Twinbeech Capital LP Increases Position in Extra Space Storage Inc. (NYSE:EXR)

Twinbeech Capital LP grew its holdings in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 70.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 79,925 shares of the real estate investment trust's stock after buying an additional 33,130 shares during the period. Twinbeech Capital LP's holdings in Extra Space Storage were worth $11,957,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Golden State Wealth Management LLC purchased a new position in Extra Space Storage in the fourth quarter valued at about $25,000. Harbour Investments Inc. grew its position in shares of Extra Space Storage by 90.9% in the fourth 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 during the last quarter. Quent Capital LLC grew its position in shares of Extra Space Storage by 89.0% in the fourth 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 during the last quarter. Asset Planning Inc acquired a new stake in shares of Extra Space Storage in the fourth quarter valued at approximately $52,000. Finally, Quarry LP boosted its position 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 worth $53,000 after acquiring an additional 217 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Extra Space Storage

In related news, Director Joseph J. Bonner sold 672 shares of the company's 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 transaction, the director now directly owns 4,557 shares in the company, valued at approximately $679,448.70. This represents a 12.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP William N. Springer sold 1,220 shares of the company's 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 directly owns 20,158 shares of the company's stock, valued at $3,077,320.28. This represents a 5.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,392 shares of company stock worth $1,392,315 over the last ninety days. Insiders own 0.96% of the company's stock.

Extra Space Storage Stock Up 0.6%

Shares of NYSE:EXR opened at $152.60 on Tuesday. Extra Space Storage Inc. has a one year low of $121.03 and a one year high of $184.87. The company has a 50 day moving average of $143.17 and a 200-day moving average of $151.86. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The stock has a market cap of $32.38 billion, a price-to-earnings ratio of 39.95, a P/E/G ratio of 7.76 and a beta of 1.14.

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, beating analysts' consensus estimates of $1.96 by $0.04. The firm had revenue of $820.00 million for the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business's revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.96 earnings per share. On average, sell-side analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $1.62 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.25%. Extra Space Storage's dividend payout ratio is currently 150.35%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on EXR. Mizuho started coverage on shares of Extra Space Storage in a research report on Wednesday, April 9th. They set an "outperform" rating and a $141.00 target price on the stock. Scotiabank raised their target price on shares of 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. Barclays cut 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. Bank of America lifted their price target 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, Royal Bank of Canada dropped 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 report on Thursday, May 1st. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Extra Space Storage has a consensus rating of "Moderate Buy" and a consensus price target of $158.46.

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.

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