Gradient Investments LLC Increases Position in Extra Space Storage Inc. (NYSE:EXR)

Gradient Investments LLC lifted its stake in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 5.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 199,393 shares of the real estate investment trust's stock after buying an additional 10,619 shares during the quarter. Gradient Investments LLC owned about 0.09% of Extra Space Storage worth $29,829,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of EXR. Ashton Thomas Securities LLC acquired a new stake in shares of Extra Space Storage in the third quarter valued at approximately $33,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Extra Space Storage in the 3rd quarter valued at $42,000. Continuum Advisory LLC raised its holdings in shares of Extra Space Storage by 68.1% during the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust's stock worth $56,000 after buying an additional 126 shares in the last quarter. Sunbelt Securities Inc. boosted its stake in Extra Space Storage by 441.2% in the second quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust's stock valued at $96,000 after buying an additional 503 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. bought a new stake in shares of Extra Space Storage during the 3rd quarter valued at approximately $129,000. Institutional investors own 99.11% of the company's stock.

Insiders Place Their Bets

In other news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the sale, the director now owns 5,877 shares in the company, valued at approximately $967,119.12. This represents a 34.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the sale, the chief executive officer now directly owns 16,690 shares in the company, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.36% of the company's stock.

Extra Space Storage Price Performance

Extra Space Storage stock traded up $0.58 during mid-day trading on Friday, hitting $152.08. The stock had a trading volume of 2,334,782 shares, compared to its average volume of 872,715. The firm's 50 day moving average is $155.96 and its 200 day moving average is $164.72. 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 Inc. has a one year low of $131.02 and a one year high of $184.87. The firm has a market capitalization of $32.24 billion, a P/E ratio of 39.81, a P/E/G ratio of 7.48 and a beta of 0.91.

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 (EPS) 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 firm had revenue of $824.80 million for the quarter, compared to analysts' expectations of $826.93 million. During the same period last year, the company earned $2.02 earnings per share. The firm's revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.26%. The ex-dividend date was Monday, December 16th. Extra Space Storage's dividend payout ratio (DPR) is presently 169.63%.

Analysts Set New Price Targets

EXR has been the topic of several analyst reports. Scotiabank raised shares of Extra Space Storage from a "sector underperform" rating to a "sector perform" rating and set a $167.00 price objective on the stock in a research note on Friday, January 10th. StockNews.com downgraded shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research report on Thursday, October 31st. Barclays cut their target price on Extra Space Storage from $192.00 to $184.00 and set an "overweight" rating on the stock in a research report on Monday, January 13th. Evercore ISI dropped their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an "in-line" rating on the stock in a research report on Monday, October 14th. Finally, Truist Financial boosted their price target on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a "hold" rating in a research report on Thursday, December 5th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $171.25.

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.