First Hawaiian Bank Invests $437,000 in Extra Space Storage Inc. (NYSE:EXR)

First Hawaiian Bank acquired a new position in Extra Space Storage Inc. (NYSE:EXR) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,813 shares of the real estate investment trust’s stock, valued at approximately $437,000.

A number of other hedge funds also recently bought and sold shares of EXR. EdgeRock Capital LLC acquired a new stake in shares of Extra Space Storage in the fourth quarter valued at approximately $26,000. Creekmur Asset Management LLC purchased a new position in shares of Extra Space Storage during the fourth quarter worth approximately $26,000. Livforsakringsbolaget Skandia Omsesidigt raised its stake in Extra Space Storage by 200.0% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 300 shares of the real estate investment trust’s stock valued at $48,000 after acquiring an additional 200 shares during the last quarter. Cornerstone Advisors LLC acquired a new position in shares of Extra Space Storage during the first quarter worth about $74,000. Finally, Parkside Financial Bank & Trust raised its stake in shares of Extra Space Storage by 30.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 515 shares of the real estate investment trust’s stock worth $83,000 after buying an additional 119 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the sale, the chief executive officer now directly owns 31,690 shares in the company, valued at $4,835,260.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Extra Space Storage news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the transaction, the director now directly owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the transaction, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $172.00 to $155.00 in a research note on Monday. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Wells Fargo & Company lifted their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Barclays upped their price target on Extra Space Storage from $157.00 to $158.00 and gave the stock an “overweight” rating in a report on Monday, May 20th. Finally, Evercore ISI upped their price objective on shares of Extra Space Storage from $140.00 to $151.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and a consensus price target of $160.67.

Extra Space Storage Price Performance

NYSE EXR traded up $5.77 during trading hours on Tuesday, reaching $164.51. 963,505 shares of the company’s stock were exchanged, compared to its average volume of 1,086,389. The company has a current ratio of 0.20, a quick ratio of 0.15 and a debt-to-equity ratio of 0.76. The stock has a market cap of $34.83 billion, a PE ratio of 36.40, a price-to-earnings-growth ratio of 3.37 and a beta of 0.83. The firm has a fifty day moving average of $156.37 and a 200-day moving average of $147.71. Extra Space Storage Inc. has a one year low of $101.19 and a one year high of $171.46.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $1.62 dividend. The ex-dividend date was Friday, June 14th. This represents a $6.48 annualized dividend and a yield of 3.94%. Extra Space Storage’s dividend payout ratio is currently 144.32%.

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.