Twinbeech Capital LP Raises Stake in Extra Space Storage Inc. (NYSE:EXR)

Twinbeech Capital LP increased its position in Extra Space Storage Inc. (NYSE:EXR - Free Report) by 70.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,925 shares of the real estate investment trust's stock after acquiring an additional 33,130 shares during the quarter. Twinbeech Capital LP's holdings in Extra Space Storage were worth $11,957,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Park Avenue Securities LLC boosted its stake in Extra Space Storage by 20.2% in the 4th quarter. Park Avenue Securities LLC now owns 4,273 shares of the real estate investment trust's stock worth $639,000 after purchasing an additional 719 shares during the period. Carnegie Investment Counsel bought a new position in Extra Space Storage in the 4th quarter worth approximately $266,000. Wedge Capital Management L L P NC boosted its stake in Extra Space Storage by 1.3% in the 4th quarter. Wedge Capital Management L L P NC now owns 5,138 shares of the real estate investment trust's stock worth $769,000 after purchasing an additional 68 shares during the period. Merit Financial Group LLC boosted its stake in Extra Space Storage by 163.0% in the 4th quarter. Merit Financial Group LLC now owns 3,124 shares of the real estate investment trust's stock worth $467,000 after purchasing an additional 1,936 shares during the period. Finally, Arkadios Wealth Advisors boosted its stake in Extra Space Storage by 9.5% in the 4th quarter. Arkadios Wealth Advisors now owns 6,182 shares of the real estate investment trust's stock worth $925,000 after purchasing an additional 534 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Trading Up 0.8%

EXR stock traded up $1.13 during midday trading on Friday, reaching $145.91. The company's stock had a trading volume of 829,242 shares, compared to its average volume of 1,057,908. 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 simple moving average of $143.25 and a two-hundred day simple moving average of $151.46. Extra Space Storage Inc. has a 1 year low of $121.03 and a 1 year high of $184.87. The firm has a market capitalization of $30.96 billion, a price-to-earnings ratio of 38.20, a PEG ratio of 7.76 and a beta of 1.14.

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

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date of this dividend is Monday, June 16th. Extra Space Storage's dividend payout ratio is presently 150.35%.

Insiders Place Their Bets

In other Extra Space Storage news, Director Joseph J. Bonner sold 672 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the transaction, the director now 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 sale was disclosed in a filing with the SEC, which is available 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 transaction, the executive vice president now directly owns 20,158 shares of the company's stock, valued at approximately $3,077,320.28. This trade represents a 5.71% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,392 shares of company stock worth $1,392,315. Company insiders own 0.96% of the company's stock.

Wall Street Analysts Forecast Growth

EXR has been the subject of several recent analyst reports. Barclays dropped their price target on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Benchmark lowered their target price on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Mizuho assumed coverage on Extra Space Storage in a research report on Wednesday, April 9th. They set an "outperform" rating and a $141.00 target price for the company. Royal Bank of Canada lowered their target price on 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. Finally, Wall Street Zen upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average 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.