Gradient Investments LLC Boosts Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Gradient Investments LLC raised its stake in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 11.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 223,168 shares of the real estate investment trust's stock after acquiring an additional 23,775 shares during the quarter. Gradient Investments LLC owned approximately 0.11% of Extra Space Storage worth $33,138,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Golden State Wealth Management LLC acquired a new stake in Extra Space Storage in the fourth quarter worth about $25,000. Harbour Investments Inc. grew its position in shares of Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock valued at $25,000 after purchasing an additional 80 shares during the period. Quent Capital LLC grew its position in shares of Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust's stock valued at $49,000 after purchasing an additional 154 shares during the period. Asset Planning Inc acquired a new position in shares of Extra Space Storage in the 4th quarter valued at approximately $52,000. Finally, Quarry LP grew its position in shares of Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock valued at $53,000 after purchasing an additional 217 shares during the period. 99.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. The Goldman Sachs Group reiterated a "buy" rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Wall Street Zen raised Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Wells Fargo & Company dropped their price objective on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Royal Bank of Canada dropped their price objective on Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 1st. Finally, Benchmark dropped their price objective on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Extra Space Storage has a consensus rating of "Moderate Buy" and an average price target of $159.38.

Extra Space Storage Price Performance

Shares of EXR traded up $0.22 during trading hours on Thursday, hitting $149.89. 201,233 shares of the company were exchanged, compared to its average volume of 1,060,449. The firm's fifty day moving average is $143.93 and its 200 day moving average is $150.73. The company has a market cap of $31.81 billion, a price-to-earnings ratio of 39.24, a P/E/G ratio of 7.76 and a beta of 1.14. 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 Inc. has a fifty-two week low of $121.03 and a fifty-two week high of $184.87.

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 EPS for the quarter, beating analysts' consensus estimates of $1.96 by $0.04. The firm had revenue of $820.00 million for the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business's revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the firm posted $1.96 earnings per share. On average, equities analysts anticipate 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. Stockholders of record on Monday, June 16th will be issued a dividend of $1.62 per share. The ex-dividend date is Monday, June 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.32%. Extra Space Storage's dividend payout ratio is 150.35%.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage 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 transaction, the chief executive officer now owns 9,190 shares of the company's stock, valued at $1,355,065.50. The trade was a 44.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph J. Bonner sold 672 shares of Extra Space Storage stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the transaction, the director now directly owns 4,557 shares in the company, valued at approximately $679,448.70. The trade was a 12.85% decrease in their position. The disclosure for this sale can be found here. Corporate 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.