Sophron Capital Management L.P. purchased a new stake in Extra Space Storage Inc. (NYSE:EXR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,721 shares of the real estate investment trust's stock, valued at approximately $1,155,000.
A number of other hedge funds have also recently bought and sold shares of the stock. Manning & Napier Advisors LLC increased its holdings in Extra Space Storage by 1,127.2% during the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust's stock worth $116,985,000 after buying an additional 718,266 shares during the last quarter. Vert Asset Management LLC raised its holdings in shares of Extra Space Storage by 8.0% in the 4th quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust's stock valued at $13,984,000 after purchasing an additional 6,910 shares during the period. Pacer Advisors Inc. lifted its stake in Extra Space Storage by 134.3% in the 4th quarter. Pacer Advisors Inc. now owns 167,735 shares of the real estate investment trust's stock valued at $25,093,000 after purchasing an additional 96,136 shares during the last quarter. Brentview Investment Management LLC bought a new position in Extra Space Storage during the fourth quarter worth about $2,852,000. Finally, D.B. Root & Company LLC bought a new position in Extra Space Storage during the fourth quarter worth about $313,000. 99.11% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other news, 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 transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on 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 owns 9,190 shares of the company's stock, valued at $1,355,065.50. The trade was a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,392 shares of company stock worth $1,392,315 in the last three months. 0.96% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on EXR shares. Barclays cut their price objective on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research report on Friday. Benchmark dropped their price target on 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. Wells Fargo & Company reduced their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Royal Bank of Canada dropped their price objective on shares of Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 1st. Finally, 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. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $158.46.
Read Our Latest Stock Report on EXR
Extra Space Storage Stock Performance
NYSE:EXR opened at $151.80 on Monday. The company has a market cap of $32.21 billion, a price-to-earnings ratio of 39.74, a PEG ratio of 7.76 and a beta of 1.14. Extra Space Storage Inc. has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. 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 has a fifty day moving average price of $143.10 and a 200-day moving average price of $151.92.
Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $820.00 million during 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 revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.96 earnings per share. As a group, equities analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.
Extra Space Storage Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.27%. The ex-dividend date was Friday, March 14th. Extra Space Storage's dividend payout ratio (DPR) is presently 150.35%.
Extra Space Storage Profile
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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.
See Also
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