Vert Asset Management LLC Grows Stake in Extra Space Storage Inc. (NYSE:EXR)

Vert Asset Management LLC grew its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 6.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 99,270 shares of the real estate investment trust’s stock after buying an additional 5,797 shares during the quarter. Extra Space Storage accounts for approximately 5.1% of Vert Asset Management LLC’s holdings, making the stock its 7th largest position. Vert Asset Management LLC’s holdings in Extra Space Storage were worth $14,741,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Golden State Wealth Management LLC purchased a new position in Extra Space Storage during the fourth quarter valued at approximately $25,000. Harbour Investments Inc. increased its holdings in Extra Space Storage by 90.9% in the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 80 shares in the last quarter. Quent Capital LLC increased its holdings in Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 154 shares in the last quarter. Asset Planning Inc purchased a new stake in shares of Extra Space Storage during the fourth quarter worth about $52,000. Finally, Quarry LP increased its stake in shares of Extra Space Storage by 156.1% during the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust’s stock worth $53,000 after purchasing an additional 217 shares in the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Extra Space Storage

In other news, 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 transaction of $100,195.20. Following the completion of the sale, the director now owns 4,557 shares of the company’s stock, valued at approximately $679,448.70. This represents a 12.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 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 approximately $1,355,065.50. This trade represents a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.96% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Royal Bank of Canada dropped their price objective on shares of Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating for the company in a research note on Thursday, May 1st. Wells Fargo & Company lowered 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. Mizuho lifted their target price on Extra Space Storage from $141.00 to $153.00 and gave the company an “outperform” rating in a report on Wednesday, May 28th. Scotiabank lifted their target price on Extra Space Storage from $149.00 to $166.00 and gave the stock a “sector outperform” rating in a research report on Monday, May 12th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $159.33.

Extra Space Storage Stock Up 0.3%

Extra Space Storage stock opened at $149.93 on Monday. The firm has a fifty day moving average price of $143.99 and a two-hundred day moving average price of $150.29. 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 current ratio of 0.23 and a quick ratio of 0.23. The firm has a market cap of $31.82 billion, a price-to-earnings ratio of 39.25, a P/E/G ratio of 7.76 and a beta of 1.11.

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, beating analysts’ consensus estimates 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 business had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $705.12 million. During the same period in the previous year, the business posted $1.96 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a $1.62 dividend. The ex-dividend date is Monday, June 16th. This represents a $6.48 annualized dividend and a yield of 4.32%. Extra Space Storage’s payout ratio is currently 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.