Fairtree Asset Management Pty Ltd Acquires Shares of 2,380 Extra Space Storage Inc. (NYSE:EXR)

Fairtree Asset Management Pty Ltd bought a new position in Extra Space Storage Inc. (NYSE:EXR) in the fourth quarter, HoldingsChannel reports. The firm bought 2,380 shares of the real estate investment trust’s stock, valued at approximately $356,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Manning & Napier Advisors LLC boosted its stake in Extra Space Storage by 1,127.2% during the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust’s stock worth $116,985,000 after buying an additional 718,266 shares during the period. Vert Asset Management LLC lifted its holdings in shares of Extra Space Storage by 8.0% in the 4th quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust’s stock worth $13,984,000 after acquiring an additional 6,910 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Extra Space Storage by 134.3% during the 4th quarter. Pacer Advisors Inc. now owns 167,735 shares of the real estate investment trust’s stock worth $25,093,000 after purchasing an additional 96,136 shares during the period. Brentview Investment Management LLC purchased a new position in shares of Extra Space Storage during the 4th quarter worth about $2,852,000. Finally, Cibc World Market Inc. grew its holdings in Extra Space Storage by 6.1% during the 4th quarter. Cibc World Market Inc. now owns 120,834 shares of the real estate investment trust’s stock valued at $18,077,000 after purchasing an additional 6,899 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Transactions at Extra Space Storage

In related news, Director Joseph J. Bonner sold 672 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $149.10, for a total transaction of $100,195.20. Following the sale, the director now owns 4,557 shares of the company’s stock, valued at $679,448.70. This trade represents a 12.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the completion of the transaction, the chief executive officer now owns 9,190 shares of the company’s stock, valued at $1,355,065.50. This represents a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,392 shares of company stock valued at $1,392,315. Company insiders own 0.96% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on EXR. Bank of America raised their price objective on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 13th. Wall Street Zen upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Wells Fargo & Company decreased their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Mizuho began coverage on Extra Space Storage in a research report on Wednesday, April 9th. They issued an “outperform” rating and a $141.00 price objective on the stock. Finally, Evercore ISI increased their target price on Extra Space Storage from $144.00 to $149.00 and gave the stock an “in-line” rating in a research note on Thursday, May 1st. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $158.46.

Extra Space Storage Price Performance

Shares of EXR stock opened at $147.87 on Wednesday. Extra Space Storage Inc. has a twelve month low of $121.03 and a twelve month high of $184.87. 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 stock has a fifty day simple moving average of $143.28 and a two-hundred day simple moving average of $151.20. The stock has a market capitalization of $31.38 billion, a price-to-earnings ratio of 38.71, a P/E/G ratio of 7.76 and a beta of 1.14.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, beating the consensus estimate 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 firm 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 company posted $1.96 earnings per share. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. On average, analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm 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 $1.62 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.38%. Extra Space Storage’s dividend payout ratio is currently 150.35%.

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.