Hartline Investment Corp Trims Position in Extra Space Storage Inc (NYSE:EXR)

Hartline Investment Corp reduced its position in shares of Extra Space Storage Inc (NYSE:EXR) by 23.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,276 shares of the real estate investment trust’s stock after selling 1,648 shares during the quarter. Hartline Investment Corp’s holdings in Extra Space Storage were worth $783,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Harbour Investments Inc. raised its position in Extra Space Storage by 90.9% in 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 period. Quarry LP boosted its holdings in 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 buying an additional 217 shares during the period. Golden State Wealth Management LLC increased its stake in Extra Space Storage by 147.0% in the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust’s stock worth $60,000 after buying an additional 241 shares in the last quarter. Parvin Asset Management LLC bought a new stake in Extra Space Storage during the fourth quarter valued at about $62,000. Finally, Lindbrook Capital LLC lifted its position in shares of Extra Space Storage by 14.9% in the fourth 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. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on EXR. Bank of America boosted their price target on Extra Space Storage from $155.00 to $161.00 and gave the stock a “neutral” rating in a report on Tuesday, May 13th. Evercore ISI increased their target price on Extra Space Storage from $144.00 to $149.00 and gave the company an “in-line” rating in a research report on Thursday, May 1st. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Wall Street Zen raised Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Wednesday, April 30th. Finally, BNP Paribas Exane started coverage on shares of Extra Space Storage in a research report on Tuesday, June 24th. They issued a “neutral” rating and a $156.00 price objective on the stock. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $159.29.

Extra Space Storage Price Performance

Shares of EXR stock opened at $152.77 on Friday. The firm has a market capitalization of $32.42 billion, a price-to-earnings ratio of 35.44, a PEG ratio of 3.69 and a beta of 1.10. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.33 and a current ratio of 0.33. The stock’s 50-day simple moving average is $148.27 and its 200-day simple moving average is $148.32.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping the consensus estimate of $1.96 by $0.04. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The business 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 firm posted $1.96 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities analysts forecast 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 announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $1.62 per share. The ex-dividend date was Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.24%. Extra Space Storage’s dividend payout ratio is presently 150.35%.

Insider Buying and Selling

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the transaction, the chief executive officer owned 27,260 shares of the company’s stock, valued at $4,098,541. The trade was a 21.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.96% of the company’s stock.

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.