Liberty One Investment Management LLC Increases Stake in Extra Space Storage Inc (NYSE:EXR)

Liberty One Investment Management LLC grew its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 9.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 31,180 shares of the real estate investment trust's stock after buying an additional 2,793 shares during the period. Liberty One Investment Management LLC's holdings in Extra Space Storage were worth $4,630,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its stake in shares of Extra Space Storage by 1.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust's stock valued at $3,285,000 after buying an additional 398 shares during the period. QRG Capital Management Inc. increased its stake in shares of Extra Space Storage by 21.4% during the first quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust's stock valued at $399,000 after buying an additional 474 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Extra Space Storage by 24.3% during the first quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust's stock valued at $216,000 after purchasing an additional 286 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Extra Space Storage by 44.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 22,593 shares of the real estate investment trust's stock valued at $3,355,000 after purchasing an additional 6,964 shares in the last quarter. Finally, CX Institutional bought a new stake in Extra Space Storage in the first quarter worth $127,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EXR has been the topic of several analyst reports. Scotiabank boosted their target price on Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. Wall Street Zen upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Bank of America upped their price target on Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Barclays reduced their price target on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Finally, Evercore ISI increased their target price on Extra Space Storage from $144.00 to $149.00 and gave the stock an "in-line" rating in a research report on Thursday, May 1st. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $159.29.

Extra Space Storage Trading Down 2.6%

Shares of NYSE EXR opened at $148.86 on Tuesday. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.85. The business has a fifty day simple moving average of $148.64 and a two-hundred day simple moving average of $148.37. The firm has a market cap of $31.59 billion, a PE ratio of 34.54, a price-to-earnings-growth ratio of 3.71 and a beta of 1.10. Extra Space Storage Inc has a twelve month low of $121.03 and a twelve month high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, beating analysts' consensus estimates of $1.96 by $0.04. The business had revenue of $820.00 million during the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a return on equity of 6.11% and a net margin of 27.84%. Extra Space Storage's revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.96 EPS. 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 declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a $1.62 dividend. The ex-dividend date was Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.35%. Extra Space Storage's dividend payout ratio is presently 150.35%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares of the company's stock, valued at $4,098,541. This trade represents a 21.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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.

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