Global Wealth Management Investment Advisory Inc. Boosts Holdings in Extra Space Storage Inc (NYSE:EXR)

Global Wealth Management Investment Advisory Inc. lifted its holdings in Extra Space Storage Inc (NYSE:EXR) by 23.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,212 shares of the real estate investment trust’s stock after purchasing an additional 4,393 shares during the period. Global Wealth Management Investment Advisory Inc.’s holdings in Extra Space Storage were worth $3,447,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. QRG Capital Management Inc. grew its stake in shares of Extra Space Storage by 21.4% in the first quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust’s stock worth $399,000 after acquiring an additional 474 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Extra Space Storage by 24.3% in the first quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust’s stock valued at $216,000 after purchasing an additional 286 shares during the period. CX Institutional acquired a new position in Extra Space Storage during the 1st quarter worth $127,000. Wealth Enhancement Advisory Services LLC increased its holdings in Extra Space Storage by 44.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 22,593 shares of the real estate investment trust’s stock worth $3,355,000 after purchasing an additional 6,964 shares during the period. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in Extra Space Storage by 55.6% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 198,515 shares of the real estate investment trust’s stock worth $29,478,000 after purchasing an additional 70,965 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares in the company, valued at $4,098,541. This represents a 21.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.96% of the stock is owned by insiders.

Extra Space Storage Stock Performance

Shares of EXR stock opened at $152.77 on Friday. The stock’s 50-day moving average is $148.27 and its two-hundred day moving average is $148.32. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.33 and a current ratio of 0.33. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $184.87. The firm has a market cap 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 (NYSE:EXR) last released its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.96 by $0.04. The firm had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. Extra Space Storage had a return on equity of 6.11% and a net margin of 27.84%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.96 EPS. Analysts predict 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 Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.24%. Extra Space Storage’s dividend payout ratio (DPR) is presently 150.35%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Benchmark decreased their price objective on Extra Space Storage from $61.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, May 13th. Mizuho lifted their price target on shares of Extra Space Storage from $141.00 to $153.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 28th. Bank of America boosted their price target on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a “neutral” rating in a report on Tuesday, May 13th. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Finally, BNP Paribas upgraded shares of Extra Space Storage to a “hold” rating in a research note on Tuesday, June 24th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Extra Space Storage presently has a consensus rating of “Hold” and a consensus price target of $159.29.

About Extra Space Storage

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.