Sequoia Financial Advisors LLC Acquires Shares of 3,094 Extra Space Storage Inc. (NYSE:EXR)

Sequoia Financial Advisors LLC acquired a new stake in Extra Space Storage Inc. (NYSE:EXR) during the fourth quarter, HoldingsChannel reports. The fund acquired 3,094 shares of the real estate investment trust’s stock, valued at approximately $496,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its holdings in Extra Space Storage by 1,272.7% in the 1st quarter. First Horizon Advisors Inc. now owns 151 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 140 shares in the last quarter. Money Concepts Capital Corp acquired a new position in Extra Space Storage in the 4th quarter valued at $27,000. Zions Bancorporation N.A. grew its holdings in Extra Space Storage by 241.9% in the 3rd quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 150 shares in the last quarter. Anchor Investment Management LLC acquired a new position in Extra Space Storage in the 4th quarter valued at $35,000. Finally, IFP Advisors Inc grew its holdings in shares of Extra Space Storage by 110.4% during the 2nd quarter. IFP Advisors Inc now owns 223 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 117 shares in the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on EXR shares. Truist Financial increased their target price on Extra Space Storage from $138.00 to $152.00 and gave the stock a “hold” rating in a report on Thursday, December 28th. Raymond James reissued an “outperform” rating and set a $160.00 target price on shares of Extra Space Storage in a report on Thursday, March 28th. Wells Fargo & Company increased 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. Scotiabank started coverage on Extra Space Storage in a report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 target price on the stock. Finally, Morgan Stanley raised Extra Space Storage from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $115.00 to $150.00 in a report on Thursday, December 21st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $150.17.

Extra Space Storage Price Performance

Extra Space Storage stock opened at $135.87 on Wednesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $28.75 billion, a PE ratio of 27.50, a P/E/G ratio of 3.46 and a beta of 0.74. Extra Space Storage Inc. has a 12 month low of $101.19 and a 12 month high of $164.99. The stock has a 50-day moving average price of $143.10 and a two-hundred day moving average price of $137.46.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.01). The firm had revenue of $797.77 million during the quarter, compared to the consensus estimate of $778.05 million. Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. Extra Space Storage’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.09 earnings per share. Analysts expect that Extra Space Storage Inc. will post 8.05 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $1.62 dividend. The ex-dividend date was Thursday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.77%. Extra Space Storage’s dividend payout ratio is presently 131.17%.

Insider Buying and Selling at Extra Space Storage

In other news, CMO Samrat Sondhi sold 2,048 shares of the firm’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 directly owns 94,126 shares in the company, valued at $13,785,693.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, 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 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,532 shares of company stock worth $514,819. 1.36% of the stock is currently owned by insiders.

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.