Extra Space Storage Inc (NYSE:EXR) Stake Raised by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 44.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,593 shares of the real estate investment trust's stock after acquiring an additional 6,964 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Extra Space Storage were worth $3,355,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Extra Space Storage in the 4th quarter valued at about $938,647,000. Northern Trust Corp lifted its stake in shares of Extra Space Storage by 48.7% during the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock valued at $430,107,000 after buying an additional 941,212 shares during the period. Balyasny Asset Management L.P. purchased a new position in shares of Extra Space Storage during the fourth quarter valued at approximately $107,453,000. Cbre Investment Management Listed Real Assets LLC boosted its position in Extra Space Storage by 91.2% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,089,753 shares of the real estate investment trust's stock worth $163,027,000 after acquiring an additional 519,934 shares during the last quarter. Finally, Cohen & Steers Inc. grew its stake 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. Hedge funds and other institutional investors own 99.11% of the company's stock.

Analysts Set New Price Targets

EXR has been the topic of several analyst reports. Bank of America raised their price objective on Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. The Goldman Sachs Group reissued a "buy" rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Royal Bank Of Canada dropped 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 research note on Thursday, May 1st. Benchmark cut their price objective on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Finally, Scotiabank boosted their target price on shares of Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. Nine research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Extra Space Storage has a consensus rating of "Hold" and an average target price of $159.29.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following 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 is accessible through this hyperlink. 0.96% of the stock is currently owned by company insiders.

Extra Space Storage Stock Up 0.1%

Shares of NYSE:EXR traded up $0.10 during midday trading on Friday, reaching $145.75. The company had a trading volume of 1,429,122 shares, compared to its average volume of 1,058,799. The stock has a market capitalization of $30.93 billion, a P/E ratio of 33.82, a PEG ratio of 3.53 and a beta of 1.11. The stock's fifty day moving average price is $147.40 and its 200-day moving average price is $148.63. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.33 and a quick ratio of 0.33. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its 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. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The company had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. During the same quarter in the previous year, the firm earned $1.96 EPS. The company's revenue was up 2.6% on a year-over-year basis. Equities research analysts expect that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.45%. The ex-dividend date of this dividend is Monday, June 16th. Extra Space Storage's payout ratio is currently 150.35%.

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.