Alta Capital Management LLC Raises Stock Position in Extra Space Storage Inc (NYSE:EXR)

Alta Capital Management LLC grew its position in Extra Space Storage Inc (NYSE:EXR - Free Report) by 7.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 29,009 shares of the real estate investment trust's stock after buying an additional 1,907 shares during the period. Alta Capital Management LLC's holdings in Extra Space Storage were worth $4,308,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Harbour Investments Inc. raised its holdings in Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 80 shares during the last quarter. Quarry LP raised its holdings in Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after acquiring an additional 217 shares during the last quarter. Kestra Investment Management LLC purchased a new position in Extra Space Storage in the 4th quarter worth approximately $54,000. Parvin Asset Management LLC purchased a new position in shares of Extra Space Storage in the fourth quarter worth $62,000. Finally, Lindbrook Capital LLC raised its stake in shares of Extra Space Storage by 14.9% in the fourth quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust's stock worth $78,000 after purchasing an additional 68 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 9,190 shares of the company's stock, valued at approximately $1,355,065.50. This represents a 44.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.96% of the company's stock.

Extra Space Storage Stock Performance

EXR stock traded down $0.39 during midday trading on Friday, reaching $146.06. 2,162,972 shares of the company's stock traded hands, compared to its average volume of 1,056,504. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.85. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $184.87. The stock has a market cap of $30.99 billion, a P/E ratio of 33.89, a PEG ratio of 3.56 and a beta of 1.11. The stock's 50-day moving average is $146.71 and its 200 day moving average is $149.09.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.04. The business had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The company's quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the firm earned $1.96 earnings per share. As a group, analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The business 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 $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date of this dividend is Monday, June 16th. Extra Space Storage's payout ratio is 150.35%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their price target on 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 "buy" rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Mizuho boosted their target price on Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 28th. Royal Bank Of Canada decreased their price objective 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. Finally, Wells Fargo & Company decreased their price objective on shares of 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. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $159.54.

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.