New Century Financial Group LLC Takes Position in Extra Space Storage Inc. (NYSE:EXR)

New Century Financial Group LLC bought a new position in shares of Extra Space Storage Inc. (NYSE:EXR) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,575 shares of the real estate investment trust’s stock, valued at approximately $238,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Ashton Thomas Securities LLC acquired a new stake in shares of Extra Space Storage in the 3rd quarter worth approximately $33,000. Harvest Fund Management Co. Ltd acquired a new stake in Extra Space Storage in the third quarter valued at $42,000. Continuum Advisory LLC increased its position in shares of Extra Space Storage by 68.1% in the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock valued at $56,000 after buying an additional 126 shares in the last quarter. Sunbelt Securities Inc. raised its stake in shares of Extra Space Storage by 441.2% during the 2nd quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust’s stock worth $96,000 after buying an additional 503 shares during the last quarter. Finally, DiNuzzo Private Wealth Inc. acquired a new position in shares of Extra Space Storage during the 3rd quarter worth $129,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now owns 5,877 shares of the company’s stock, valued at $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Wells Fargo & Company restated an “equal weight” rating and set a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. Evercore ISI cut their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Barclays lowered their target price on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target for the company in a report on Friday, January 10th. Finally, Truist Financial increased their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Extra Space Storage has an average rating of “Hold” and a consensus price target of $171.25.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock opened at $152.08 on Friday. The business’s fifty day moving average price is $156.21 and its 200 day moving average price is $164.74. Extra Space Storage Inc. has a twelve month low of $131.02 and a twelve month high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $32.24 billion, a P/E ratio of 39.81, a PEG ratio of 7.48 and a beta of 0.91.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The firm had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.02 EPS. As a group, research analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.26%. The ex-dividend date was Monday, December 16th. Extra Space Storage’s payout ratio is currently 169.63%.

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.