Pallas Capital Advisors LLC Acquires 6,889 Shares of Extra Space Storage Inc. (NYSE:EXR)

Pallas Capital Advisors LLC increased its holdings in Extra Space Storage Inc. (NYSE:EXR) by 93.4% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 14,266 shares of the real estate investment trust’s stock after purchasing an additional 6,889 shares during the period. Pallas Capital Advisors LLC’s holdings in Extra Space Storage were worth $2,118,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Golden State Wealth Management LLC bought a new stake in Extra Space Storage in the 4th quarter worth about $25,000. Harbour Investments Inc. increased its holdings in Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 80 shares in the last quarter. Quent Capital LLC increased its holdings in Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 154 shares in the last quarter. Asset Planning Inc bought a new stake in Extra Space Storage in the 4th quarter worth about $52,000. Finally, Quarry LP increased its holdings in Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 217 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Wells Fargo & Company reduced their price objective on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Wall Street Zen upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Bank of America boosted their price target on Extra Space Storage from $155.00 to $161.00 and gave the company a “neutral” rating in a research note on Tuesday, May 13th. Finally, Barclays cut their price target on Extra Space Storage from $181.00 to $178.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $159.33.

Extra Space Storage Trading Up 0.4%

Extra Space Storage stock opened at $150.46 on Tuesday. The business has a 50-day simple moving average of $144.04 and a two-hundred day simple moving average of $150.17. The company has a market cap of $31.93 billion, a P/E ratio of 39.39, a P/E/G ratio of 7.76 and a beta of 1.11. 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 52-week low of $121.03 and a 52-week high of $184.87.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data 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. The company had revenue of $820.00 million during the quarter, compared to the consensus estimate 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 revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.96 EPS. Analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a dividend of $1.62 per share. The ex-dividend date is Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.31%. 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 business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 9,190 shares in the company, valued at approximately $1,355,065.50. The trade was a 44.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph J. Bonner sold 672 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the transaction, the director now owns 4,557 shares of the company’s stock, valued at approximately $679,448.70. This trade represents a 12.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.96% of the stock is currently owned by corporate insiders.

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.