American Assets Investment Management LLC Purchases New Shares in Extra Space Storage Inc (NYSE:EXR)

Key Points

• American Assets Investment Management LLC has made a new investment in Extra Space Storage Inc, acquiring 38,211 shares valued at approximately $5.67 million, which now represents 2.4% of their holdings.
• The CEO, Joseph D. Margolis, sold 7,500 shares of Extra Space Storage at an average price of $150.35, resulting in a significant decrease of 21.58% in his position.
• Analysts have raised their price targets for Extra Space Storage, with a consensus rating of "Hold" and an average price target of $157.69.

American Assets Investment Management LLC purchased a new position in Extra Space Storage Inc (NYSE:EXR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 38,211 shares of the real estate investment trust's stock, valued at approximately $5,674,000. Extra Space Storage makes up 2.4% of American Assets Investment Management LLC's investment portfolio, making the stock its 14th biggest position.

A number of other institutional investors have also recently bought and sold shares of EXR. Quarry LP grew its stake in Extra Space Storage by 156.1% during the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock valued at $53,000 after acquiring an additional 217 shares in the last quarter. Golden State Wealth Management LLC grew its stake in Extra Space Storage by 147.0% during the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after acquiring an additional 241 shares in the last quarter. Parvin Asset Management LLC purchased a new position in Extra Space Storage during the 4th quarter valued at about $62,000. Wayfinding Financial LLC purchased a new position in Extra Space Storage during the 1st quarter valued at about $76,000. Finally, Global X Japan Co. Ltd. grew its stake in Extra Space Storage by 24.8% during the 1st quarter. Global X Japan Co. Ltd. now owns 558 shares of the real estate investment trust's stock valued at $83,000 after acquiring an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on EXR shares. Wall Street Zen raised Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Bank of America lifted their price target on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Barclays reduced their price target on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Wells Fargo & Company reduced their price target on Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating for the company in a report on Wednesday, July 23rd. Finally, Benchmark reduced their price target on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Nine analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Extra Space Storage has an average rating of "Hold" and a consensus target price of $157.69.

Extra Space Storage Stock Performance

Shares of EXR stock traded up $4.94 during trading hours on Friday, reaching $139.30. 3,193,447 shares of the company's stock were exchanged, compared to its average volume of 1,158,568. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The stock has a market capitalization of $29.56 billion, a P/E ratio of 30.22, a P/E/G ratio of 3.26 and a beta of 1.07. The business has a fifty day moving average price of $148.78 and a 200-day moving average price of $148.33. The company has a quick ratio of 0.33, a current ratio of 0.29 and a debt-to-equity ratio of 0.88.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The firm had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. During the same quarter in the prior year, the firm posted $2.06 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. Analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date was Monday, June 16th. Extra Space Storage's dividend payout ratio is 150.35%.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction 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 transaction, the chief executive officer owned 27,260 shares of the company's stock, valued at $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.96% of the stock is owned by company insiders.

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.