Metis Global Partners LLC Acquires 5,297 Shares of Extra Space Storage Inc. (NYSE:EXR)

Metis Global Partners LLC lifted its position in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) by 21.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,848 shares of the real estate investment trust's stock after acquiring an additional 5,297 shares during the quarter. Metis Global Partners LLC's holdings in Extra Space Storage were worth $5,378,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EXR. EdgeRock Capital LLC purchased a new stake in Extra Space Storage during the second quarter valued at about $25,000. Centerpoint Advisors LLC acquired a new stake in Extra Space Storage during the second quarter worth about $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Extra Space Storage during the third quarter valued at $33,000. Blue Trust Inc. lifted its holdings in Extra Space Storage by 540.5% in the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 200 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in Extra Space Storage by 2,760.0% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 286 shares of the real estate investment trust's stock worth $44,000 after acquiring an additional 276 shares during the period. Institutional investors and hedge funds own 99.11% of the company's stock.

Analysts Set New Price Targets

EXR has been the subject of several recent analyst reports. Jefferies Financial Group raised Extra Space Storage from a "hold" rating to a "buy" rating and raised their target price for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. Evercore ISI cut their price objective 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. Raymond James raised their target price on Extra Space Storage from $160.00 to $175.00 and gave the company an "outperform" rating in a report on Tuesday, July 23rd. KeyCorp raised their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an "overweight" rating in a research note on Monday, September 9th. Finally, Royal Bank of Canada started coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They set a "sector perform" rating and a $180.00 target price for the company. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Extra Space Storage presently has a consensus rating of "Hold" and a consensus target price of $171.50.

Extra Space Storage Trading Down 0.4 %

EXR traded down $0.59 during mid-day trading on Thursday, reaching $163.45. The stock had a trading volume of 872,495 shares, compared to its average volume of 1,037,079. The firm's fifty day simple moving average is $171.88 and its two-hundred day simple moving average is $162.26. The stock has a market capitalization of $34.65 billion, a P/E ratio of 42.59, a P/E/G ratio of 6.11 and a beta of 0.87. Extra Space Storage Inc. has a 52 week low of $125.32 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.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.03 by ($1.12). The business had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Extra Space Storage's revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.02 earnings per share. On average, equities analysts predict that Extra Space Storage Inc. will post 8.09 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $1.62 dividend. The ex-dividend date was Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.96%. Extra Space Storage's payout ratio is 169.63%.

Insider Buying and Selling

In related news, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the transaction, the executive vice president now directly owns 11,919 shares of the company's stock, valued at $2,089,758.27. This trade represents a 14.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the sale, the executive vice president now owns 32,855 shares of the company's stock, valued at $5,815,663.55. The trade was a 7.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,970 shares of company stock valued at $3,367,307. 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.