Sophron Capital Management L.P. Acquires Shares of 7,721 Extra Space Storage Inc. (NYSE:EXR)

Sophron Capital Management L.P. purchased a new position in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 7,721 shares of the real estate investment trust's stock, valued at approximately $1,155,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new stake in shares of Extra Space Storage during the 4th quarter valued at about $25,000. Harbour Investments Inc. lifted its stake in shares of 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 worth $25,000 after acquiring an additional 80 shares during the period. Quent Capital LLC lifted its stake in shares of 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 worth $49,000 after acquiring an additional 154 shares during the period. Asset Planning Inc acquired a new stake in shares of Extra Space Storage in the 4th quarter worth approximately $52,000. Finally, Quarry LP lifted its stake in Extra Space Storage by 156.1% during the fourth 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 during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Analysts Set New Price Targets

EXR has been the subject of several recent research reports. Royal Bank of Canada cut their target price on shares of 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. The Goldman Sachs Group restated a "buy" rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Benchmark reduced their price objective on shares of 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. Barclays decreased their price objective on shares of Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Finally, Mizuho began coverage on shares of Extra Space Storage in a report on Wednesday, April 9th. They issued an "outperform" rating and a $141.00 price target for the company. 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $158.46.

Extra Space Storage Price Performance

Shares of EXR stock traded up $1.13 during mid-day trading on Friday, reaching $145.91. The company's stock had a trading volume of 829,242 shares, compared to its average volume of 1,055,515. Extra Space Storage Inc. has a 1-year low of $121.03 and a 1-year high of $184.87. The company has a market cap of $30.96 billion, a P/E ratio of 38.20, a PEG 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 firm's 50-day moving average is $143.25 and its two-hundred day moving average is $151.53.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.96 by $0.04. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $820.00 million during the quarter, compared to analysts' expectations of $705.12 million. During the same quarter in the prior year, the company posted $1.96 EPS. The business's revenue was up 2.6% on a year-over-year basis. On average, research analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a $1.62 dividend. 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 dividend payout ratio is 150.35%.

Insider Activity

In other news, 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 in the company, valued at approximately $1,355,065.50. This represents a 44.94% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP William N. Springer sold 1,220 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the sale, the executive vice president now owns 20,158 shares of the company's stock, valued at $3,077,320.28. This trade represents a 5.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,392 shares of company stock worth $1,392,315. 0.96% of the stock is currently owned by corporate insiders.

About Extra Space Storage

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.