Carderock Capital Management Inc. Makes New Investment in Extra Space Storage Inc. (NYSE:EXR)

Carderock Capital Management Inc. purchased a new position in shares of Extra Space Storage Inc. (NYSE:EXRFree Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 6,799 shares of the real estate investment trust’s stock, valued at approximately $1,090,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its position in Extra Space Storage by 1,272.7% during the 1st quarter. First Horizon Advisors Inc. now owns 151 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 140 shares during the period. Zions Bancorporation N.A. grew its position in Extra Space Storage by 241.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 150 shares during the period. Money Concepts Capital Corp acquired a new stake in Extra Space Storage during the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC grew its position in Extra Space Storage by 162.5% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 143 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Extra Space Storage during the 3rd quarter worth about $32,000. 99.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. The Goldman Sachs Group raised their target price on Extra Space Storage from $168.00 to $187.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft assumed coverage on Extra Space Storage in a research report on Tuesday, January 30th. They set a “hold” rating and a $141.00 target price on the stock. Scotiabank assumed coverage on Extra Space Storage in a research report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 target price on the stock. Finally, Wells Fargo & Company dropped their target price on Extra Space Storage from $155.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, March 4th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $151.08.

Get Our Latest Stock Report on Extra Space Storage

Extra Space Storage Trading Down 0.3 %

EXR opened at $145.11 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.30 and a quick ratio of 0.30. The company’s 50 day simple moving average is $143.38 and its two-hundred day simple moving average is $136.10. Extra Space Storage Inc. has a 1-year low of $101.19 and a 1-year high of $165.85. The firm has a market capitalization of $30.70 billion, a price-to-earnings ratio of 29.37, a price-to-earnings-growth ratio of 3.57 and a beta of 0.74.

Extra Space Storage (NYSE:EXRGet Free Report) last released its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The business had revenue of $797.77 million during the quarter, compared to analysts’ expectations of $778.05 million. During the same period last year, the business earned $2.09 earnings per share. The company’s revenue for the quarter was up 57.4% compared to the same quarter last year. Analysts expect that Extra Space Storage Inc. will post 8.05 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date was Thursday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is 131.17%.

Insiders Place Their Bets

In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the sale, the executive vice president now directly owns 37,028 shares in the company, valued at approximately $5,369,060. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock valued at $514,819 in the last ninety days. 1.55% of the stock is currently owned by corporate insiders.

About Extra Space Storage

(Free Report)

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.

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Institutional Ownership by Quarter for Extra Space Storage (NYSE:EXR)

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