Van ECK Associates Corp Raises Stake in Extra Space Storage Inc. (NYSE:EXR)

Van ECK Associates Corp increased its holdings in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 14.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,379 shares of the real estate investment trust's stock after acquiring an additional 10,822 shares during the period. Van ECK Associates Corp's holdings in Extra Space Storage were worth $13,849,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Zions Bancorporation N.A. lifted its stake in shares of Extra Space Storage by 241.9% in the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust's stock worth $26,000 after buying an additional 150 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Extra Space Storage by 162.5% in the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust's stock worth $28,000 after buying an additional 143 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in Extra Space Storage during the third quarter valued at approximately $32,000. Anchor Investment Management LLC bought a new position in Extra Space Storage during the fourth quarter valued at approximately $35,000. Finally, Bruce G. Allen Investments LLC bought a new position in Extra Space Storage during the fourth quarter valued at approximately $41,000. Institutional investors own 99.11% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on EXR shares. Raymond James restated an "outperform" rating and set a $160.00 price objective on shares of Extra Space Storage in a research report on Thursday, March 28th. Barclays started coverage on shares of Extra Space Storage in a research report on Wednesday, March 27th. They set an "overweight" rating and a $157.00 price objective on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Extra Space Storage in a report on Tuesday, January 30th. They set a "hold" rating and a $141.00 target price for the company. Scotiabank started coverage on shares of Extra Space Storage in a report on Tuesday, February 13th. They set a "sector underperform" rating and a $131.00 target price for the company. Finally, The Goldman Sachs Group upped their target price on shares of Extra Space Storage from $168.00 to $187.00 and gave the company a "buy" rating in a report on Thursday, January 11th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Extra Space Storage has an average rating of "Hold" and an average target price of $149.67.

Insider Buying and Selling

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the transaction, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CMO Samrat Sondhi sold 2,048 shares of the firm's stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the sale, the chief marketing officer now owns 94,126 shares in the company, valued at approximately $13,785,693.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm's stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the sale, the executive vice president now owns 37,028 shares of the company's stock, valued at approximately $5,369,060. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,532 shares of company stock worth $514,819. 1.36% of the stock is owned by insiders.

Extra Space Storage Price Performance

Shares of NYSE EXR traded up $1.09 during midday trading on Thursday, reaching $139.79. The stock had a trading volume of 1,586,888 shares, compared to its average volume of 1,189,539. The stock has a 50-day moving average of $141.55 and a 200-day moving average of $138.54. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $29.58 billion, a price-to-earnings ratio of 31.20, a price-to-earnings-growth ratio of 3.30 and a beta of 0.76. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $164.99.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $2.03 by ($1.01). Extra Space Storage had a return on equity of 7.28% and a net margin of 29.10%. The company had revenue of $797.77 million for the quarter, compared to the consensus estimate of $778.05 million. During the same quarter in the prior year, the company posted $2.09 EPS. Extra Space Storage's revenue was up 57.4% compared to the same quarter last year. As a group, research analysts anticipate that Extra Space Storage Inc. will post 8.05 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.64%. Extra Space Storage's dividend payout ratio is 144.32%.

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.