RNC Capital Management LLC Makes New Investment in Extra Space Storage Inc. (NYSE:EXR)

RNC Capital Management LLC acquired a new position in shares of Extra Space Storage Inc. (NYSE:EXR - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,673 shares of the real estate investment trust's stock, valued at approximately $250,000.

A number of other hedge funds have also bought and sold shares of the company. Pathway Financial Advisers LLC grew its position in shares of Extra Space Storage by 17,832.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust's stock worth $363,783,000 after buying an additional 2,007,626 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Extra Space Storage by 724.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust's stock worth $357,100,000 after purchasing an additional 1,741,320 shares during the period. Manning & Napier Advisors LLC increased its stake in Extra Space Storage by 1,127.2% in the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust's stock valued at $116,985,000 after purchasing an additional 718,266 shares in the last quarter. Mizuho Securities USA LLC increased its stake in Extra Space Storage by 1,664.3% in the third quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust's stock valued at $51,912,000 after purchasing an additional 271,765 shares in the last quarter. Finally, Hamlin Capital Management LLC raised its holdings in shares of Extra Space Storage by 44.8% during the third quarter. Hamlin Capital Management LLC now owns 766,043 shares of the real estate investment trust's stock valued at $138,033,000 after purchasing an additional 236,908 shares during the period. Institutional investors own 99.11% of the company's stock.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the company's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the sale, the director now directly owns 5,877 shares of the company's stock, valued at $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. This trade 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 company insiders.

Extra Space Storage Stock Performance

EXR traded up $0.89 during trading on Tuesday, hitting $157.45. 942,715 shares of the company traded hands, compared to its average volume of 1,278,138. The firm has a market cap of $33.38 billion, a P/E ratio of 41.22, a price-to-earnings-growth ratio of 7.77 and a beta of 0.91. The company has a quick ratio of 0.23, a current 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 stock's fifty day moving average is $152.80 and its 200 day moving average is $164.17.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a $1.62 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.12%. Extra Space Storage's dividend payout ratio (DPR) is presently 169.63%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on EXR. StockNews.com upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a report on Tuesday, January 28th. Scotiabank raised shares of Extra Space Storage from a "sector underperform" rating to a "sector perform" rating and set a $167.00 price target for the company in a research report on Friday, January 10th. Wells Fargo & Company restated an "equal weight" rating and set a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Evercore ISI lowered 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 report on Monday, October 14th. Finally, Truist Financial lifted their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a "hold" rating in a research note on Thursday, December 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $174.00.

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.