Lighthouse Investment Partners LLC Purchases New Stake in Extra Space Storage Inc. (NYSE:EXR)

Lighthouse Investment Partners LLC acquired a new position in shares of Extra Space Storage Inc. (NYSE:EXR) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 42,500 shares of the real estate investment trust’s stock, valued at approximately $6,605,000.

Several other hedge funds have also recently bought and sold shares of EXR. GSA Capital Partners LLP acquired a new stake in shares of Extra Space Storage during the 4th quarter worth approximately $3,304,000. State of Tennessee Treasury Department increased its stake in shares of Extra Space Storage by 252.1% in the 4th quarter. State of Tennessee Treasury Department now owns 114,819 shares of the real estate investment trust’s stock valued at $18,409,000 after purchasing an additional 82,207 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of Extra Space Storage by 19.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 247,203 shares of the real estate investment trust’s stock worth $36,307,000 after buying an additional 40,055 shares in the last quarter. Norden Group LLC bought a new stake in shares of Extra Space Storage during the 1st quarter worth $1,947,000. Finally, Gateway Investment Advisers LLC acquired a new stake in Extra Space Storage in the second quarter valued at about $16,026,000. 99.11% of the stock is owned by institutional investors.

Extra Space Storage Price Performance

Shares of EXR opened at $176.61 on Friday. The business has a 50-day moving average of $171.06 and a 200-day moving average of $155.51. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20. The company has a market capitalization of $37.39 billion, a price-to-earnings ratio of 39.33, a price-to-earnings-growth ratio of 2.67 and a beta of 0.86. Extra Space Storage Inc. has a 1 year low of $101.19 and a 1 year high of $184.87.

Extra Space Storage Dividend Announcement

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 given a $1.62 dividend. The ex-dividend date is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.67%. Extra Space Storage’s dividend payout ratio (DPR) is currently 144.32%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on EXR. Evercore ISI boosted their target price on Extra Space Storage from $167.00 to $170.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. StockNews.com upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Bank of America downgraded shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Raymond James boosted their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Wells Fargo & Company raised their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $170.93.

Insider Transactions at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the sale, the chief executive officer now directly owns 31,690 shares in the company, valued at $4,835,260.20. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the sale, the chief executive officer now owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,970 shares of company stock worth $3,172,757. Company insiders own 1.36% of the company’s stock.

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.