Commonwealth Equity Services LLC Raises Stake in Extra Space Storage Inc. (NYSE:EXR)

Commonwealth Equity Services LLC grew its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 7.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,572 shares of the real estate investment trust’s stock after purchasing an additional 1,472 shares during the period. Commonwealth Equity Services LLC’s holdings in Extra Space Storage were worth $3,024,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC purchased a new position in Extra Space Storage in the 3rd quarter valued at about $439,000. Qube Research & Technologies Ltd acquired a new position in shares of Extra Space Storage during the 3rd quarter valued at about $1,895,000. Lazard Asset Management LLC increased its stake in shares of Extra Space Storage by 544.8% during the 3rd quarter. Lazard Asset Management LLC now owns 3,701 shares of the real estate investment trust’s stock valued at $449,000 after acquiring an additional 3,127 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Extra Space Storage by 402.6% during the 3rd quarter. AQR Capital Management LLC now owns 88,819 shares of the real estate investment trust’s stock valued at $10,796,000 after acquiring an additional 71,148 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its stake in shares of Extra Space Storage by 29.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 17,510 shares of the real estate investment trust’s stock valued at $2,129,000 after acquiring an additional 3,993 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on EXR shares. Wells Fargo & Company upped their price objective on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. Raymond James reissued an “outperform” rating and set a $160.00 target price on shares of Extra Space Storage in a research report on Thursday, March 28th. Citigroup dropped their target price on shares of Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, June 7th. Evercore ISI dropped their target price on shares of Extra Space Storage from $145.00 to $139.00 in a research report on Wednesday, May 1st. Finally, Barclays increased their target price on shares of Extra Space Storage from $157.00 to $158.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $151.83.

Insider Transactions at Extra Space Storage

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

Extra Space Storage Stock Performance

Shares of EXR traded down $0.17 during mid-day trading on Friday, hitting $154.03. The stock had a trading volume of 127,735 shares, compared to its average volume of 1,103,709. The company has a market cap of $32.61 billion, a PE ratio of 34.34, a PEG ratio of 3.25 and a beta of 0.83. The company’s fifty day simple moving average is $148.67 and its two-hundred day simple moving average is $146.98. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.73. Extra Space Storage Inc. has a fifty-two week low of $101.19 and a fifty-two week high of $164.99.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.21%. The ex-dividend date was Friday, June 14th. Extra Space Storage’s payout ratio is currently 144.32%.

Extra Space Storage Company 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.