Alethea Capital Management LLC Takes Position in Extra Space Storage Inc. (NYSE:EXR)

Alethea Capital Management LLC bought a new stake in shares of Extra Space Storage Inc. (NYSE:EXR) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,468 shares of the real estate investment trust’s stock, valued at approximately $539,000. Extra Space Storage comprises about 0.4% of Alethea Capital Management LLC’s holdings, making the stock its 9th largest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. EdgeRock Capital LLC purchased a new stake in Extra Space Storage in the 2nd quarter valued at about $25,000. Creekmur Asset Management LLC purchased a new stake in shares of Extra Space Storage during the fourth quarter valued at approximately $26,000. Centerpoint Advisors LLC purchased a new stake in shares of Extra Space Storage during the second quarter valued at approximately $27,000. Blue Trust Inc. boosted its position in Extra Space Storage by 540.5% in the second 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. boosted its position in Extra Space Storage by 2,760.0% in the second 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 during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total value of $350,660.00. Following the transaction, the executive vice president now directly owns 11,919 shares in the company, valued at approximately $2,089,758.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Kenneth M. Woolley sold 6,647 shares of Extra Space Storage 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 completion of the sale, the director now directly owns 404,306 shares of the company’s stock, valued at approximately $71,655,152.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 value of $350,660.00. Following the completion of the transaction, the executive vice president now directly owns 11,919 shares in the company, valued at approximately $2,089,758.27. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,970 shares of company stock worth $3,172,757. Corporate insiders own 1.36% of the company’s stock.

Extra Space Storage Trading Up 0.4 %

Shares of Extra Space Storage stock opened at $177.23 on Friday. The company’s 50-day moving average price is $171.25 and its 200-day moving average price is $155.65. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.76. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $184.87. The company has a market cap of $37.52 billion, a price-to-earnings ratio of 39.47, a PEG ratio of 2.67 and a beta of 0.86.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.66%. Extra Space Storage’s payout ratio is currently 144.32%.

Analyst Ratings Changes

EXR has been the topic of a number of recent analyst reports. Scotiabank lifted their target price on Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research note on Thursday, August 22nd. Citigroup lowered their price objective on shares of Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, June 7th. Royal Bank of Canada initiated coverage on shares of Extra Space Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 target price for the company. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and lifted their price target for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Finally, Truist Financial raised their target price on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $170.93.

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.