Crestline Management LP Makes New $1.11 Million Investment in Extra Space Storage Inc. (NYSE:EXR)

Crestline Management LP purchased a new stake in shares of Extra Space Storage Inc. (NYSE:EXR) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 7,400 shares of the real estate investment trust’s stock, valued at approximately $1,107,000.

Other large investors have also recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new position in Extra Space Storage in the fourth quarter worth about $25,000. Harbour Investments Inc. raised its holdings in 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 acquiring an additional 80 shares during the last quarter. Quent Capital LLC lifted its position in Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 154 shares in the last quarter. Asset Planning Inc purchased a new stake in Extra Space Storage during the 4th quarter valued at $52,000. Finally, Quarry LP increased its holdings in shares of Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust’s stock worth $53,000 after purchasing an additional 217 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Activity at Extra Space Storage

In other news, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, April 1st. The shares were 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 owns 9,190 shares of the company’s stock, valued at $1,355,065.50. The trade was a 44.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,392 shares of company stock valued at $1,392,315. Insiders own 1.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Royal Bank of Canada reduced their price objective on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating for the company in a report on Thursday, May 1st. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Mizuho began coverage on shares of Extra Space Storage in a report on Wednesday, April 9th. They issued an “outperform” rating and a $141.00 target price on the stock. Scotiabank upgraded shares of Extra Space Storage from a “sector perform” rating to a “sector outperform” rating and decreased their target price for the company from $165.00 to $149.00 in a research note on Wednesday, April 9th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $165.42.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $147.41 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The firm has a fifty day moving average price of $143.90 and a 200-day moving average price of $152.86. The stock has a market cap of $31.28 billion, a PE ratio of 38.59, a price-to-earnings-growth ratio of 7.76 and a beta of 1.14. Extra Space Storage Inc. has a 1 year low of $121.03 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.04. The firm had revenue of $820.00 million during the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Extra Space Storage’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.96 earnings per share. Equities analysts anticipate that Extra Space Storage Inc. will post 8.1 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 Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s payout ratio is 150.35%.

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.