3,308 Shares in Extra Space Storage Inc (NYSE:EXR) Purchased by AlphaCore Capital LLC

Key Points

• AlphaCore Capital LLC acquired 3,308 shares of Extra Space Storage Inc., valued at approximately $491,000, marking a new position for the investment firm in the 1st quarter.
• CEO Joseph D. Margolis sold 7,500 shares of the company, which represented a 21.58% decrease in his position, leaving him with about $4.1 million in company stock.
• Extra Space Storage's quarterly earnings report showed a miss on EPS estimates with $2.05 compared to the consensus of $2.06, although revenue exceeded expectations at $841.62 million.

AlphaCore Capital LLC acquired a new position in Extra Space Storage Inc (NYSE:EXR - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 3,308 shares of the real estate investment trust's stock, valued at approximately $491,000.

Several other large investors also recently bought and sold shares of EXR. Federated Hermes Inc. grew its stake in shares of Extra Space Storage by 206.9% during the 4th quarter. Federated Hermes Inc. now owns 1,105 shares of the real estate investment trust's stock valued at $165,000 after purchasing an additional 745 shares during the period. Cerity Partners LLC grew its stake in shares of Extra Space Storage by 8.1% during the 4th quarter. Cerity Partners LLC now owns 15,589 shares of the real estate investment trust's stock valued at $2,563,000 after purchasing an additional 1,163 shares during the period. FIL Ltd grew its stake in shares of Extra Space Storage by 21.0% during the 4th quarter. FIL Ltd now owns 29,884 shares of the real estate investment trust's stock valued at $4,471,000 after purchasing an additional 5,187 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Extra Space Storage during the 4th quarter valued at about $46,120,000. Finally, Capital Fund Management S.A. bought a new stake in shares of Extra Space Storage during the 4th quarter valued at about $6,244,000. 99.11% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total value of $1,127,625.00. Following the sale, the chief executive officer owned 27,260 shares of the company's stock, valued at $4,098,541. The trade was a 21.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.96% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on EXR. Wells Fargo & Company cut their price target on Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 23rd. Mizuho increased their target price on shares of Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Scotiabank raised 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 research note on Monday, May 12th. Evercore ISI lowered their price target on shares of Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a report on Monday, August 4th. Finally, Royal Bank Of Canada dropped their price target on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a research report on Monday, August 4th. Nine investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Extra Space Storage currently has an average rating of "Hold" and an average target price of $155.85.

Extra Space Storage Price Performance

EXR stock opened at $136.40 on Friday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.33 and a current ratio of 0.29. The company's fifty day moving average price is $147.69 and its 200-day moving average price is $147.86. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $184.87. The company has a market capitalization of $28.95 billion, a PE ratio of 29.59, a price-to-earnings-growth ratio of 3.31 and a beta of 1.07.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.01). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The company had revenue of $841.62 million during the quarter, compared to analysts' expectations of $719.43 million. During the same quarter in the previous year, the firm earned $2.06 EPS. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities 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 was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.8%. The ex-dividend date was Monday, June 16th. Extra Space Storage's dividend payout ratio (DPR) is currently 140.56%.

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 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.

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