Phocas Financial Corp. Takes Position in Extra Space Storage Inc. (NYSE:EXR)

Phocas Financial Corp. acquired a new stake in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,897 shares of the real estate investment trust's stock, valued at approximately $284,000.

A number of other institutional investors have also recently bought and sold shares of EXR. Exchange Traded Concepts LLC boosted its holdings in shares of Extra Space Storage by 13.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 861 shares of the real estate investment trust's stock valued at $129,000 after buying an additional 104 shares during the period. Blue Trust Inc. boosted its holdings in shares of Extra Space Storage by 131.9% in the fourth quarter. Blue Trust Inc. now owns 2,078 shares of the real estate investment trust's stock valued at $311,000 after buying an additional 1,182 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Extra Space Storage by 134.3% in the fourth quarter. Pacer Advisors Inc. now owns 167,735 shares of the real estate investment trust's stock valued at $25,093,000 after buying an additional 96,136 shares during the period. Vert Asset Management LLC boosted its holdings in shares of Extra Space Storage by 8.0% in the fourth quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust's stock valued at $13,984,000 after buying an additional 6,910 shares during the period. Finally, Forsta AP Fonden boosted its holdings in shares of Extra Space Storage by 0.9% in the fourth quarter. Forsta AP Fonden now owns 42,700 shares of the real estate investment trust's stock valued at $6,388,000 after buying an additional 400 shares during the period. Institutional investors and hedge funds own 99.11% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Evercore ISI upped their price target on shares of Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a report on Thursday, May 1st. Royal Bank of Canada reduced their price target on shares of 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. Benchmark reduced their target price on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Bank of America increased their target price on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. Finally, Scotiabank increased their target price on shares of Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $159.38.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the transaction, the chief executive officer now directly owns 9,190 shares of the company's stock, valued at $1,355,065.50. This represents a 44.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph J. Bonner sold 672 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the transaction, the director now directly owns 4,557 shares in the company, valued at $679,448.70. The trade was a 12.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.96% of the company's stock.

Extra Space Storage Stock Performance

NYSE EXR traded up $0.08 on Friday, hitting $150.89. 1,450,370 shares of the stock were exchanged, compared to its average volume of 1,061,043. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The business's fifty day moving average is $143.60 and its 200 day moving average is $151.00. Extra Space Storage Inc. has a 52 week low of $121.03 and a 52 week high of $184.87. The company has a market capitalization of $32.02 billion, a PE ratio of 39.50, a P/E/G ratio of 7.76 and a beta of 1.14.

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

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.29%. The ex-dividend date of this dividend is Monday, June 16th. Extra Space Storage's dividend payout ratio (DPR) is currently 150.35%.

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.