Hamlin Capital Management LLC Buys 84,757 Shares of Extra Space Storage Inc. (NYSE:EXR)

Hamlin Capital Management LLC lifted its stake in Extra Space Storage Inc. (NYSE:EXR) by 11.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 850,800 shares of the real estate investment trust’s stock after buying an additional 84,757 shares during the period. Extra Space Storage makes up approximately 3.2% of Hamlin Capital Management LLC’s investment portfolio, making the stock its 21st biggest position. Hamlin Capital Management LLC owned about 0.40% of Extra Space Storage worth $127,280,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. State Street Corp lifted its stake in Extra Space Storage by 1.7% during the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock worth $2,412,894,000 after purchasing an additional 227,006 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Extra Space Storage by 4.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,366,107 shares of the real estate investment trust’s stock worth $426,349,000 after purchasing an additional 111,137 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in Extra Space Storage by 10.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,020,459 shares of the real estate investment trust’s stock worth $364,066,000 after purchasing an additional 189,949 shares during the last quarter. Pathway Financial Advisers LLC lifted its stake in Extra Space Storage by 17,832.9% during the third quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock worth $363,783,000 after purchasing an additional 2,007,626 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Extra Space Storage by 724.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock worth $357,100,000 after purchasing an additional 1,741,320 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock opened at $150.75 on Tuesday. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The business has a 50-day moving average price of $156.95 and a two-hundred day moving average price of $164.96. Extra Space Storage Inc. has a 1-year low of $131.02 and a 1-year high of $184.87. The company has a market cap of $31.96 billion, a P/E ratio of 39.46, a PEG ratio of 7.50 and a beta of 0.91.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The company had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Extra Space Storage’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $2.02 EPS. As a group, analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were given a $1.62 dividend. The ex-dividend date was Monday, December 16th. This represents a $6.48 annualized dividend and a yield of 4.30%. Extra Space Storage’s payout ratio is 169.63%.

Wall Street Analysts Forecast Growth

EXR has been the subject of several research analyst reports. Truist Financial upped their price target on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Evercore ISI lowered their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Scotiabank upgraded shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target for the company in a report on Friday, January 10th. Finally, Barclays lowered their price target on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $171.25.

Insider Activity at Extra Space Storage

In related news, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. The trade was a 31.00 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is owned by insiders.

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.