Woodline Partners LP Purchases New Position in Extra Space Storage Inc. (NYSE:EXR)

Woodline Partners LP purchased a new position in Extra Space Storage Inc. (NYSE:EXR) in the fourth quarter, HoldingsChannel reports. The fund purchased 151,413 shares of the real estate investment trust’s stock, valued at approximately $22,651,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Manning & Napier Advisors LLC grew its holdings in shares of Extra Space Storage by 1,127.2% during the 4th quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust’s stock worth $116,985,000 after acquiring an additional 718,266 shares during the period. Vert Asset Management LLC lifted its stake in shares of Extra Space Storage by 8.0% in the 4th quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust’s stock valued at $13,984,000 after purchasing an additional 6,910 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Extra Space Storage by 134.3% in the 4th quarter. Pacer Advisors Inc. now owns 167,735 shares of the real estate investment trust’s stock valued at $25,093,000 after purchasing an additional 96,136 shares during the period. Brentview Investment Management LLC bought a new stake in shares of Extra Space Storage during the fourth quarter valued at approximately $2,852,000. Finally, D.B. Root & Company LLC purchased a new stake in Extra Space Storage in the fourth quarter worth $313,000. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Extra Space Storage

In other news, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the sale, the executive vice president now directly owns 20,158 shares in the company, valued at $3,077,320.28. The trade was a 5.71% 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, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the transaction, the chief executive officer now directly owns 9,190 shares of the company’s stock, valued at $1,355,065.50. The trade was a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,392 shares of company stock valued at $1,392,315 over the last ninety days. Insiders own 0.96% of the company’s stock.

Extra Space Storage Trading Down 0.3%

Shares of NYSE EXR opened at $152.11 on Wednesday. The firm’s 50 day moving average price is $143.32 and its 200-day moving average price is $151.86. Extra Space Storage Inc. has a 52-week low of $121.03 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 company has a market cap of $32.28 billion, a PE ratio of 39.82, a P/E/G ratio of 7.76 and a beta of 1.14.

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

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage’s payout ratio is currently 150.35%.

Analyst Upgrades and Downgrades

Several brokerages have commented on EXR. Scotiabank raised their price objective on Extra Space Storage from $149.00 to $166.00 and gave the company a “sector outperform” rating in a research report on Monday, May 12th. Benchmark decreased their price target on shares of Extra Space Storage from $61.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, May 13th. Mizuho began coverage on shares of Extra Space Storage in a research report on Wednesday, April 9th. They set an “outperform” rating and a $141.00 price target for the company. Bank of America boosted their price objective on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company decreased their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $158.46.

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.