NewEdge Wealth LLC Has $586,000 Stake in Extra Space Storage Inc. (NYSE:EXR)

NewEdge Wealth LLC lifted its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 30.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 3,655 shares of the real estate investment trust’s stock after purchasing an additional 850 shares during the quarter. NewEdge Wealth LLC’s holdings in Extra Space Storage were worth $586,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Extra Space Storage by 55.7% during the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after purchasing an additional 12,055,172 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Extra Space Storage by 599.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock worth $406,781,000 after buying an additional 2,867,657 shares during the last quarter. Norges Bank bought a new stake in shares of Extra Space Storage during the 4th quarter worth about $380,823,000. Diamond Hill Capital Management Inc. acquired a new position in Extra Space Storage in the 3rd quarter valued at about $173,621,000. Finally, First Eagle Investment Management LLC grew its stake in Extra Space Storage by 233,362.8% in the 3rd quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock valued at $160,940,000 after buying an additional 1,323,167 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Extra Space Storage Trading Down 1.4 %

Shares of Extra Space Storage stock opened at $135.87 on Wednesday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $164.99. The company has a market capitalization of $28.75 billion, a price-to-earnings ratio of 27.50, a PEG ratio of 3.46 and a beta of 0.74. The firm’s 50-day moving average price is $143.10 and its two-hundred day moving average price is $137.46.

Extra Space Storage (NYSE:EXR) last issued its quarterly 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). The firm had revenue of $797.77 million for the quarter, compared to the consensus estimate of $778.05 million. Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The business’s revenue was up 57.4% on a year-over-year basis. During the same period last year, the company posted $2.09 EPS. On average, analysts forecast that Extra Space Storage Inc. will post 8.05 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $1.62 per share. The ex-dividend date was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.77%. Extra Space Storage’s dividend payout ratio (DPR) is currently 131.17%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Truist Financial raised their price objective on shares of Extra Space Storage from $138.00 to $152.00 and gave the stock a “hold” rating in a research report on Thursday, December 28th. Morgan Stanley upgraded Extra Space Storage from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $115.00 to $150.00 in a research note on Thursday, December 21st. Scotiabank started coverage on Extra Space Storage in a report on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 price objective on the stock. Wells Fargo & Company lifted their target price on Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Friday, April 5th. Finally, StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $150.17.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the transaction, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s 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 directly owns 37,028 shares in the company, valued at $5,369,060. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the sale, the chief marketing officer now directly owns 94,126 shares in the company, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock valued at $514,819 over the last ninety days. 1.36% of the stock is owned by corporate insiders.

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.