Machina Capital S.A.S. Purchases 2,125 Shares of Extra Space Storage Inc (NYSE:EXR)

Key Points

• Machina Capital S.A.S. increased its stake in Extra Space Storage by 41.5%, acquiring 2,125 additional shares and holding a total of 7,242 shares valued at approximately $1,075,000.
• Insider trading activity includes CEO Joseph D. Margolis selling 7,500 shares for around $1,127,625, reducing his position by 21.58% while still retaining 27,260 shares.
• Extra Space Storage reported quarterly earnings of $2.00 per share, surpassing analyst estimates, with revenue of $820 million, up 2.6% year-over-year.

Machina Capital S.A.S. raised its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 41.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,242 shares of the real estate investment trust's stock after purchasing an additional 2,125 shares during the quarter. Machina Capital S.A.S.'s holdings in Extra Space Storage were worth $1,075,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Quarry LP boosted its stake in shares of Extra Space Storage by 156.1% during 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 in the last quarter. Golden State Wealth Management LLC boosted its stake in shares of 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 worth $60,000 after acquiring an additional 241 shares in the last quarter. Parvin Asset Management LLC bought a new stake in shares of Extra Space Storage during the 4th quarter worth $62,000. Wayfinding Financial LLC bought a new stake in shares of Extra Space Storage during the 1st quarter worth $76,000. Finally, Global X Japan Co. Ltd. boosted its stake in shares of 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 worth $83,000 after acquiring an additional 111 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction dated 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 owned 27,260 shares of the company's stock, valued at approximately $4,098,541. The trade was a 21.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.96% of the company's stock.

Extra Space Storage Stock Up 0.2%

Shares of NYSE:EXR traded up $0.32 on Friday, reaching $150.83. The company had a trading volume of 866,679 shares, compared to its average volume of 1,052,046. Extra Space Storage Inc has a twelve month low of $121.03 and a twelve month high of $184.87. The stock has a 50-day moving average price of $149.12 and a 200 day moving average price of $148.43. The stock has a market capitalization of $32.01 billion, a P/E ratio of 35.00, a P/E/G ratio of 3.65 and a beta of 1.10. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.85.

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

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $1.62 per share. The ex-dividend date was Monday, June 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.30%. Extra Space Storage's dividend payout ratio is presently 150.35%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on EXR shares. Barclays reduced their price objective on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. BNP Paribas Exane started coverage on Extra Space Storage in a research report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 target price for the company. BNP Paribas raised Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. Mizuho raised 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. Finally, JPMorgan Chase & Co. raised their target price on Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research report on Friday, June 13th. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Extra Space Storage presently has a consensus rating of "Hold" and a consensus target price of $157.69.

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.