Bayesian Capital Management LP Purchases New Holdings in Extra Space Storage Inc. (NYSE:EXR)

Bayesian Capital Management LP bought a new position in Extra Space Storage Inc. (NYSE:EXR - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,813 shares of the real estate investment trust's stock, valued at approximately $570,000.

A number of other hedge funds have also recently modified their holdings of EXR. Norges Bank purchased a new position in Extra Space Storage during the fourth quarter worth approximately $938,647,000. Northern Trust Corp boosted its position in Extra Space Storage by 48.7% during the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock worth $430,107,000 after purchasing an additional 941,212 shares in the last quarter. Manning & Napier Advisors LLC raised its holdings in shares of Extra Space Storage by 1,127.2% during the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust's stock valued at $116,985,000 after acquiring an additional 718,266 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC raised its holdings in shares of Extra Space Storage by 91.2% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,089,753 shares of the real estate investment trust's stock valued at $163,027,000 after acquiring an additional 519,934 shares during the last quarter. Finally, Cohen & Steers Inc. raised its holdings in shares of Extra Space Storage by 5.9% during the fourth quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock valued at $1,383,094,000 after acquiring an additional 516,941 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on EXR shares. Royal Bank of Canada reduced their target price on Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating for the company in a report on Thursday, May 1st. The Goldman Sachs Group reissued a "buy" rating on shares of Extra Space Storage in a report on Thursday, March 6th. Scotiabank increased their target price on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a report on Monday. Wells Fargo & Company cut their price target on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Finally, Mizuho started coverage on Extra Space Storage in a report on Wednesday, April 9th. They issued an "outperform" rating and a $141.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $166.83.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the sale, the chief executive officer now owns 9,190 shares in the company, valued at approximately $1,355,065.50. The trade was a 44.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the sale, the executive vice president now owns 20,158 shares in the company, valued at $3,077,320.28. This trade represents a 5.71% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,392 shares of company stock worth $1,392,315. Company insiders own 0.96% of the company's stock.

Extra Space Storage Trading Down 0.1%

Shares of EXR traded down $0.22 during midday trading on Monday, hitting $148.20. 176,476 shares of the stock were exchanged, compared to its average volume of 1,050,906. Extra Space Storage Inc. has a 52-week low of $121.03 and a 52-week high of $184.87. The stock has a fifty day simple moving average of $143.80 and a 200 day simple moving average of $152.51. The firm has a market cap of $31.45 billion, a P/E ratio of 38.79, a P/E/G ratio of 7.76 and a beta of 1.14. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.96 by $0.04. The firm had revenue of $820.00 million during the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Extra Space Storage's revenue was up 2.6% compared to the same quarter last year. During the same period last year, the business posted $1.96 earnings per share. On average, research analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $1.62 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.37%. Extra Space Storage's dividend payout ratio (DPR) is presently 150.35%.

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.