MBB Public Markets I LLC Invests $2.36 Million in Extra Space Storage Inc. (NYSE:EXR)

MBB Public Markets I LLC acquired a new stake in Extra Space Storage Inc. (NYSE:EXR) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,175 shares of the real estate investment trust’s stock, valued at approximately $2,358,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV increased its holdings in shares of Extra Space Storage by 19.7% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock worth $72,000 after buying an additional 76 shares during the last quarter. QRG Capital Management Inc. raised its position in Extra Space Storage by 5.2% in the first quarter. QRG Capital Management Inc. now owns 1,588 shares of the real estate investment trust’s stock valued at $233,000 after purchasing an additional 78 shares during the period. Park Avenue Securities LLC lifted its stake in shares of Extra Space Storage by 2.1% in the 2nd quarter. Park Avenue Securities LLC now owns 3,773 shares of the real estate investment trust’s stock valued at $586,000 after purchasing an additional 79 shares during the last quarter. Gallacher Capital Management LLC grew its holdings in shares of Extra Space Storage by 1.2% during the 2nd quarter. Gallacher Capital Management LLC now owns 7,433 shares of the real estate investment trust’s stock worth $1,155,000 after purchasing an additional 86 shares during the period. Finally, Profund Advisors LLC increased its position in shares of Extra Space Storage by 2.9% during the 2nd quarter. Profund Advisors LLC now owns 3,279 shares of the real estate investment trust’s stock worth $510,000 after purchasing an additional 93 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Extra Space Storage Price Performance

Shares of EXR opened at $177.23 on Friday. The firm has a market capitalization of $37.52 billion, a price-to-earnings ratio of 39.47, a PEG ratio of 2.67 and a beta of 0.86. The firm’s fifty day simple moving average is $171.51 and its 200-day simple moving average is $155.85. Extra Space Storage Inc. has a twelve month low of $101.19 and a twelve month high of $184.87. 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 Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the transaction, the executive vice president now owns 32,855 shares in the company, valued at approximately $5,815,663.55. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value of $499,699.23. Following the completion of the transaction, the executive vice president now owns 32,855 shares in the company, valued at approximately $5,815,663.55. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kenneth M. Woolley sold 6,647 shares of Extra Space Storage stock in a transaction on Friday, September 13th. The stock was sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the sale, the director now owns 404,306 shares in the company, valued at $71,655,152.38. The disclosure for this sale can be found here. Insiders sold 18,970 shares of company stock valued at $3,172,757 in the last ninety days. Insiders own 1.36% of the company’s stock.

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.