Pallas Capital Advisors LLC Boosts Position in Extra Space Storage Inc. (NYSE:EXR)

Pallas Capital Advisors LLC boosted its stake in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 93.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,266 shares of the real estate investment trust's stock after buying an additional 6,889 shares during the quarter. Pallas Capital Advisors LLC's holdings in Extra Space Storage were worth $2,118,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of EXR. Golden State Wealth Management LLC purchased a new stake in Extra Space Storage in the 4th quarter valued at $25,000. Apollon Wealth Management LLC raised its stake in shares of Extra Space Storage by 12.8% during the 4th quarter. Apollon Wealth Management LLC now owns 4,747 shares of the real estate investment trust's stock worth $710,000 after purchasing an additional 538 shares during the period. Empowered Funds LLC raised its stake in shares of Extra Space Storage by 8.2% during the 4th quarter. Empowered Funds LLC now owns 4,251 shares of the real estate investment trust's stock worth $636,000 after purchasing an additional 323 shares during the period. Savant Capital LLC raised its stake in shares of Extra Space Storage by 1.9% during the 4th quarter. Savant Capital LLC now owns 5,157 shares of the real estate investment trust's stock worth $771,000 after purchasing an additional 94 shares during the period. Finally, Elser Financial Planning Inc bought a new stake in shares of Extra Space Storage during the 4th quarter worth $231,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Price Performance

Shares of NYSE:EXR traded down $1.04 on Friday, hitting $149.47. The company's stock had a trading volume of 945,917 shares, compared to its average volume of 1,057,887. The company has a 50-day simple moving average of $144.80 and a 200 day simple moving average of $150.04. Extra Space Storage Inc. has a 1 year low of $121.03 and a 1 year high of $184.87. The company has a market capitalization of $31.72 billion, a PE ratio of 39.13, a PEG ratio of 7.76 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.04. The firm had revenue of $820.00 million for the quarter, compared to analysts' expectations of $705.12 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company's revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.96 EPS. Sell-side analysts forecast 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 will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a $1.62 dividend. The ex-dividend date is Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.34%. Extra Space Storage's dividend payout ratio (DPR) is currently 150.35%.

Insiders Place Their Bets

In other Extra Space Storage 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 value of $1,105,875.00. Following the transaction, the chief executive officer now directly owns 9,190 shares of the company's stock, valued at $1,355,065.50. The trade was a 44.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.36% of the company's stock.

Analyst Ratings Changes

EXR has been the subject of several research reports. Royal Bank of Canada cut their price target on Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating for the company in a research note on Thursday, May 1st. Barclays cut their price target on 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. 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. The Goldman Sachs Group reiterated a "buy" rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Finally, Bank of America increased their price target on Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and eight have assigned 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 target price of $159.54.

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.