Lazard Asset Management LLC Acquires 1,899 Shares of Extra Space Storage Inc. (NYSE:EXR)

Lazard Asset Management LLC increased its holdings in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 1,710.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,010 shares of the real estate investment trust's stock after buying an additional 1,899 shares during the period. Lazard Asset Management LLC's holdings in Extra Space Storage were worth $300,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in EXR. Park Avenue Securities LLC lifted its position in shares of Extra Space Storage by 20.2% in the 4th quarter. Park Avenue Securities LLC now owns 4,273 shares of the real estate investment trust's stock worth $639,000 after purchasing an additional 719 shares during the period. Merit Financial Group LLC boosted its holdings in shares of Extra Space Storage by 163.0% during the 4th quarter. Merit Financial Group LLC now owns 3,124 shares of the real estate investment trust's stock worth $467,000 after buying an additional 1,936 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Extra Space Storage during the 4th quarter worth approximately $717,000. SG Americas Securities LLC boosted its holdings in shares of Extra Space Storage by 763.4% during the 4th quarter. SG Americas Securities LLC now owns 181,513 shares of the real estate investment trust's stock worth $27,154,000 after buying an additional 160,489 shares in the last quarter. Finally, D.B. Root & Company LLC acquired a new position in shares of Extra Space Storage during the 4th quarter valued at $313,000. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Extra Space Storage Stock Down 0.2%

NYSE EXR traded down $0.27 on Wednesday, reaching $147.65. The company had a trading volume of 74,694 shares, compared to its average volume of 1,053,192. The stock has a market capitalization of $31.33 billion, a P/E ratio of 38.66, a P/E/G ratio of 7.76 and a beta of 1.14. The company's fifty day moving average is $143.28 and its 200 day moving average is $151.20. Extra Space Storage Inc. has a 52-week low of $121.03 and a 52-week high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, beating the consensus estimate of $1.96 by $0.04. The company had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm's revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.96 earnings per share. Sell-side analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.39%. Extra Space Storage's dividend payout ratio is currently 150.35%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on EXR. Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Royal Bank of Canada dropped their target price on shares of Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company dropped their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. Benchmark dropped their target price on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a research 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 research report on Monday, May 12th. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $158.46.

Insider Activity

In related news, Director Joseph J. Bonner sold 672 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the transaction, the director now owns 4,557 shares in the company, valued at approximately $679,448.70. This represents a 12.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP William N. Springer sold 1,220 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now owns 20,158 shares of the company's stock, valued at approximately $3,077,320.28. The trade was a 5.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,392 shares of company stock worth $1,392,315 over the last quarter. Insiders own 0.96% of the company's stock.

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.