Lecap Asset Management Ltd. Takes Position in Extra Space Storage Inc. (NYSE:EXR)

Lecap Asset Management Ltd. acquired a new position in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,762 shares of the real estate investment trust's stock, valued at approximately $563,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Ashton Thomas Securities LLC purchased a new stake in Extra Space Storage in the third quarter worth $33,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Extra Space Storage during the third quarter valued at $42,000. Continuum Advisory LLC raised its holdings in shares of Extra Space Storage by 68.1% in the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust's stock valued at $56,000 after acquiring an additional 126 shares in the last quarter. DiNuzzo Private Wealth Inc. bought a new position in Extra Space Storage during the 3rd quarter worth about $129,000. Finally, Exchange Traded Concepts LLC increased its position in Extra Space Storage by 13.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 861 shares of the real estate investment trust's stock valued at $129,000 after purchasing an additional 104 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Extra Space Storage

In related news, Director Diane Olmstead sold 3,081 shares of Extra Space Storage 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 completion of the transaction, the director now owns 5,877 shares in the company, valued at $967,119.12. The trade was a 34.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the transaction, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Barclays dropped their price objective on shares of Extra Space Storage from $192.00 to $184.00 and set an "overweight" rating on the stock in a research note on Monday, January 13th. StockNews.com upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a report on Tuesday, January 28th. Wells Fargo & Company restated an "equal weight" rating and set a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Scotiabank upgraded shares of Extra Space Storage from a "sector underperform" rating to a "sector perform" rating and set a $167.00 target price for the company in a report on Friday, January 10th. Finally, Truist Financial increased 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $174.00.

Extra Space Storage Stock Performance

NYSE EXR traded down $2.66 during trading hours on Wednesday, reaching $154.84. The stock had a trading volume of 764,271 shares, compared to its average volume of 1,259,785. Extra Space Storage Inc. has a 52-week low of $131.02 and a 52-week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The stock has a market cap of $32.82 billion, a P/E ratio of 40.53, a price-to-earnings-growth ratio of 7.77 and a beta of 0.91. The stock has a fifty day moving average of $152.64 and a 200 day moving average of $164.12.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage's payout ratio is 169.63%.

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.