Brooklyn Investment Group Purchases New Position in Extra Space Storage Inc. (NYSE:EXR)

Brooklyn Investment Group acquired a new position in Extra Space Storage Inc. (NYSE:EXR) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,075 shares of the real estate investment trust’s stock, valued at approximately $194,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Gateway Investment Advisers LLC acquired a new stake in shares of Extra Space Storage during the 2nd quarter valued at about $16,026,000. MADDEN SECURITIES Corp purchased a new position in Extra Space Storage during the second quarter worth approximately $1,002,000. Tidal Investments LLC grew its holdings in Extra Space Storage by 262.5% in the first quarter. Tidal Investments LLC now owns 12,967 shares of the real estate investment trust’s stock valued at $1,906,000 after purchasing an additional 9,390 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Extra Space Storage by 53.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,738 shares of the real estate investment trust’s stock valued at $1,824,000 after buying an additional 4,102 shares in the last quarter. Finally, Czech National Bank raised its stake in shares of Extra Space Storage by 8.5% during the 2nd quarter. Czech National Bank now owns 40,346 shares of the real estate investment trust’s stock worth $6,270,000 after buying an additional 3,172 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on EXR. Evercore ISI dropped their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Wells Fargo & Company restated an “equal weight” rating and issued a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. Royal Bank of Canada started coverage on Extra Space Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target for the company. Barclays increased their price objective on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $171.36.

Extra Space Storage Stock Performance

NYSE:EXR opened at $171.68 on Wednesday. The company’s 50-day moving average is $170.15 and its two-hundred day moving average is $164.03. Extra Space Storage Inc. has a 1-year low of $125.82 and a 1-year high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The firm has a market capitalization of $36.39 billion, a price-to-earnings ratio of 44.94, a PEG ratio of 8.58 and a beta of 0.87.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same quarter in the previous year, the company posted $2.02 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. Analysts forecast that Extra Space Storage Inc. will post 8.09 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 annualized dividend and a yield of 3.77%. Extra Space Storage’s dividend payout ratio (DPR) is currently 169.63%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth M. Woolley sold 6,647 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the transaction, the director now owns 404,306 shares in the company, valued at $71,655,152.38. This trade represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,228 shares of company stock valued at $3,023,957 over the last 90 days. 1.36% of the stock is owned by insiders.

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.