Extra Space Storage Inc. (NYSE:EXR) Shares Bought by Lazard Asset Management LLC

Lazard Asset Management LLC grew its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 1,710.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 2,010 shares of the real estate investment trust’s stock after acquiring an additional 1,899 shares during the period. Lazard Asset Management LLC’s holdings in Extra Space Storage were worth $300,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new stake in Extra Space Storage during the fourth quarter worth about $25,000. Harbour Investments Inc. grew its stake in shares of 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 grew its stake in shares of 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 acquired a new stake in shares of Extra Space Storage in the fourth quarter valued at about $52,000. Finally, Quarry LP grew its stake in shares of Extra Space Storage by 156.1% in the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 217 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Joseph J. Bonner sold 672 shares of Extra Space Storage stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total transaction of $100,195.20. Following the transaction, the director now directly owns 4,557 shares in the company, valued at approximately $679,448.70. This trade represents a 12.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value 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. This trade represents a 5.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,392 shares of company stock valued at $1,392,315 in the last quarter. Insiders own 0.96% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on EXR shares. Evercore ISI increased their target price 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. Wall Street Zen upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Wednesday, April 30th. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Royal Bank of Canada lowered their target price on 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. Finally, Barclays lowered their target price on Extra Space Storage from $181.00 to $178.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $158.46.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $144.66 on Friday. Extra Space Storage Inc. has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The business has a 50 day moving average price of $143.29 and a two-hundred day moving average price of $151.68. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a market cap of $30.70 billion, a PE ratio of 37.87, a price-to-earnings-growth ratio of 7.76 and a beta of 1.14.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping 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 company had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. During the same quarter last year, the business posted $1.96 EPS. Extra Space Storage’s quarterly revenue was up 2.6% compared to the same quarter last year. Sell-side 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 company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.48%. Extra Space Storage’s dividend payout ratio is presently 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.