World Investment Advisors LLC Takes Position in Extra Space Storage Inc. (NYSE:EXR)

World Investment Advisors LLC bought a new position in shares of Extra Space Storage Inc. (NYSE:EXR) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 1,196 shares of the real estate investment trust’s stock, valued at approximately $216,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. EdgeRock Capital LLC acquired a new stake in shares of Extra Space Storage during the second quarter worth about $25,000. Centerpoint Advisors LLC purchased a new stake in Extra Space Storage during the 2nd quarter worth approximately $27,000. Ashton Thomas Securities LLC acquired a new stake in Extra Space Storage during the 3rd quarter worth approximately $33,000. Harvest Fund Management Co. Ltd purchased a new position in Extra Space Storage in the 3rd quarter valued at approximately $42,000. Finally, Blue Trust Inc. boosted its position in Extra Space Storage by 540.5% in the 2nd quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 200 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. KeyCorp increased their price objective on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. Royal Bank of Canada began coverage on Extra Space Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective for the company. Truist Financial raised their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Barclays boosted their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Extra Space Storage presently has an average rating of “Hold” and an average target price of $171.43.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $142.35 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. Extra Space Storage Inc. has a 12 month low of $131.02 and a 12 month high of $184.87. The firm has a market capitalization of $30.18 billion, a P/E ratio of 37.26, a P/E/G ratio of 8.03 and a beta of 0.89. The company’s fifty day moving average price is $164.92 and its 200 day moving average price is $165.61.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 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 analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm posted $2.02 EPS. As a group, sell-side analysts predict that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.55%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s payout ratio is currently 169.63%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the sale, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This represents a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following 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 position. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

Extra Space Storage 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.