Resolution Capital Ltd Takes $37.58 Million Position in Extra Space Storage Inc. (NYSE:EXR)

Resolution Capital Ltd acquired a new stake in Extra Space Storage Inc. (NYSE:EXR - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 251,200 shares of the real estate investment trust's stock, valued at approximately $37,580,000. Extra Space Storage makes up approximately 0.7% of Resolution Capital Ltd's investment portfolio, making the stock its 24th largest holding. Resolution Capital Ltd owned approximately 0.12% of Extra Space Storage as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of EXR. Norges Bank acquired a new position in Extra Space Storage during the 4th quarter worth approximately $938,647,000. Northern Trust Corp lifted its position in Extra Space Storage by 48.7% during the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock worth $430,107,000 after acquiring an additional 941,212 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in Extra Space Storage during the 4th quarter worth approximately $107,453,000. Manning & Napier Advisors LLC lifted its position in Extra Space Storage by 1,127.2% during the 4th quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust's stock worth $116,985,000 after acquiring an additional 718,266 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC lifted its position in Extra Space Storage by 91.2% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,089,753 shares of the real estate investment trust's stock worth $163,027,000 after acquiring an additional 519,934 shares in the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on EXR shares. StockNews.com raised Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Wells Fargo & Company cut their target price on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. Mizuho started coverage on Extra Space Storage in a research report on Wednesday, April 9th. They issued an "outperform" rating and a $141.00 target price on the stock. Evercore ISI upped their target price on Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a research report on Thursday, May 1st. Finally, Scotiabank upped their target price on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $158.46.

Extra Space Storage Stock Performance

Shares of EXR stock traded up $3.22 on Friday, hitting $151.80. 646,593 shares of the stock traded hands, compared to its average volume of 1,056,630. 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 company has a market capitalization of $32.21 billion, a PE ratio of 39.74, a PEG ratio of 7.76 and a beta of 1.14. Extra Space Storage Inc. has a 1-year low of $121.03 and a 1-year high of $184.87. The company's fifty day moving average is $143.10 and its 200 day moving average is $152.00.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period in the prior year, the company posted $1.96 EPS. On average, equities research analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.27%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage's dividend payout ratio is presently 150.35%.

Insiders Place Their Bets

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value 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 trade represents a 5.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total value of $1,105,875.00. Following the completion of the sale, the chief executive officer now directly owns 9,190 shares in the company, valued at $1,355,065.50. This represents a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,392 shares of company stock valued at $1,392,315 over the last three months. Company insiders own 0.96% of the company's stock.

Extra Space Storage Company 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.