CX Institutional Buys New Position in Extra Space Storage Inc. (NYSE:EXR)

CX Institutional purchased a new position in Extra Space Storage Inc. (NYSE:EXR) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 857 shares of the real estate investment trust’s stock, valued at approximately $127,000.

Several other large investors have also added to or reduced their stakes in the stock. Harbour Investments Inc. lifted its position in shares of Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 80 shares during the period. Quarry LP increased its position in shares of Extra Space Storage by 156.1% during the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 217 shares during the period. Kestra Investment Management LLC bought a new position in Extra Space Storage in the fourth quarter worth about $54,000. Parvin Asset Management LLC purchased a new stake in Extra Space Storage in the fourth quarter worth about $62,000. Finally, Lindbrook Capital LLC boosted its position in Extra Space Storage by 14.9% during the 4th quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust’s stock valued at $78,000 after acquiring an additional 68 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Down 0.5%

Shares of Extra Space Storage stock opened at $148.88 on Tuesday. The company has a market cap of $31.59 billion, a price-to-earnings ratio of 38.97, a price-to-earnings-growth ratio of 7.76 and a beta of 1.11. Extra Space Storage Inc. has a twelve month low of $121.03 and a twelve month high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The company’s 50 day moving average is $145.71 and its 200 day moving average is $149.41.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.04. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $820.00 million during the quarter, compared to analyst estimates of $705.12 million. During the same period in the prior year, the firm posted $1.96 EPS. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Research analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $1.62 per share. The ex-dividend date is Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.35%. Extra Space Storage’s dividend payout ratio is currently 150.35%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following 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 sale was disclosed in a document filed with the SEC, which is available at this link. 0.96% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

EXR has been the subject of several research reports. Wells Fargo & Company decreased their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Evercore ISI raised their target price on shares of Extra Space Storage from $144.00 to $149.00 and gave the company an “in-line” rating in a research note on Thursday, May 1st. Bank of America lifted their target price on shares of Extra Space Storage from $155.00 to $161.00 and gave the company a “neutral” rating in a report on Tuesday, May 13th. Mizuho upped their price target on Extra Space Storage from $141.00 to $153.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 28th. Finally, Royal Bank of Canada dropped their target price on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating on the stock in a report on Thursday, May 1st. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Extra Space Storage currently has an average rating of “Moderate Buy” and a consensus price target of $159.54.

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.