Rhumbline Advisers Increases Position in Extra Space Storage Inc. (NYSE:EXR)

Rhumbline Advisers lifted its holdings in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 5.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 445,296 shares of the real estate investment trust's stock after buying an additional 22,112 shares during the period. Rhumbline Advisers owned about 0.21% of Extra Space Storage worth $66,122,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Golden State Wealth Management LLC purchased a new position in shares of Extra Space Storage during the 4th quarter worth approximately $25,000. Harbour Investments Inc. increased its stake in Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock valued at $25,000 after purchasing an additional 80 shares in the last quarter. Quent Capital LLC increased its stake in Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust's stock valued at $49,000 after purchasing an additional 154 shares in the last quarter. Asset Planning Inc purchased a new position in Extra Space Storage in the 4th quarter valued at approximately $52,000. Finally, Quarry LP increased its stake in Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock valued at $53,000 after purchasing an additional 217 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Trading Down 0.1%

Extra Space Storage stock traded down $0.12 during midday trading on Wednesday, reaching $149.81. The stock had a trading volume of 1,105,891 shares, compared to its average volume of 1,062,562. Extra Space Storage Inc. has a twelve month low of $121.03 and a twelve month high of $184.87. The stock has a market capitalization of $31.79 billion, a PE ratio of 39.22, a price-to-earnings-growth ratio of 7.76 and a beta of 1.14. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The stock's 50-day simple moving average is $143.84 and its 200 day simple moving average is $150.73.

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. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $820.00 million for the quarter, compared to analysts' expectations of $705.12 million. During the same quarter last year, the firm earned $1.96 earnings per share. The firm's revenue for the quarter was up 2.6% compared to the same quarter last year. Analysts expect that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The company 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 $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date of this dividend is Monday, June 16th. Extra Space Storage's payout ratio is currently 150.35%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, Director Joseph J. Bonner sold 672 shares of the firm's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $149.10, for a total value of $100,195.20. Following the transaction, the director now directly owns 4,557 shares of the company's stock, valued at $679,448.70. This trade represents a 12.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm'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 transaction, the chief executive officer now directly owns 9,190 shares in the company, valued at $1,355,065.50. This trade represents a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.96% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Evercore ISI raised their price objective 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. Royal Bank of Canada dropped their price objective 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. Wall Street Zen raised Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Benchmark dropped their price objective 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. Finally, Wells Fargo & Company dropped their price objective on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a research note on Friday, February 21st. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $159.38.

Extra Space Storage 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.