Pathway Financial Advisers LLC reduced its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 84.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,753 shares of the real estate investment trust's stock after selling 9,497 shares during the quarter. Pathway Financial Advisers LLC's holdings in Extra Space Storage were worth $260,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Quarry LP raised its stake in Extra Space Storage by 156.1% in the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock valued at $53,000 after buying an additional 217 shares during the last quarter. Golden State Wealth Management LLC raised its stake in Extra Space Storage by 147.0% in the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after buying an additional 241 shares during the last quarter. Parvin Asset Management LLC purchased a new stake in Extra Space Storage in the fourth quarter valued at about $62,000. Wayfinding Financial LLC purchased a new stake in Extra Space Storage in the first quarter valued at about $76,000. Finally, Global X Japan Co. Ltd. raised its stake in Extra Space Storage by 24.8% in the first quarter. Global X Japan Co. Ltd. now owns 558 shares of the real estate investment trust's stock valued at $83,000 after buying an additional 111 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
EXR has been the subject of a number of research analyst reports. Mizuho increased 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. 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 price target for the company. Royal Bank Of Canada decreased their price target on Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a research note on Monday. Benchmark cut their price objective on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Finally, BNP Paribas raised Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Extra Space Storage presently has a consensus rating of "Hold" and a consensus target price of $156.54.
Read Our Latest Research Report on Extra Space Storage
Insider Buying and Selling
In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer directly owned 27,260 shares of the company's stock, valued at $4,098,541. This trade represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.96% of the stock is currently owned by company insiders.
Extra Space Storage Stock Performance
Extra Space Storage stock traded up $0.46 during midday trading on Tuesday, hitting $138.52. 186,812 shares of the company were exchanged, compared to its average volume of 1,196,592. The firm has a market capitalization of $29.39 billion, a PE ratio of 30.05, a price-to-earnings-growth ratio of 3.38 and a beta of 1.07. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The business has a fifty day simple moving average of $148.62 and a two-hundred day simple moving average of $148.21. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.33 and a current ratio of 0.29.
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 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.01). The company had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The firm's revenue was up 3.8% on a year-over-year basis. During the same period last year, the business earned $2.06 earnings per share. On average, sell-side analysts forecast that Extra Space Storage Inc will post 8.1 earnings per share for the current year.
Extra Space Storage Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Monday, June 16th. Extra Space Storage's dividend payout ratio (DPR) is 140.56%.
Extra Space Storage Profile
(
Free Report)
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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