SG Americas Securities LLC raised its position in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 148.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 450,754 shares of the real estate investment trust's stock after purchasing an additional 269,241 shares during the quarter. SG Americas Securities LLC owned 0.21% of Extra Space Storage worth $66,932,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in EXR. Norges Bank purchased a new position in shares of Extra Space Storage in the fourth quarter worth approximately $938,647,000. Northern Trust Corp boosted its holdings 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 buying an additional 941,212 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Extra Space Storage in the fourth quarter worth approximately $107,453,000. Cbre Investment Management Listed Real Assets LLC boosted its holdings in shares of Extra Space Storage by 91.2% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,089,753 shares of the real estate investment trust's stock worth $163,027,000 after buying an additional 519,934 shares during the last quarter. Finally, Cohen & Steers Inc. boosted its holdings in shares of Extra Space Storage by 5.9% in the fourth quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock worth $1,383,094,000 after buying an additional 516,941 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.
Extra Space Storage Price Performance
EXR traded down $1.42 during trading hours on Wednesday, hitting $150.20. The company's stock had a trading volume of 789,164 shares, compared to its average volume of 1,062,032. The business's 50-day moving average price is $144.19 and its 200-day moving average price is $150.18. Extra Space Storage Inc. has a 12 month low of $121.03 and a 12 month high of $184.87. The stock has a market cap of $31.87 billion, a price-to-earnings ratio of 39.32, a P/E/G ratio of 7.76 and a beta of 1.11. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.
Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly 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 company had revenue of $820.00 million for the quarter, compared to analysts' expectations of $705.12 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Extra Space Storage's quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.96 earnings per share. Sell-side analysts expect that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.
Extra Space Storage Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.31%. The ex-dividend date of this dividend is Monday, June 16th. Extra Space Storage's payout ratio is 150.35%.
Wall Street Analyst Weigh In
A number of research firms have commented on EXR. Barclays decreased their target price on shares of Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Royal Bank of Canada decreased their target price on shares of 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. The Goldman Sachs Group restated a "buy" rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Bank of America raised their target price on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Finally, Benchmark decreased their target price on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Six equities 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 company has a consensus rating of "Moderate Buy" and a consensus target price of $159.33.
View Our Latest Analysis on Extra Space Storage
Insiders Place Their Bets
In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 9,190 shares in the company, valued at $1,355,065.50. The trade was a 44.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Joseph J. Bonner sold 672 shares of Extra Space Storage stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the completion of the sale, the director now owns 4,557 shares of the company's stock, valued at $679,448.70. The trade was a 12.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is owned by insiders.
About Extra Space Storage
(
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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