Adage Capital Partners GP L.L.C. Purchases New Stake in Extra Space Storage Inc. (NYSE:EXR)

Adage Capital Partners GP L.L.C. acquired a new position in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 128,100 shares of the real estate investment trust's stock, valued at approximately $19,164,000. Adage Capital Partners GP L.L.C. owned about 0.06% of Extra Space Storage at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Brasada Capital Management LP lifted its holdings in Extra Space Storage by 12.5% in the fourth quarter. Brasada Capital Management LP now owns 6,499 shares of the real estate investment trust's stock valued at $958,000 after buying an additional 722 shares during the period. Dark Forest Capital Management LP lifted its stake in shares of Extra Space Storage by 71.1% in the 4th quarter. Dark Forest Capital Management LP now owns 6,558 shares of the real estate investment trust's stock valued at $981,000 after purchasing an additional 2,726 shares during the period. OneDigital Investment Advisors LLC lifted its stake in shares of Extra Space Storage by 35.2% in the 4th quarter. OneDigital Investment Advisors LLC now owns 1,577 shares of the real estate investment trust's stock valued at $236,000 after purchasing an additional 411 shares during the period. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Extra Space Storage by 3.2% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 15,209 shares of the real estate investment trust's stock worth $2,275,000 after purchasing an additional 469 shares during the last quarter. Finally, MetLife Investment Management LLC grew its stake in shares of Extra Space Storage by 1.3% during the fourth quarter. MetLife Investment Management LLC now owns 62,279 shares of the real estate investment trust's stock worth $9,317,000 after purchasing an additional 792 shares during the period. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Extra Space Storage Stock Down 0.6 %

EXR stock opened at $141.05 on Friday. 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 stock has a market capitalization of $29.93 billion, a P/E ratio of 36.92, a P/E/G ratio of 7.76 and a beta of 0.96. Extra Space Storage Inc. has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The business has a 50-day moving average of $145.51 and a 200-day moving average of $154.21.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $821.90 million during the quarter, compared to the consensus estimate of $707.34 million. On average, sell-side analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $1.62 per share. The ex-dividend date was Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.59%. Extra Space Storage's dividend payout ratio (DPR) is presently 160.40%.

Insider Transactions at Extra Space Storage

In related news, EVP William N. Springer sold 1,220 shares of the company's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the sale, the executive vice president now owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the transaction, the chief executive officer now directly owns 9,190 shares of the company's stock, valued at $1,355,065.50. This trade represents a 44.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,392 shares of company stock worth $1,392,315 in the last three months. Insiders own 1.36% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on EXR. Royal Bank of Canada reduced their target price on Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating on the stock in a report on Thursday, February 27th. StockNews.com cut shares of Extra Space Storage from a "hold" rating to a "sell" rating in a report on Friday, March 7th. Wells Fargo & Company cut their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Barclays decreased their price target on shares of Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating for the company in a report on Wednesday, March 12th. Finally, The Goldman Sachs Group restated a "buy" rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Extra Space Storage presently has an average rating of "Hold" and an average price target of $167.25.

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.

Want to see what other hedge funds are holding EXR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Extra Space Storage Inc. (NYSE:EXR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.