Element Pointe Advisors LLC Makes New Investment in Extra Space Storage Inc. (NYSE:EXR)

Element Pointe Advisors LLC purchased a new stake in shares of Extra Space Storage Inc. (NYSE:EXR) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,303 shares of the real estate investment trust’s stock, valued at approximately $202,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. EdgeRock Capital LLC bought a new position in Extra Space Storage during the second quarter valued at about $25,000. Creekmur Asset Management LLC acquired a new stake in Extra Space Storage in the 4th quarter valued at about $26,000. Centerpoint Advisors LLC bought a new position in shares of Extra Space Storage during the 2nd quarter valued at about $27,000. Blue Trust Inc. grew its stake in shares of Extra Space Storage by 540.5% in the 2nd quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 200 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Extra Space Storage by 2,760.0% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 286 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 276 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Trading Down 0.5 %

Extra Space Storage stock opened at $181.34 on Thursday. Extra Space Storage Inc. has a one year low of $101.19 and a one year high of $184.87. The company’s fifty day moving average price is $171.06 and its two-hundred day moving average price is $155.51. The company has a market capitalization of $38.39 billion, a price-to-earnings ratio of 40.39, a PEG ratio of 2.67 and a beta of 0.86. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend is Monday, September 16th. Extra Space Storage’s dividend payout ratio is 144.32%.

Insider Buying and Selling at Extra Space Storage

In related news, EVP William N. Springer sold 2,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the transaction, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Kenneth M. Woolley sold 6,647 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the transaction, the director now owns 404,306 shares of the company’s stock, valued at $71,655,152.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP William N. Springer sold 2,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the sale, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at $2,089,758.27. The disclosure for this sale can be found here. Insiders sold 18,970 shares of company stock worth $3,172,757 over the last ninety days. Company insiders own 1.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on EXR. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and raised their target price for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Scotiabank upped their target price on Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a report on Thursday, August 22nd. Truist Financial lifted their price target on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Finally, Royal Bank of Canada began coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $170.93.

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.