SMART Wealth LLC Raises Position in Extra Space Storage Inc. (NYSE:EXR)

SMART Wealth LLC boosted its stake in Extra Space Storage Inc. (NYSE:EXR) by 21.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 4,945 shares of the real estate investment trust’s stock after buying an additional 871 shares during the quarter. SMART Wealth LLC’s holdings in Extra Space Storage were worth $891,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its position in Extra Space Storage by 53.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,738 shares of the real estate investment trust’s stock worth $1,824,000 after acquiring an additional 4,102 shares during the last quarter. Swedbank AB boosted its holdings in shares of Extra Space Storage by 4.5% during the 3rd quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust’s stock worth $43,810,000 after purchasing an additional 10,408 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Extra Space Storage by 724.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after purchasing an additional 1,741,320 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its position in Extra Space Storage by 9.5% during the third quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock worth $6,397,000 after buying an additional 3,093 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in Extra Space Storage by 5.9% during the second quarter. Victory Capital Management Inc. now owns 141,936 shares of the real estate investment trust’s stock worth $22,058,000 after buying an additional 7,898 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on EXR. Evercore ISI cut their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Scotiabank dropped their price objective on shares of Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a report on Monday, November 25th. Wells Fargo & Company reissued an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and upped their price objective for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Finally, Royal Bank of Canada assumed coverage on Extra Space Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Extra Space Storage currently has an average rating of “Hold” and an average target price of $171.43.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock opened at $158.20 on Monday. The stock has a market capitalization of $33.54 billion, a price-to-earnings ratio of 41.41, a price-to-earnings-growth ratio of 8.03 and a beta of 0.89. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The business has a 50-day moving average of $166.56 and a 200 day moving average of $165.73. Extra Space Storage Inc. has a 12 month low of $131.02 and a 12 month high of $184.87.

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

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Activity

In related news, Director Diane Olmstead sold 3,081 shares of the firm’s 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 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 this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the transaction, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. This trade represents a 23.67 % decrease in their position. The disclosure for this sale can be found here. 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.