Sheets Smith Wealth Management Acquires Shares of 1,609 Extra Space Storage Inc. (NYSE:EXR)

Sheets Smith Wealth Management purchased a new position in Extra Space Storage Inc. (NYSE:EXR) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 1,609 shares of the real estate investment trust’s stock, valued at approximately $258,000.

Several other institutional investors also recently bought and sold shares of EXR. Vanguard Group Inc. raised its stake in Extra Space Storage by 55.7% in the third quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock worth $4,095,585,000 after buying an additional 12,055,172 shares in the last quarter. Principal Financial Group Inc. grew its stake in Extra Space Storage by 22.1% during the 3rd quarter. Principal Financial Group Inc. now owns 6,505,834 shares of the real estate investment trust’s stock valued at $790,975,000 after purchasing an additional 1,178,760 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Extra Space Storage by 599.8% in the third quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock valued at $406,781,000 after purchasing an additional 2,867,657 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Extra Space Storage by 33.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,032,090 shares of the real estate investment trust’s stock worth $368,642,000 after purchasing an additional 763,493 shares during the period. Finally, Daiwa Securities Group Inc. boosted its position in Extra Space Storage by 8.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 2,724,293 shares of the real estate investment trust’s stock valued at $436,786,000 after buying an additional 211,395 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Extra Space Storage

In related news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the transaction, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction 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 sale, the chief marketing officer now owns 94,126 shares in the company, valued at $13,785,693.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the transaction, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The disclosure for this sale can be found here. Insiders have sold a total of 3,532 shares of company stock worth $514,819 over the last 90 days. Insiders own 1.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on EXR shares. Wells Fargo & Company lifted their price target on Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. The Goldman Sachs Group upped their price target on shares of Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Scotiabank assumed coverage on Extra Space Storage in a report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 target price for the company. Barclays began coverage on Extra Space Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $157.00 price objective on the stock. Finally, Evercore ISI reduced their target price on shares of Extra Space Storage from $145.00 to $139.00 in a research report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $149.67.

Extra Space Storage Stock Up 0.6 %

Shares of Extra Space Storage stock opened at $142.69 on Tuesday. Extra Space Storage Inc. has a twelve month low of $101.19 and a twelve month high of $164.99. The company has a current ratio of 0.15, a quick ratio of 0.30 and a debt-to-equity ratio of 0.73. The business’s 50 day simple moving average is $141.63 and its 200-day simple moving average is $139.21. The stock has a market capitalization of $30.20 billion, a price-to-earnings ratio of 31.78, a PEG ratio of 3.48 and a beta of 0.76.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). Extra Space Storage had a return on equity of 6.76% and a net margin of 29.10%. The company had revenue of $797.77 million during the quarter, compared to analyst estimates of $778.05 million. During the same quarter in the previous year, the firm earned $2.09 earnings per share. The business’s revenue was up 57.4% compared to the same quarter last year. Equities research analysts forecast that Extra Space Storage Inc. will post 8.05 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $1.62 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.54%. Extra Space Storage’s dividend payout ratio is currently 144.32%.

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.