Graypoint LLC Takes Position in Extra Space Storage Inc. (NYSE:EXR)

Graypoint LLC bought a new position in Extra Space Storage Inc. (NYSE:EXR) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 1,510 shares of the real estate investment trust’s stock, valued at approximately $235,000.

Several other large investors have also recently modified their holdings of the stock. Catalytic Wealth RIA LLC purchased a new position in Extra Space Storage during the second quarter worth $332,000. J. W. Coons Advisors LLC boosted its stake in shares of Extra Space Storage by 31.4% during the 2nd quarter. J. W. Coons Advisors LLC now owns 8,928 shares of the real estate investment trust’s stock worth $1,388,000 after purchasing an additional 2,132 shares during the period. Rothschild Investment LLC purchased a new position in shares of Extra Space Storage during the 2nd quarter worth about $85,000. Intact Investment Management Inc. grew its holdings in Extra Space Storage by 9.1% during the 2nd quarter. Intact Investment Management Inc. now owns 15,600 shares of the real estate investment trust’s stock valued at $2,424,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Hantz Financial Services Inc. purchased a new stake in Extra Space Storage in the 2nd quarter worth about $4,636,000. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

Shares of EXR stock opened at $177.00 on Tuesday. The firm has a market cap of $37.48 billion, a price-to-earnings ratio of 39.42, a PEG ratio of 2.58 and a beta of 0.83. Extra Space Storage Inc. has a 52-week low of $101.19 and a 52-week high of $179.23. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.76. The company’s 50 day moving average is $163.58 and its 200 day moving average is $151.10.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend is Monday, September 16th. Extra Space Storage’s payout ratio is 144.32%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on EXR. Bank of America lowered Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $172.00 to $155.00 in a research report on Monday, August 5th. Evercore ISI upped their price objective on Extra Space Storage from $166.00 to $167.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Citigroup reduced their target price on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, June 7th. Wells Fargo & Company boosted their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $166.58.

Insider Buying and Selling

In other Extra Space Storage news, Director Joseph J. Bonner sold 677 shares of Extra Space Storage stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $148.22, for a total value of $100,344.94. Following the transaction, the director now owns 5,229 shares in the company, valued at $775,042.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the sale, the director now directly owns 5,229 shares in the company, valued at approximately $775,042.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the transaction, the chief executive officer now owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock worth $2,095,054 in the last three months. 1.36% of the stock is owned by insiders.

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.