Greenland Capital Management LP Acquires 4,816 Shares of Extra Space Storage Inc. (NYSE:EXR)

Greenland Capital Management LP lifted its holdings in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 80.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,816 shares of the real estate investment trust's stock after purchasing an additional 4,816 shares during the quarter. Greenland Capital Management LP's holdings in Extra Space Storage were worth $1,618,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EXR. Norges Bank bought a new position in Extra Space Storage during the 4th quarter worth $938,647,000. Massachusetts Financial Services Co. MA increased its position in shares of Extra Space Storage by 3.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust's stock worth $458,520,000 after purchasing an additional 104,986 shares during the period. Invesco Ltd. raised its stake in Extra Space Storage by 3.5% in the fourth quarter. Invesco Ltd. now owns 2,575,742 shares of the real estate investment trust's stock valued at $385,331,000 after purchasing an additional 87,354 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Extra Space Storage by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,409,330 shares of the real estate investment trust's stock worth $360,436,000 after purchasing an additional 43,223 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in Extra Space Storage by 5.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,127,067 shares of the real estate investment trust's stock worth $318,209,000 after buying an additional 106,608 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Extra Space Storage Trading Up 1.5 %

Shares of EXR stock traded up $1.93 during mid-day trading on Friday, reaching $133.77. 1,346,091 shares of the stock traded hands, compared to its average volume of 1,071,945. The stock's fifty day simple moving average is $148.62 and its two-hundred day simple moving average is $156.48. Extra Space Storage Inc. has a 1-year low of $121.03 and a 1-year high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The company has a market cap of $28.39 billion, a price-to-earnings ratio of 35.02, a price-to-earnings-growth ratio of 7.76 and a beta of 0.96.

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

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $1.62 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.84%. Extra Space Storage's payout ratio is 160.40%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on EXR shares. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Extra Space Storage in a report on Thursday, March 6th. Wells Fargo & Company cut their target price on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a research note on Friday, February 21st. Scotiabank upgraded Extra Space Storage from a "sector perform" rating to a "sector outperform" rating and decreased their price target for the company from $165.00 to $149.00 in a research note on Wednesday. Royal Bank of Canada lowered their price target on Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating for the company in a report on Thursday, February 27th. Finally, Mizuho started coverage on Extra Space Storage in a research note on Wednesday. They issued an "outperform" rating and a $141.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus 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.