Wedge Capital Management L L P NC Acquires 68 Shares of Extra Space Storage Inc. (NYSE:EXR)

Wedge Capital Management L L P NC grew its stake in Extra Space Storage Inc. (NYSE:EXR) by 1.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 5,138 shares of the real estate investment trust’s stock after buying an additional 68 shares during the period. Wedge Capital Management L L P NC’s holdings in Extra Space Storage were worth $769,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Mercer Global Advisors Inc. ADV increased its stake in Extra Space Storage by 8.1% in the second quarter. Mercer Global Advisors Inc. ADV now owns 3,599 shares of the real estate investment trust’s stock valued at $568,000 after purchasing an additional 270 shares in the last quarter. Blair William & Co. IL bought a new stake in shares of Extra Space Storage in the second quarter worth about $221,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Extra Space Storage by 3.6% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,730 shares of the real estate investment trust’s stock valued at $424,000 after purchasing an additional 94 shares during the period. Summit Trail Advisors LLC bought a new position in Extra Space Storage in the second quarter valued at approximately $250,000. Finally, Profund Advisors LLC boosted its holdings in shares of Extra Space Storage by 2.9% in the second quarter. Profund Advisors LLC now owns 3,279 shares of the real estate investment trust’s stock valued at $510,000 after buying an additional 93 shares during the period. 99.11% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Extra Space Storage

In related news, Director Diane Olmstead sold 3,081 shares of the business’s stock in a transaction 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 transaction, the director now owns 5,877 shares in the company, valued at $967,119.12. The trade was a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is owned by company insiders.

Extra Space Storage Stock Up 0.8 %

NYSE EXR opened at $151.85 on Wednesday. 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 fifty-two week low of $131.02 and a fifty-two week high of $184.87. The stock has a market capitalization of $32.19 billion, a PE ratio of 39.75, a PEG ratio of 7.50 and a beta of 0.91. The business has a fifty day moving average price of $156.95 and a two-hundred day moving average price of $164.96.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data 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). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. During the same quarter in the prior year, the company earned $2.02 earnings per share. Extra Space Storage’s revenue for the quarter was up 10.2% compared to the same quarter last year. Equities analysts expect that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.27%. The ex-dividend date was Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 169.63%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Barclays dropped their price target on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Scotiabank raised shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 target price for the company in a research report on Friday, January 10th. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. Finally, Evercore ISI decreased their price target 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. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $171.25.

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.