Sophron Capital Management L.P. Makes New $1.16 Million Investment in Extra Space Storage Inc. (NYSE:EXR)

Sophron Capital Management L.P. purchased a new stake in Extra Space Storage Inc. (NYSE:EXR) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 7,721 shares of the real estate investment trust’s stock, valued at approximately $1,155,000.

Several other large investors have also recently modified their holdings of the business. Cohen & Steers Inc. grew its stake in shares of Extra Space Storage by 5.9% in the fourth quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock worth $1,383,094,000 after purchasing an additional 516,941 shares during the last quarter. Norges Bank bought a new stake in shares of Extra Space Storage in the 4th quarter valued at about $938,647,000. Dimensional Fund Advisors LP increased its stake in shares of Extra Space Storage by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust’s stock valued at $469,229,000 after buying an additional 24,533 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Extra Space Storage by 3.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust’s stock valued at $458,520,000 after buying an additional 104,986 shares during the period. Finally, Northern Trust Corp raised its position in shares of Extra Space Storage by 48.7% during the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust’s stock worth $430,107,000 after acquiring an additional 941,212 shares during the last quarter. Institutional investors own 99.11% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on EXR shares. Scotiabank upped their target price on Extra Space Storage from $149.00 to $166.00 and gave the company a “sector outperform” rating in a report on Monday, May 12th. Barclays cut their price target on shares of Extra Space Storage from $181.00 to $178.00 and set an “overweight” rating on the stock in a research report on Friday. Evercore ISI boosted their price objective on Extra Space Storage from $144.00 to $149.00 and gave the company an “in-line” rating in a research note on Thursday, May 1st. Bank of America raised their target price on Extra Space Storage from $155.00 to $161.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 13th. Finally, StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Wednesday, April 30th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Extra Space Storage currently has a consensus rating of “Moderate Buy” and an average target price of $158.46.

Extra Space Storage Trading Up 2.2%

NYSE EXR opened at $151.80 on Monday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a 52 week low of $121.03 and a 52 week high of $184.87. The business has a 50 day moving average price of $143.10 and a 200-day moving average price of $151.92. The company has a market cap of $32.21 billion, a price-to-earnings ratio of 39.74, a P/E/G ratio of 7.76 and a beta of 1.14.

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, beating 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 business had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. During the same quarter last year, the firm posted $1.96 EPS. Extra Space Storage’s revenue was up 2.6% compared to the same quarter last year. As a group, equities 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 firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage’s payout ratio is presently 150.35%.

Insider Buying and Selling

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the firm’s stock in a transaction 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 directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This trade represents a 5.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on 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 transaction, the chief executive officer now directly owns 9,190 shares in the company, 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. Insiders have sold 9,392 shares of company stock worth $1,392,315 in the last quarter. Insiders own 0.96% of the company’s stock.

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.