Extra Space Storage Inc. (NYSE:EXR) Shares Bought by Gradient Investments LLC

Gradient Investments LLC boosted its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 11.9% in the 1st quarter, Holdings Channel.com reports. The fund owned 223,168 shares of the real estate investment trust’s stock after buying an additional 23,775 shares during the quarter. Gradient Investments LLC’s holdings in Extra Space Storage were worth $33,138,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new stake in Extra Space Storage during the fourth quarter worth $25,000. Harbour Investments Inc. increased its stake in Extra Space Storage by 90.9% during the fourth 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 increased its stake in Extra Space Storage by 89.0% during the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 154 shares during the last quarter. Asset Planning Inc acquired a new stake in shares of Extra Space Storage in the fourth quarter valued at $52,000. Finally, Quarry LP grew its stake in shares of Extra Space Storage by 156.1% in 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 in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Stock Up 0.1%

Shares of NYSE EXR opened at $150.89 on Monday. The company has a market capitalization of $32.02 billion, a price-to-earnings ratio of 39.50, a price-to-earnings-growth ratio of 7.76 and a beta of 1.14. 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 business has a 50-day moving average of $143.60 and a two-hundred day moving average of $150.82. 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 announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.96 by $0.04. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. During the same period in the previous year, the business earned $1.96 EPS. Extra Space Storage’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal 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 issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend is Monday, June 16th. Extra Space Storage’s payout ratio is currently 150.35%.

Insider Activity

In other Extra Space Storage news, Director Joseph J. Bonner sold 672 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total transaction of $100,195.20. Following the transaction, the director now owns 4,557 shares in the company, valued at approximately $679,448.70. The trade was a 12.85% decrease in their position. 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 the business’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 value of $1,105,875.00. Following the transaction, the chief executive officer now owns 9,190 shares in the company, 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. Company insiders own 0.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on EXR shares. Mizuho lifted their price objective on Extra Space Storage from $141.00 to $153.00 and gave the company an “outperform” rating in a research note on Wednesday, May 28th. Evercore ISI lifted their price objective on 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 price objective on Extra Space Storage from $155.00 to $161.00 and gave the company a “neutral” rating in a research note on Tuesday, May 13th. Scotiabank lifted their price objective on Extra Space Storage from $149.00 to $166.00 and gave the company a “sector outperform” rating in a research note on Monday, May 12th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Extra Space Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.38.

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.