Independent Advisor Alliance Acquires 571 Shares of Extra Space Storage Inc. (NYSE:EXR)

Independent Advisor Alliance boosted its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 37.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,104 shares of the real estate investment trust’s stock after purchasing an additional 571 shares during the quarter. Independent Advisor Alliance’s holdings in Extra Space Storage were worth $315,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the company. Johnson Investment Counsel Inc. lifted its position in shares of Extra Space Storage by 2.4% in the 4th quarter. Johnson Investment Counsel Inc. now owns 15,043 shares of the real estate investment trust’s stock worth $2,250,000 after acquiring an additional 359 shares during the period. Daiwa Securities Group Inc. raised its position in Extra Space Storage by 5.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 2,127,067 shares of the real estate investment trust’s stock valued at $318,209,000 after purchasing an additional 106,608 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Extra Space Storage by 27.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 168,338 shares of the real estate investment trust’s stock worth $25,183,000 after acquiring an additional 36,693 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Extra Space Storage during the fourth quarter worth $813,000. Finally, Amundi raised its position in shares of Extra Space Storage by 82.0% during the fourth quarter. Amundi now owns 828,644 shares of the real estate investment trust’s stock worth $122,649,000 after acquiring an additional 373,274 shares during the last quarter. Institutional investors own 99.11% of the company’s stock.

Analyst Ratings Changes

EXR has been the subject of a number of recent analyst reports. Barclays dropped their price objective on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. Royal Bank of Canada decreased their target price on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. Wells Fargo & Company decreased their target price on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Truist Financial upped their price objective on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Extra Space Storage has a consensus rating of “Hold” and a consensus target price of $171.09.

Extra Space Storage Stock Performance

EXR opened at $147.85 on Wednesday. Extra Space Storage Inc. has a 52-week low of $131.02 and a 52-week high of $184.87. The firm has a market capitalization of $31.34 billion, a PE ratio of 38.70, a PEG ratio of 7.76 and a beta of 0.90. 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 business’s 50-day simple moving average is $152.88 and its 200 day simple moving average is $161.60.

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 (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. As a group, 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 firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.38%. Extra Space Storage’s dividend payout ratio is 160.40%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the sale, the executive vice president now owns 20,158 shares in the company, valued at $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,392 shares of company stock worth $1,396,515 over the last 90 days. Company insiders own 1.36% of the company’s stock.

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.