AlphaQuest LLC Buys 22,734 Shares of Extra Space Storage Inc $EXR

Key Points

• AlphaQuest LLC significantly increased its stake in Extra Space Storage Inc by 45,468.0%, owning a total of 22,784 shares valued at approximately $3,383,000.
• The CEO of Extra Space Storage, Joseph D. Margolis, sold 7,500 shares at an average price of $150.35, which was a 21.58% decrease in his holding.
• Extra Space Storage is currently trading at $139.00 and has a market capitalization of $29.50 billion, with a consensus rating of "Hold" and a price target of $153.86.

AlphaQuest LLC grew its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 45,468.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,784 shares of the real estate investment trust's stock after purchasing an additional 22,734 shares during the quarter. Extra Space Storage makes up 0.4% of AlphaQuest LLC's holdings, making the stock its 11th biggest holding. AlphaQuest LLC's holdings in Extra Space Storage were worth $3,383,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. D.A. Davidson & CO. boosted its holdings in Extra Space Storage by 7.2% in the first quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust's stock valued at $281,000 after acquiring an additional 127 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Extra Space Storage by 1.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust's stock valued at $3,285,000 after acquiring an additional 398 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in Extra Space Storage by 21.4% in the first quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust's stock valued at $399,000 after acquiring an additional 474 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in Extra Space Storage by 24.3% in the first quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust's stock valued at $216,000 after acquiring an additional 286 shares during the last quarter. Finally, IFP Advisors Inc boosted its holdings in Extra Space Storage by 1,376.5% in the first quarter. IFP Advisors Inc now owns 1,698 shares of the real estate investment trust's stock valued at $252,000 after acquiring an additional 1,583 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares in the company, valued at $4,098,541. The trade was a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.36% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

EXR has been the subject of a number of analyst reports. Scotiabank lifted 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. JPMorgan Chase & Co. lifted their target price on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research note on Friday, June 13th. The Goldman Sachs Group reissued a "neutral" rating and set a $146.00 target price (down previously from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. Royal Bank Of Canada lowered their target price on Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a report on Monday, August 4th. Finally, BNP Paribas upgraded Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Seven research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, Extra Space Storage presently has an average rating of "Hold" and a consensus target price of $153.60.

Extra Space Storage Stock Up 0.3%

Shares of NYSE EXR traded up $0.43 during midday trading on Tuesday, hitting $140.62. 1,295,945 shares of the stock traded hands, compared to its average volume of 1,191,311. The company has a market cap of $29.85 billion, a PE ratio of 30.50, a P/E/G ratio of 3.46 and a beta of 1.07. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $184.87. The business has a 50 day moving average price of $145.04 and a two-hundred day moving average price of $146.61. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings data 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). The firm had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The company's revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, equities analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.62 per share. The ex-dividend date is Monday, September 15th. This represents a $6.48 annualized dividend and a dividend yield of 4.6%. Extra Space Storage's payout ratio is currently 140.56%.

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.