GSA Capital Partners LLP Takes Position in Extra Space Storage Inc (NYSE:EXR)

Key Points

• GSA Capital Partners LLP has acquired a new position in Extra Space Storage Inc, purchasing 5,627 shares valued at approximately $836,000 during the first quarter.
• Several institutional investors have made significant changes to their stakes in Extra Space Storage, with Northern Trust Corp increasing its stake by 48.7% during the fourth quarter.
• The company has declared a quarterly dividend of $1.62 per share, representing an annualized dividend of $6.48 with a yield of 4.7%.

GSA Capital Partners LLP acquired a new position in Extra Space Storage Inc (NYSE:EXR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,627 shares of the real estate investment trust's stock, valued at approximately $836,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in EXR. Northern Trust Corp grew 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 worth $430,107,000 after purchasing an additional 941,212 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Extra Space Storage during the 4th quarter worth approximately $107,453,000. Cohen & Steers Inc. grew its stake in shares of Extra Space Storage by 5.9% during 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 purchasing an additional 516,941 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Extra Space Storage during the 4th quarter worth approximately $74,984,000. Finally, GAMMA Investing LLC grew 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 worth $64,075,000 after purchasing an additional 428,585 shares during the period. Institutional investors and hedge funds own 99.11% of the company's stock.

Wall Street Analyst Weigh In

EXR has been the subject of several recent analyst reports. Mizuho lifted their price target on Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Scotiabank lifted their price target 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. JPMorgan Chase & Co. lifted their price target on Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a research note on Friday, June 13th. Wall Street Zen upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Finally, Benchmark cut their price target on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Extra Space Storage presently has an average rating of "Hold" and a consensus price target of $157.69.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 27,260 shares in the company, valued at $4,098,541. The trade was a 21.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.96% of the stock is currently owned by corporate insiders.

Extra Space Storage Price Performance

NYSE:EXR opened at $139.30 on Friday. Extra Space Storage Inc has a 12 month low of $121.03 and a 12 month high of $184.87. The stock has a 50 day moving average of $148.78 and a two-hundred day moving average of $148.33. The company has a current ratio of 0.29, a quick ratio of 0.33 and a debt-to-equity ratio of 0.88. The firm has a market cap of $29.56 billion, a P/E ratio of 30.22, a price-to-earnings-growth ratio of 3.26 and a beta of 1.07.

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 the consensus estimate of $2.06 by ($0.01). The firm had revenue of $841.62 million for the quarter, compared to analysts' expectations of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. Extra Space Storage's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.06 earnings per share. On average, 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 business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Monday, June 16th. Extra Space Storage's payout ratio is currently 150.35%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.