Oppenheimer Asset Management Inc. Boosts Stake in Extra Space Storage Inc (NYSE:EXR)

Oppenheimer Asset Management Inc. grew its position in Extra Space Storage Inc (NYSE:EXR - Free Report) by 99.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,642 shares of the real estate investment trust's stock after purchasing an additional 7,302 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Extra Space Storage were worth $2,174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Cohen & Steers Inc. lifted 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 valued at $1,383,094,000 after buying an additional 516,941 shares in the last quarter. Norges Bank bought a new stake in Extra Space Storage during the fourth quarter valued at about $938,647,000. Dimensional Fund Advisors LP lifted its position in shares of Extra Space Storage by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust's stock valued at $469,229,000 after acquiring an additional 24,533 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Extra Space Storage by 3.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust's stock worth $458,520,000 after acquiring an additional 104,986 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Extra Space Storage by 48.7% in the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock worth $430,107,000 after acquiring an additional 941,212 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the completion of the sale, the chief executive officer now directly owns 9,190 shares of the company's stock, valued at $1,355,065.50. This represents a 44.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.96% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on EXR. Royal Bank Of Canada lowered their price target on Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating on the stock in a report on Thursday, May 1st. JPMorgan Chase & Co. lifted their price objective on shares of Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a research report on Friday, June 13th. The Goldman Sachs Group restated a "buy" rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Barclays cut their target price on shares of 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. Finally, Mizuho boosted their price target on shares of Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 28th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $159.29.

Extra Space Storage Trading Up 0.1%

EXR traded up $0.10 during trading hours on Friday, reaching $145.75. 1,429,122 shares of the company's stock traded hands, compared to its average volume of 1,058,817. The firm has a 50-day moving average price of $147.40 and a 200 day moving average price of $148.63. The firm has a market capitalization of $30.93 billion, a PE ratio of 33.82, a PEG ratio of 3.53 and a beta of 1.11. 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 Inc has a 52-week low of $121.03 and a 52-week high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.04. The business had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. Extra Space Storage had a return on equity of 6.11% and a net margin of 27.84%. The business's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the company earned $1.96 earnings per share. As a group, sell-side analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $1.62 dividend. The ex-dividend date is Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.45%. Extra Space Storage's payout ratio is 150.35%.

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.