Graham Capital Management L.P. Acquires New Position in Extra Space Storage Inc. (NYSE:EXR)

Graham Capital Management L.P. bought a new position in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,379 shares of the real estate investment trust's stock, valued at approximately $1,852,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Golden State Wealth Management LLC bought a new position in Extra Space Storage in the fourth quarter worth about $25,000. Harbour Investments Inc. lifted its holdings 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 purchasing an additional 80 shares during the last quarter. Quent Capital LLC boosted its position in Extra Space Storage by 89.0% during the 4th 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 period. Asset Planning Inc acquired a new position in Extra Space Storage during the 4th quarter valued at approximately $52,000. Finally, Quarry LP grew its stake in Extra Space Storage by 156.1% during the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after buying an additional 217 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the sale, the chief executive officer now directly owns 9,190 shares of the company's stock, valued at $1,355,065.50. The trade was a 44.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the sale, the executive vice president now owns 20,158 shares of the company's stock, valued at $3,077,320.28. The trade was 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 owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on EXR shares. Royal Bank of Canada reduced their price target on shares of Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating for the company in a report on Thursday, May 1st. Bank of America lifted their price objective on shares of Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research report on Tuesday. Barclays dropped their price target on shares of Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 12th. Mizuho began coverage on Extra Space Storage in a research report on Wednesday, April 9th. They set an "outperform" rating and a $141.00 price target for the company. Finally, Scotiabank upped their price target on shares of Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a research note on Monday. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $158.69.

Extra Space Storage Price Performance

Shares of NYSE EXR traded up $2.67 during mid-day trading on Thursday, reaching $148.48. The company had a trading volume of 687,112 shares, compared to its average volume of 1,054,514. The company has a 50-day moving average price of $143.25 and a two-hundred day moving average price of $152.31. The stock has a market cap of $31.51 billion, a PE ratio of 38.87, a P/E/G ratio of 7.76 and a beta of 1.14. 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 Inc. has a 1-year low of $121.03 and a 1-year high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly 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. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $820.00 million for the quarter, compared to analysts' expectations of $705.12 million. During the same quarter last year, the business posted $1.96 EPS. Extra Space Storage's revenue was up 2.6% on a year-over-year basis. On average, equities analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.36%. Extra Space Storage's dividend payout ratio is currently 150.35%.

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.