Van ECK Associates Corp Grows Stake in Extra Space Storage Inc. (NYSE:EXR)

Van ECK Associates Corp boosted its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 14.3% during the fourth quarter, Holdings Channel reports. The firm owned 86,379 shares of the real estate investment trust’s stock after buying an additional 10,822 shares during the quarter. Van ECK Associates Corp’s holdings in Extra Space Storage were worth $13,849,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of EXR. Zions Bancorporation N.A. raised its stake in shares of Extra Space Storage by 241.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 150 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Extra Space Storage by 162.5% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 143 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Extra Space Storage during the third quarter worth about $32,000. Anchor Investment Management LLC purchased a new stake in shares of Extra Space Storage in the fourth quarter valued at about $35,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of Extra Space Storage in the fourth quarter valued at approximately $41,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Stock Up 3.3 %

EXR opened at $138.70 on Thursday. Extra Space Storage Inc. has a 12 month low of $101.19 and a 12 month high of $164.99. The business has a 50-day moving average of $141.55 and a two-hundred day moving average of $138.54. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a market capitalization of $29.35 billion, a price-to-earnings ratio of 30.89, a price-to-earnings-growth ratio of 3.30 and a beta of 0.76.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a return on equity of 7.28% and a net margin of 29.10%. The company had revenue of $797.77 million during the quarter, compared to analyst estimates of $778.05 million. During the same period in the prior year, the business posted $2.09 earnings per share. Extra Space Storage’s revenue was up 57.4% on a year-over-year basis. On average, research analysts expect that Extra Space Storage Inc. will post 8.05 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed 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 4.67%. Extra Space Storage’s payout ratio is 144.32%.

Wall Street Analysts Forecast Growth

EXR has been the subject of several research reports. Wells Fargo & Company lifted their price objective on Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. 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 target for the company. The Goldman Sachs Group increased their price objective on Extra Space Storage from $168.00 to $187.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Raymond James reissued an “outperform” rating and issued a $160.00 target price on shares of Extra Space Storage in a research note on Thursday, March 28th. Finally, Barclays assumed coverage on shares of Extra Space Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $157.00 price target on the stock. Two research 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. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $149.67.

Insider Transactions at Extra Space Storage

In related news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction on 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 in the company, valued at $13,785,693.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage 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 directly owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the sale, the executive vice president now owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The disclosure for this sale can be found here. Insiders sold a total of 3,532 shares of company stock worth $514,819 in the last ninety days. Insiders own 1.36% 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.