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

Erste Asset Management GmbH acquired a new stake in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,200 shares of the real estate investment trust's stock, valued at approximately $1,631,000.

Several other hedge funds have also recently modified their holdings of EXR. EdgeRock Capital LLC acquired a new stake in shares of Extra Space Storage during the 2nd quarter worth approximately $25,000. Centerpoint Advisors LLC purchased a new position in shares of Extra Space Storage during the 2nd quarter valued at approximately $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Extra Space Storage during the 3rd quarter valued at approximately $33,000. Blue Trust Inc. lifted its position in shares of Extra Space Storage by 540.5% during 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 purchased a new position in shares of Extra Space Storage during the 3rd quarter valued at approximately $42,000. Institutional investors and hedge funds own 99.11% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on EXR shares. Barclays raised their price objective on Extra Space Storage from $188.00 to $192.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Evercore ISI decreased their price objective on Extra Space Storage from $170.00 to $168.00 and set an "in-line" rating on the stock in a report on Monday, October 14th. Jefferies Financial Group upgraded Extra Space Storage from a "hold" rating to a "buy" rating and raised their price objective for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. 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. Finally, Wells Fargo & Company reiterated an "equal weight" rating and set a $175.00 price target on shares of Extra Space Storage in a report on Monday, October 21st. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $171.36.

Extra Space Storage Stock Down 0.9 %

EXR stock traded down $1.54 during trading on Wednesday, hitting $164.00. 598,153 shares of the company's stock were exchanged, compared to its average volume of 1,026,282. The business has a 50-day moving average price of $168.69 and a two-hundred day moving average price of $164.73. The stock has a market capitalization of $34.76 billion, a price-to-earnings ratio of 42.93, a PEG ratio of 8.54 and a beta of 0.89. Extra Space Storage Inc. has a 52-week low of $131.02 and a 52-week high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR - Get Free Report) 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 analysts' consensus estimates of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $824.80 million during the quarter, compared to analysts' expectations of $826.93 million. During the same quarter in the prior year, the firm posted $2.02 EPS. Extra Space Storage's quarterly revenue was up 10.2% compared to the same quarter last year. As a group, equities research analysts expect that Extra Space Storage Inc. will post 8.09 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm 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 dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date is Monday, December 16th. Extra Space Storage's dividend payout ratio is presently 169.63%.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the transaction, the chief executive officer now directly owns 24,190 shares in the company, valued at approximately $4,318,398.80. This represents a 23.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now owns 5,877 shares in the company, valued at $967,119.12. This trade represents a 34.39 % 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 quarter. Company insiders own 1.36% of the company's stock.

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.