Hamlin Capital Management LLC Grows Stake in Extra Space Storage Inc $EXR

Hamlin Capital Management LLC grew its position in Extra Space Storage Inc (NYSE:EXR) by 1.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 900,022 shares of the real estate investment trust’s stock after purchasing an additional 16,867 shares during the quarter. Extra Space Storage comprises approximately 3.1% of Hamlin Capital Management LLC’s investment portfolio, making the stock its 22nd biggest holding. Hamlin Capital Management LLC’s holdings in Extra Space Storage were worth $132,699,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Exchange Traded Concepts LLC grew its holdings in Extra Space Storage by 8.5% in the first quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust’s stock worth $139,000 after purchasing an additional 73 shares during the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH grew its holdings in Extra Space Storage by 4.6% in the second quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 1,825 shares of the real estate investment trust’s stock worth $269,000 after purchasing an additional 80 shares during the last quarter. Naviter Wealth LLC grew its holdings in Extra Space Storage by 0.6% in the first quarter. Naviter Wealth LLC now owns 13,645 shares of the real estate investment trust’s stock worth $2,007,000 after purchasing an additional 82 shares during the last quarter. Taylor Frigon Capital Management LLC grew its holdings in Extra Space Storage by 0.8% in the first quarter. Taylor Frigon Capital Management LLC now owns 12,248 shares of the real estate investment trust’s stock worth $1,819,000 after purchasing an additional 93 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Extra Space Storage by 6.5% in the second quarter. Farther Finance Advisors LLC now owns 1,559 shares of the real estate investment trust’s stock worth $230,000 after purchasing an additional 95 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the completion of the transaction, the chief executive officer directly owned 19,760 shares in the company, valued at $2,794,261.60. The trade was a 27.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.96% of the stock is owned by corporate insiders.

Extra Space Storage Trading Down 0.2%

NYSE EXR opened at $151.66 on Friday. The company has a market capitalization of $32.19 billion, a PE ratio of 32.90, a P/E/G ratio of 2.74 and a beta of 1.11. The company has a fifty day moving average of $142.23 and a 200 day moving average of $144.44. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $175.57. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.01). The business had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Research analysts forecast that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $1.62 per share. The ex-dividend date was Monday, September 15th. This represents a $6.48 dividend on an annualized basis and a yield of 4.3%. Extra Space Storage’s payout ratio is currently 140.56%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on EXR. UBS Group cut their price target on shares of Extra Space Storage from $169.00 to $160.00 and set a “buy” rating on the stock in a report on Tuesday, September 16th. Royal Bank Of Canada lowered their price objective on shares of Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating for the company in a research note on Monday, August 4th. BNP Paribas Exane started coverage on shares of Extra Space Storage in a research note on Tuesday, June 24th. They set a “neutral” rating and a $156.00 price objective for the company. Barclays lowered their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. Finally, Evercore ISI lifted their price objective on shares of Extra Space Storage from $147.00 to $149.00 and gave the stock a “cautious” rating in a research note on Friday, October 3rd. Six equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $148.64.

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.