Sagespring Wealth Partners LLC Takes Position in Extra Space Storage Inc. (NYSE:EXR)

Sagespring Wealth Partners LLC purchased a new position in shares of Extra Space Storage Inc. (NYSE:EXR) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,701 shares of the real estate investment trust’s stock, valued at approximately $254,000.

A number of other large investors also recently bought and sold shares of the business. Townsquare Capital LLC lifted its position in shares of Extra Space Storage by 20.5% during the fourth quarter. Townsquare Capital LLC now owns 9,960 shares of the real estate investment trust’s stock worth $1,490,000 after purchasing an additional 1,693 shares during the last quarter. Sterling Capital Management LLC increased its stake in Extra Space Storage by 16.9% in the 4th quarter. Sterling Capital Management LLC now owns 29,816 shares of the real estate investment trust’s stock worth $4,460,000 after buying an additional 4,303 shares during the period. Treasurer of the State of North Carolina lifted its holdings in Extra Space Storage by 0.5% during the 4th quarter. Treasurer of the State of North Carolina now owns 94,458 shares of the real estate investment trust’s stock valued at $14,131,000 after buying an additional 430 shares in the last quarter. Capital Fund Management S.A. purchased a new stake in Extra Space Storage in the 4th quarter valued at about $6,244,000. Finally, Raymond James Financial Inc. bought a new position in Extra Space Storage in the 4th quarter worth about $46,120,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Buying and Selling

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total value of $1,105,875.00. Following the completion of the transaction, the chief executive officer now directly owns 9,190 shares in the company, valued at $1,355,065.50. This trade represents a 44.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph J. Bonner sold 672 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the completion of the sale, the director now owns 4,557 shares in the company, valued at approximately $679,448.70. This represents a 12.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,392 shares of company stock worth $1,392,315 in the last 90 days. Insiders own 1.36% of the company’s stock.

Extra Space Storage Price Performance

Shares of EXR stock opened at $138.21 on Thursday. Extra Space Storage Inc. has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The firm has a market capitalization of $29.33 billion, a price-to-earnings ratio of 36.18, a PEG ratio of 7.76 and a beta of 0.96. The stock’s 50-day simple moving average is $147.56 and its 200-day simple moving average is $155.95.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. As a group, equities analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.69%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s payout ratio is 160.40%.

Analyst Ratings Changes

Several research firms have recently weighed in on EXR. Scotiabank upgraded Extra Space Storage from a “sector perform” rating to a “sector outperform” rating and lowered their price target for the company from $165.00 to $149.00 in a report on Wednesday, April 9th. Wells Fargo & Company lowered their target price on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Finally, Royal Bank of Canada cut their target price on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $167.25.

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.