Everence Capital Management Inc. Acquires New Stake in Extra Space Storage Inc. (NYSE:EXR)

Everence Capital Management Inc. acquired a new stake in shares of Extra Space Storage Inc. (NYSE:EXR) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,150 shares of the real estate investment trust’s stock, valued at approximately $505,000.

Other hedge funds also recently bought and sold shares of the company. First Horizon Advisors Inc. increased its position in Extra Space Storage by 1,272.7% during the first quarter. First Horizon Advisors Inc. now owns 151 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 140 shares during the last quarter. Zions Bancorporation N.A. increased its position in Extra Space Storage by 241.9% during the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 150 shares during the last quarter. Money Concepts Capital Corp purchased a new stake in Extra Space Storage during the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC increased its position in Extra Space Storage by 162.5% during the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 143 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Extra Space Storage during the third quarter valued at $32,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Scotiabank assumed coverage on Extra Space Storage in a research report on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 price target for the company. TheStreet upgraded Extra Space Storage from a “c+” rating to a “b-” rating in a research report on Thursday, January 11th. Wells Fargo & Company upped their price target on Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Deutsche Bank Aktiengesellschaft assumed coverage on Extra Space Storage in a research report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 price target for the company. Finally, Barclays assumed coverage on Extra Space Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $157.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $150.17.

Insider Activity at Extra Space Storage

In related news, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the transaction, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the sale, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,532 shares of company stock valued at $514,819. Insiders own 1.36% of the company’s stock.

Extra Space Storage Stock Performance

NYSE:EXR opened at $136.10 on Thursday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $164.99. The stock has a 50-day moving average price of $142.98 and a 200 day moving average price of $137.45. The stock has a market capitalization of $28.80 billion, a P/E ratio of 27.55, a P/E/G ratio of 3.34 and a beta of 0.74.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The business had revenue of $797.77 million for the quarter, compared to analysts’ expectations of $778.05 million. During the same quarter in the prior year, the business posted $2.09 EPS. The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. Equities research analysts forecast that Extra Space Storage Inc. will post 8.05 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s payout ratio is presently 131.17%.

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.