Family Firm Inc. Acquires New Position in Extra Space Storage Inc. (NYSE:EXR)

Family Firm Inc. acquired a new stake in Extra Space Storage Inc. (NYSE:EXR) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 617 shares of the real estate investment trust’s stock, valued at approximately $96,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Massmutual Trust Co. FSB ADV grew its position in Extra Space Storage by 19.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after buying an additional 76 shares during the period. QRG Capital Management Inc. increased its stake in shares of Extra Space Storage by 5.2% in the 1st quarter. QRG Capital Management Inc. now owns 1,588 shares of the real estate investment trust’s stock valued at $233,000 after purchasing an additional 78 shares in the last quarter. Park Avenue Securities LLC raised its holdings in Extra Space Storage by 2.1% in the 2nd quarter. Park Avenue Securities LLC now owns 3,773 shares of the real estate investment trust’s stock worth $586,000 after purchasing an additional 79 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its position in Extra Space Storage by 19.1% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 706 shares of the real estate investment trust’s stock worth $113,000 after purchasing an additional 113 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its holdings in Extra Space Storage by 30.1% in 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 during the period. 99.11% of the stock is currently owned by institutional investors.

Insider Transactions at Extra Space Storage

In related news, 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 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 approximately $4,835,260.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Joseph J. Bonner sold 677 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $148.22, for a total transaction of $100,344.94. Following the completion of the transaction, the director now directly owns 5,229 shares of the company’s stock, valued at $775,042.38. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s 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 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. Corporate insiders own 1.36% of the company’s stock.

Extra Space Storage Trading Up 2.6 %

Shares of EXR traded up $4.52 during midday trading on Friday, hitting $178.22. 792,933 shares of the stock were exchanged, compared to its average volume of 1,056,976. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.15 and a current ratio of 0.20. The firm has a market cap of $37.73 billion, a P/E ratio of 39.69, a P/E/G ratio of 3.37 and a beta of 0.83. Extra Space Storage Inc. has a 52-week low of $101.19 and a 52-week high of $178.63. The stock has a fifty day simple moving average of $161.72 and a 200 day simple moving average of $149.76.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.64%. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Barclays increased their target price on Extra Space Storage from $158.00 to $188.00 and gave the company an “overweight” rating in a research report on Thursday. Wells Fargo & Company boosted their price objective on Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Citigroup decreased their target price on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, June 7th. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, Raymond James boosted their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $165.25.

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.