Point72 Asset Management L.P. Invests $2.41 Million in Extra Space Storage Inc. (NYSE:EXR)

Point72 Asset Management L.P. bought a new position in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 16,107 shares of the real estate investment trust's stock, valued at approximately $2,410,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ProShare Advisors LLC lifted its stake in Extra Space Storage by 7.4% in the 4th quarter. ProShare Advisors LLC now owns 38,609 shares of the real estate investment trust's stock valued at $5,776,000 after acquiring an additional 2,644 shares in the last quarter. Quantinno Capital Management LP lifted its stake in Extra Space Storage by 3.9% in the 4th quarter. Quantinno Capital Management LP now owns 28,363 shares of the real estate investment trust's stock valued at $4,243,000 after acquiring an additional 1,066 shares in the last quarter. Mufg Securities Americas Inc. bought a new stake in Extra Space Storage in the 4th quarter valued at approximately $468,000. Nissay Asset Management Corp Japan ADV lifted its stake in Extra Space Storage by 2.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 55,852 shares of the real estate investment trust's stock valued at $8,271,000 after acquiring an additional 1,082 shares in the last quarter. Finally, Nomura Holdings Inc. bought a new stake in Extra Space Storage in the 4th quarter valued at approximately $4,726,000. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Stock Performance

Shares of EXR stock traded up $1.13 during trading on Friday, reaching $145.91. 829,242 shares of the company's stock were exchanged, compared to its average volume of 1,055,515. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $30.96 billion, a PE ratio of 38.20, a PEG ratio of 7.76 and a beta of 1.14. Extra Space Storage Inc. has a twelve month low of $121.03 and a twelve month high of $184.87. The firm's fifty day moving average price is $143.25 and its 200-day moving average price is $151.53.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.96 by $0.04. The business had revenue of $820.00 million for the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm's revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.96 EPS. As a group, sell-side analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date of this dividend is Monday, June 16th. Extra Space Storage's payout ratio is presently 150.35%.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction 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. This represents a 44.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the company's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,392 shares of company stock valued at $1,392,315. 0.96% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the company. The Goldman Sachs Group restated a "buy" rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Royal Bank of Canada cut their target price on Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 1st. Scotiabank boosted their target price on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Evercore ISI boosted their target price on Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a research note on Thursday, May 1st. Finally, Wells Fargo & Company cut their target price on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $158.46.

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.