Hamlin Capital Management LLC Has $131.14 Million Stock Holdings in Extra Space Storage Inc (NYSE:EXR)

Key Points

• Hamlin Capital Management LLC increased its stake in Extra Space Storage Inc by 3.8% during the first quarter, owning 883,155 shares valued at approximately $131.14 million.
• CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage on July 1st, resulting in a 21.58% decrease in his ownership, with remaining shares valued at around $4.1 million.
• Extra Space Storage reported earnings of $2.05 per share for the most recent quarter, slightly missing analysts' estimates, yet saw a 3.8% increase in revenue year-over-year to $841.62 million.

Hamlin Capital Management LLC lifted its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 3.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 883,155 shares of the real estate investment trust's stock after purchasing an additional 32,355 shares during the quarter. Extra Space Storage accounts for about 3.1% of Hamlin Capital Management LLC's investment portfolio, making the stock its 23rd largest holding. Hamlin Capital Management LLC owned 0.42% of Extra Space Storage worth $131,140,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of EXR. GKV Capital Management Co. Inc. acquired a new stake in shares of Extra Space Storage in the first quarter worth $29,000. Zions Bancorporation National Association UT acquired a new position in shares of Extra Space Storage during the 1st quarter worth $50,000. Quarry LP increased its holdings 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 valued at $53,000 after acquiring an additional 217 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in Extra Space Storage by 147.0% in the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock worth $60,000 after purchasing an additional 241 shares during the last quarter. Finally, Parvin Asset Management LLC bought a new position in shares of Extra Space Storage in the fourth quarter valued at approximately $62,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were 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 directly owned 27,260 shares of the company's stock, valued at $4,098,541. This represents a 21.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.96% of the company's stock.

Extra Space Storage Price Performance

EXR stock opened at $138.21 on Thursday. The company's 50-day moving average is $146.81 and its 200-day moving average is $147.57. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $184.87. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market capitalization of $29.34 billion, a PE ratio of 29.98, a price-to-earnings-growth ratio of 3.28 and a beta of 1.07.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The company had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. During the same quarter in the prior year, the business earned $2.06 EPS. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently declared 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 yield of 4.7%. Extra Space Storage's dividend payout ratio is presently 140.56%.

Analysts Set New Price Targets

Several research analysts have commented on EXR shares. Royal Bank Of Canada dropped their price target on Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating on the stock in a research report on Monday, August 4th. Barclays dropped their target price on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Benchmark decreased their price target on 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. BNP Paribas Exane initiated coverage on Extra Space Storage in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 target price for the company. Finally, Bank of America upped their price objective on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Nine analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $155.85.

Extra Space Storage 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.

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