Alpine Bank Wealth Management Acquires Shares of 582 Extra Space Storage Inc (NYSE:EXR)

Alpine Bank Wealth Management bought a new position in shares of Extra Space Storage Inc (NYSE:EXR) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 582 shares of the real estate investment trust’s stock, valued at approximately $86,000.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC raised its holdings 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 purchasing an additional 241 shares during the period. Berry Wealth Group LP acquired a new stake in Extra Space Storage in the first quarter valued at approximately $215,000. Asset Management One Co. Ltd. increased its position in shares of Extra Space Storage by 1.5% in the first quarter. Asset Management One Co. Ltd. now owns 405,065 shares of the real estate investment trust’s stock valued at $60,148,000 after buying an additional 5,927 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Extra Space Storage by 99.5% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 14,642 shares of the real estate investment trust’s stock worth $2,174,000 after buying an additional 7,302 shares during the period. Finally, LVZ Inc. raised its stake in shares of Extra Space Storage by 9.6% during the 1st quarter. LVZ Inc. now owns 2,166 shares of the real estate investment trust’s stock worth $322,000 after buying an additional 189 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on EXR shares. Royal Bank Of Canada dropped their price target on shares of Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 1st. BNP Paribas Exane began coverage on shares of Extra Space Storage in a report on Tuesday. They set a “neutral” rating and a $156.00 price objective on the stock. Scotiabank lifted their target price on shares of Extra Space Storage from $149.00 to $166.00 and gave the company a “sector outperform” rating in a research report on Monday, May 12th. Barclays cut their target price on shares of Extra Space Storage from $181.00 to $178.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Finally, Mizuho raised their price target on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an “outperform” rating in a research note on Wednesday, May 28th. Nine research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $159.29.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 9,190 shares in the company, valued at $1,355,065.50. This trade represents a 44.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.96% of the company’s stock.

Extra Space Storage Trading Down 2.0%

EXR opened at $145.53 on Thursday. The firm has a market capitalization of $30.88 billion, a price-to-earnings ratio of 33.77, a price-to-earnings-growth ratio of 3.61 and a beta of 1.11. The company’s 50 day simple moving average is $147.30 and its two-hundred day simple moving average is $148.76. Extra Space Storage Inc has a 1-year low of $121.03 and a 1-year high of $184.87. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.33 and a quick ratio of 0.33.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, beating the consensus estimate of $1.96 by $0.04. Extra Space Storage had a return on equity of 6.11% and a net margin of 27.84%. The firm had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $705.12 million. During the same quarter last year, the firm earned $1.96 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. Analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $1.62 per share. The ex-dividend date is Monday, June 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.45%. Extra Space Storage’s dividend payout ratio is presently 150.35%.

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.