Resolution Capital Ltd Invests $37.58 Million in Extra Space Storage Inc. (NYSE:EXR)

Resolution Capital Ltd acquired a new position in shares of Extra Space Storage Inc. (NYSE:EXR) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 251,200 shares of the real estate investment trust’s stock, valued at approximately $37,580,000. Extra Space Storage comprises 0.7% of Resolution Capital Ltd’s investment portfolio, making the stock its 24th biggest holding.

Other institutional investors also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its position in shares of Extra Space Storage by 0.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,160 shares of the real estate investment trust’s stock worth $2,717,000 after purchasing an additional 66 shares during the last quarter. Wedge Capital Management L L P NC increased its stake in Extra Space Storage by 1.3% during the fourth quarter. Wedge Capital Management L L P NC now owns 5,138 shares of the real estate investment trust’s stock valued at $769,000 after purchasing an additional 68 shares during the last quarter. Lindbrook Capital LLC lifted its position in shares of Extra Space Storage by 14.9% in the 4th quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust’s stock worth $78,000 after buying an additional 68 shares during the last quarter. Aptus Capital Advisors LLC grew its position in shares of Extra Space Storage by 4.3% during the 4th quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust’s stock valued at $245,000 after buying an additional 68 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its holdings in Extra Space Storage by 5.8% in the fourth quarter. Quadrant Capital Group LLC now owns 1,327 shares of the real estate investment trust’s stock worth $199,000 after acquiring an additional 73 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’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 value 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 approximately $1,355,065.50. This represents a 44.94% 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, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now owns 20,158 shares in the company, valued at approximately $3,077,320.28. The trade was a 5.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,392 shares of company stock worth $1,392,315. Company insiders own 0.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on EXR shares. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Bank of America boosted their target price on shares of Extra Space Storage from $155.00 to $161.00 and gave the company a “neutral” rating in a research note on Tuesday. Royal Bank of Canada reduced their price objective on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company reduced 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 report on Friday, February 21st. Finally, Barclays cut their price objective on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Extra Space Storage presently has a consensus rating of “Moderate Buy” and an average price target of $158.69.

Extra Space Storage Stock Down 0.8%

NYSE EXR opened at $145.88 on Thursday. Extra Space Storage Inc. has a 12 month low of $121.03 and a 12 month high of $184.87. The company has a market capitalization of $30.96 billion, a P/E ratio of 38.19, a PEG ratio of 7.76 and a beta of 1.14. The company’s 50 day simple moving average is $143.25 and its 200 day simple moving average is $152.31. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.04. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $820.00 million for the quarter, compared to analyst estimates of $705.12 million. During the same quarter in the previous year, the business posted $1.96 earnings per share. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts expect that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $1.62 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.44%. Extra Space Storage’s dividend payout ratio (DPR) is 150.35%.

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.