Intech Investment Management LLC Makes New $503,000 Investment in Extra Space Storage Inc. (NYSE:EXR)

Intech Investment Management LLC acquired a new stake in Extra Space Storage Inc. (NYSE:EXR) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,362 shares of the real estate investment trust’s stock, valued at approximately $503,000.

A number of other hedge funds have also recently modified their holdings of the stock. Pathstone Holdings LLC boosted its position in Extra Space Storage by 1.1% in the 3rd quarter. Pathstone Holdings LLC now owns 13,027 shares of the real estate investment trust’s stock worth $2,347,000 after purchasing an additional 148 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Extra Space Storage during the third quarter valued at $334,000. Cerity Partners LLC increased its holdings in Extra Space Storage by 39.9% in the third quarter. Cerity Partners LLC now owns 14,426 shares of the real estate investment trust’s stock valued at $2,599,000 after buying an additional 4,114 shares in the last quarter. Penserra Capital Management LLC boosted its stake in shares of Extra Space Storage by 11.7% during the 3rd quarter. Penserra Capital Management LLC now owns 13,784 shares of the real estate investment trust’s stock worth $2,483,000 after acquiring an additional 1,449 shares in the last quarter. Finally, Swedbank AB increased its stake in shares of Extra Space Storage by 4.5% in the 3rd quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust’s stock valued at $43,810,000 after purchasing an additional 10,408 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Activity

In other news, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction that occurred 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 directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. The trade was a 31.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,392 shares of company stock valued at $1,396,515 in the last quarter. Insiders own 1.36% of the company’s stock.

Wall Street Analyst Weigh In

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

Extra Space Storage Stock Up 1.4 %

NYSE EXR opened at $145.84 on Tuesday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a 52 week low of $131.02 and a 52 week high of $184.87. The business’s fifty day simple moving average is $152.73 and its 200-day simple moving average is $160.75. The firm has a market cap of $30.92 billion, a PE ratio of 38.18, a P/E/G ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.93. The company had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. As a group, equities analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $1.62 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.44%. Extra Space Storage’s dividend payout ratio is currently 160.40%.

Extra Space Storage 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.