1832 Asset Management L.P. Sells 20,300 Shares of Extra Space Storage Inc. (NYSE:EXR)

1832 Asset Management L.P. lessened its position in Extra Space Storage Inc. (NYSE:EXR) by 65.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,700 shares of the real estate investment trust’s stock after selling 20,300 shares during the quarter. 1832 Asset Management L.P.’s holdings in Extra Space Storage were worth $1,573,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in EXR. EdgeRock Capital LLC bought a new stake in shares of Extra Space Storage during the 4th quarter valued at $26,000. Creekmur Asset Management LLC bought a new stake in Extra Space Storage during the fourth quarter worth about $26,000. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Extra Space Storage by 200.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 300 shares of the real estate investment trust’s stock worth $48,000 after acquiring an additional 200 shares in the last quarter. Cornerstone Advisors LLC bought a new position in shares of Extra Space Storage during the first quarter valued at approximately $74,000. Finally, Parkside Financial Bank & Trust increased its stake in shares of Extra Space Storage by 30.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 515 shares of the real estate investment trust’s stock valued at $83,000 after purchasing an additional 119 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on EXR shares. Citigroup cut their price target on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, June 7th. Wells Fargo & Company increased their target price on Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday. Evercore ISI upped their price target on shares of Extra Space Storage from $140.00 to $151.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Raymond James raised their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Barclays upped 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 note on Monday, May 20th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $157.67.

Extra Space Storage Stock Up 2.4 %

EXR stock traded up $3.92 on Friday, hitting $164.61. 742,322 shares of the company’s stock were exchanged, compared to its average volume of 786,388. The firm has a 50 day moving average price of $154.38 and a two-hundred day moving average price of $147.29. Extra Space Storage Inc. has a 12-month low of $101.19 and a 12-month high of $171.46. The stock has a market cap of $34.85 billion, a P/E ratio of 36.66, a price-to-earnings-growth ratio of 3.47 and a beta of 0.83. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.15 and a current ratio of 0.15.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $1.62 per share. The ex-dividend date was Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.94%. Extra Space Storage’s payout ratio is 144.32%.

Insider Activity

In other Extra Space Storage news, Director Joseph J. Bonner sold 677 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the sale, the director now owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related 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 owns 5,229 shares in the company, valued at $775,042.38. 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 stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

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.