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

Key Points

• American Assets Investment Management LLC has acquired a new position in Extra Space Storage Inc, purchasing 38,211 shares valued at approximately $5.67 million.
• CEO Joseph D. Margolis sold 7,500 shares of the company, which represents a 21.58% decrease in his position, following a transaction valued at over $1.12 million.
• Extra Space Storage's stock has an average price target of $156.54 with a current rating of "Hold" from analysts, reflecting mixed sentiments towards its future performance.

American Assets Investment Management LLC bought a new position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 38,211 shares of the real estate investment trust's stock, valued at approximately $5,674,000.

Other institutional investors also recently made changes to their positions in the company. Northern Trust Corp increased its stake in shares of Extra Space Storage by 48.7% during the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock valued at $430,107,000 after acquiring an additional 941,212 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Extra Space Storage during the 4th quarter worth about $107,453,000. Cohen & Steers Inc. boosted its holdings in Extra Space Storage by 5.9% in the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock worth $1,383,094,000 after acquiring an additional 516,941 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Extra Space Storage in the 4th quarter worth approximately $74,984,000. Finally, GAMMA Investing LLC boosted its stake in shares of Extra Space Storage by 14,642.5% during the 1st quarter. GAMMA Investing LLC now owns 431,512 shares of the real estate investment trust's stock valued at $64,075,000 after buying an additional 428,585 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm'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 completion of the transaction, the chief executive officer directly owned 27,260 shares of the company's stock, valued at $4,098,541. This trade represents a 21.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.96% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

EXR has been the topic of several research reports. JPMorgan Chase & Co. upped their price target on Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a research report on Friday, June 13th. Bank of America raised 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. Evercore ISI lowered their price target on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a report on Monday. Scotiabank raised their target price on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Finally, Royal Bank Of Canada decreased their price target on Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a research report on Monday. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Extra Space Storage has an average rating of "Hold" and an average price target of $156.54.

Extra Space Storage Stock Performance

Shares of NYSE EXR traded up $0.27 during trading hours on Thursday, reaching $138.32. 828,454 shares of the stock were exchanged, compared to its average volume of 1,362,118. The firm has a market capitalization of $29.36 billion, a price-to-earnings ratio of 30.00, a P/E/G ratio of 3.35 and a beta of 1.07. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.33 and a current ratio of 0.29. Extra Space Storage Inc has a 52 week low of $121.03 and a 52 week high of $184.87. The stock's fifty day simple moving average is $147.98 and its 200 day simple moving average is $147.99.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $719.43 million. During the same quarter last year, the business earned $2.06 EPS. Extra Space Storage's revenue was up 3.8% on a year-over-year basis. Sell-side analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.7%. Extra Space Storage's dividend payout ratio (DPR) is 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.