Erste Asset Management GmbH Acquires New Shares in Extra Space Storage Inc. (NYSE:EXR)

Erste Asset Management GmbH purchased a new stake in Extra Space Storage Inc. (NYSE:EXR) during the third quarter, according to its most recent filing with the SEC. The firm purchased 9,200 shares of the real estate investment trust’s stock, valued at approximately $1,631,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. EdgeRock Capital LLC purchased a new position in Extra Space Storage in the 2nd quarter worth $25,000. Centerpoint Advisors LLC acquired a new stake in Extra Space Storage in the second quarter valued at approximately $27,000. Ashton Thomas Securities LLC acquired a new position in Extra Space Storage during the third quarter worth $33,000. Blue Trust Inc. lifted its stake in Extra Space Storage by 540.5% in the 2nd quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 200 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of Extra Space Storage in the third quarter worth approximately $42,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Price Performance

Shares of EXR opened at $165.54 on Wednesday. The firm has a market cap of $35.09 billion, a PE ratio of 43.34, a PEG ratio of 8.54 and a beta of 0.89. Extra Space Storage Inc. has a twelve month low of $131.02 and a twelve month high of $184.87. The firm’s 50 day moving average price is $169.04 and its 200 day moving average price is $164.73. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. During the same quarter in the prior year, the business posted $2.02 EPS. Extra Space Storage’s revenue was up 10.2% compared to the same quarter last year. As a group, research analysts expect that Extra Space Storage Inc. will post 8.09 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 169.63%.

Insider Transactions at Extra Space Storage

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on EXR. Scotiabank reduced their price target on Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating on the stock in a report on Monday, November 25th. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and lifted their price objective for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. Royal Bank of Canada initiated coverage on Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target for the company. Truist Financial lifted their price target on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Finally, Barclays raised their price target on Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Extra Space Storage has a consensus rating of “Hold” and an average target price of $171.36.

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.