EdgeRock Capital LLC Invests $26,000 in Extra Space Storage Inc. (NYSE:EXR)

EdgeRock Capital LLC bought a new stake in shares of Extra Space Storage Inc. (NYSE:EXR) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 163 shares of the real estate investment trust’s stock, valued at approximately $26,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Extra Space Storage by 55.7% during the third quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after purchasing an additional 12,055,172 shares during the period. JPMorgan Chase & Co. increased its stake in Extra Space Storage by 599.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock worth $406,781,000 after buying an additional 2,867,657 shares during the period. Diamond Hill Capital Management Inc. purchased a new stake in Extra Space Storage during the 3rd quarter worth $173,621,000. First Eagle Investment Management LLC increased its stake in Extra Space Storage by 233,362.8% during the 3rd quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock worth $160,940,000 after buying an additional 1,323,167 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Extra Space Storage by 22.1% during the 3rd quarter. Principal Financial Group Inc. now owns 6,505,834 shares of the real estate investment trust’s stock worth $790,975,000 after buying an additional 1,178,760 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Raymond James reaffirmed an “outperform” rating and set a $160.00 price target on shares of Extra Space Storage in a research note on Thursday, March 28th. Scotiabank assumed coverage on shares of Extra Space Storage in a research note on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 price target on the stock. Wells Fargo & Company lifted their price target on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. Finally, The Goldman Sachs Group boosted their target price on shares of Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $149.67.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the transaction, the executive vice president now owns 37,028 shares in the company, valued at approximately $5,369,060. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the transaction, the executive vice president now owns 37,028 shares in the company, valued at approximately $5,369,060. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the transaction, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. Insiders sold a total of 3,532 shares of company stock valued at $514,819 in the last quarter. Insiders own 1.36% of the company’s stock.

Extra Space Storage Stock Performance

Shares of NYSE:EXR traded down $2.35 during trading on Wednesday, reaching $140.95. 630,294 shares of the company’s stock traded hands, compared to its average volume of 1,178,788. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.15 and a quick ratio of 0.30. Extra Space Storage Inc. has a 12 month low of $101.19 and a 12 month high of $164.99. The company has a 50 day moving average of $141.74 and a 200-day moving average of $139.46. The stock has a market capitalization of $29.84 billion, a P/E ratio of 31.39, a price-to-earnings-growth ratio of 3.48 and a beta of 0.76.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data 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 net margin of 29.10% and a return on equity of 6.76%. The business had revenue of $797.77 million for the quarter, compared to the consensus estimate of $778.05 million. During the same period in the prior year, the company earned $2.09 EPS. Extra Space Storage’s quarterly revenue was up 57.4% on a year-over-year basis. On average, equities analysts expect that Extra Space Storage Inc. will post 8.05 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s dividend payout ratio is presently 144.32%.

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.