Tobam Decreases Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Tobam lowered its stake in Extra Space Storage Inc. (NYSE:EXR) by 67.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 308 shares of the real estate investment trust’s stock after selling 649 shares during the period. Tobam’s holdings in Extra Space Storage were worth $46,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Cohen & Steers Inc. increased its holdings in Extra Space Storage by 5.9% during the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock valued at $1,383,094,000 after purchasing an additional 516,941 shares during the period. Norges Bank purchased a new position in Extra Space Storage during the 4th quarter valued at about $938,647,000. Dimensional Fund Advisors LP increased its holdings in Extra Space Storage by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust’s stock valued at $469,229,000 after purchasing an additional 24,533 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in Extra Space Storage by 3.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust’s stock valued at $458,520,000 after purchasing an additional 104,986 shares during the period. Finally, Northern Trust Corp increased its holdings in Extra Space Storage by 48.7% during the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust’s stock valued at $430,107,000 after purchasing an additional 941,212 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

Shares of EXR opened at $149.47 on Friday. The stock has a market cap of $31.72 billion, a P/E ratio of 39.13, a P/E/G ratio of 7.76 and a beta of 1.11. Extra Space Storage Inc. has a 52 week low of $121.03 and a 52 week 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 business’s 50 day moving average price is $145.26 and its 200-day moving average price is $149.89.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.04. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. During the same period in the prior year, the company posted $1.96 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. Equities research analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $1.62 per share. The ex-dividend date is Monday, June 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.34%. Extra Space Storage’s dividend payout ratio (DPR) is presently 150.35%.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 9,190 shares of the company’s stock, valued at $1,355,065.50. This trade represents a 44.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.36% of the stock is currently owned by insiders.

Analyst Ratings Changes

EXR has been the topic of a number of research analyst reports. Royal Bank of Canada reduced their price target on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating on the stock in a report on Thursday, May 1st. Evercore ISI upped their target price on Extra Space Storage from $144.00 to $149.00 and gave the stock an “in-line” rating in a report on Thursday, May 1st. Mizuho upped their target price on Extra Space Storage from $141.00 to $153.00 and gave the stock an “outperform” rating in a report on Wednesday, May 28th. Benchmark reduced their target price on Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a report on Tuesday, May 13th. Finally, Bank of America upped their target price on Extra Space Storage from $155.00 to $161.00 and gave the stock a “neutral” rating in a report on Tuesday, May 13th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $159.54.

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.