000 after buying an additional 74 shares during the last quarter. Blair William & Co. IL increased its position in Extra Space Storage by 16.5% in the first quarter. Blair William & Co. IL now owns 1,502 shares of the real estate investment trust’s stock worth $309,000 after buying an additional 213 shares during the last quarter. Prudential PLC purchased a new stake in Extra Space Storage in the first quarter worth $625,000. Cetera Investment Advisers increased its position in Extra Space Storage by 8.2% in the first quarter. Cetera Investment Advisers now owns 2,522 shares of the real estate investment trust’s stock worth $519,000 after buying an additional 192 shares during the last quarter. Finally, Dakota Wealth Management purchased a new stake in Extra Space Storage in the first quarter worth $332,000. 66.40% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Price Performance

NYSE:EXR opened at $128.26 on Friday. The firm has a market capitalization of $27.10 billion, a price-to-earnings ratio of 23.58, a P/E/G ratio of 0.75 and a beta of 0.63. Extra Space Storage Inc. has a 52-week low of $101.19 and a 52-week high of $170.30. The stock has a fifty day moving average of $117.76 and a 200 day moving average of $133.62. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.50 and a current ratio of 0.50.

Extra Space Storage Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a dividend of $1.62 per share. This is a positive change from Extra Space Storage’s previous quarterly dividend of $0.61. The ex-dividend date is Thursday, December 14th. This represents a $6.48 annualized dividend and a yield of 5.05%. Extra Space Storage’s dividend payout ratio (DPR) is currently 44.85%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis acquired 4,200 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was bought at an average price of $118.21 per share, with a total value of $496,482.00. Following the completion of the purchase, the chief executive officer now owns 31,301 shares of the company’s stock, valued at $3,700,091.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Joseph D. Margolis purchased 4,200 shares of the company’s stock in a transaction on Monday, November 13th. The stock was purchased at an average price of $118.21 per share, with a total value of $496,482.00. Following the completion of the purchase, the chief executive officer now directly owns 31,301 shares in the company, valued at approximately $3,700,091.21. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joseph J. Bonner sold 956 shares of Extra Space Storage stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $125.64, for a total value of $120,111.84. Following the sale, the director now directly owns 4,504 shares of the company’s stock, valued at approximately $565,882.56. The disclosure for this sale can be found here. 1.55% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Morgan Stanley decreased their target price on Extra Space Storage from $145.00 to $115.00 and set an “underweight” rating for the company in a research report on Thursday, September 21st. Stifel Nicolaus reduced their price target on Extra Space Storage from $185.00 to $165.00 and set a “buy” rating for the company in a research report on Wednesday, November 8th. Evercore ISI reduced their price target on Extra Space Storage from $147.00 to $145.00 and set an “in-line” rating for the company in a research report on Friday, September 15th. Citigroup reduced their price target on Extra Space Storage from $160.00 to $135.00 and set a “neutral” rating for the company in a research report on Wednesday, September 13th. Finally, The Goldman Sachs Group assumed coverage on Extra Space Storage in a research report on Wednesday, September 27th. They issued a “buy” rating and a $153.00 price target for the company. Three analysts have rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $142.64.

Extra Space Storage 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 June 30, 2023, the Company owned and/or operated 2,438 self-storage stores in 41 states and Washington, DC The Company's stores comprise approximately 1.7 million units and approximately 184.0 million square feet of rentable space.