HighTower Advisors LLC Has $6.81 Million Stake in Extra Space Storage Inc. (NYSE:EXR)

HighTower Advisors LLC lifted its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 2.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,550 shares of the real estate investment trust’s stock after buying an additional 1,130 shares during the period. HighTower Advisors LLC’s holdings in Extra Space Storage were worth $6,814,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC bought a new stake in Extra Space Storage in the 4th quarter valued at approximately $25,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Extra Space Storage in the third quarter valued at approximately $42,000. Quent Capital LLC raised its holdings in shares of Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 154 shares during the last quarter. Asset Planning Inc acquired a new stake in shares of Extra Space Storage in the fourth quarter valued at approximately $52,000. Finally, Kestra Investment Management LLC acquired a new stake in shares of Extra Space Storage in the fourth quarter valued at approximately $54,000. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Price Performance

NYSE:EXR opened at $147.85 on Wednesday. The firm’s fifty day moving average price is $152.88 and its two-hundred day moving average price is $161.60. 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 company has a market cap of $31.34 billion, a P/E ratio of 38.70, a P/E/G ratio of 7.76 and a beta of 0.90. Extra Space Storage Inc. has a one year low of $131.02 and a one year high of $184.87.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $821.90 million for the quarter, compared to analysts’ expectations of $707.34 million. Equities analysts expect that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.38%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s payout ratio is 160.40%.

Insider Activity

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now owns 20,158 shares in the company, valued at $3,077,320.28. This represents a 5.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares of the company’s stock, valued at approximately $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,392 shares of company stock valued at $1,396,515. 1.36% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Friday, March 7th. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Truist Financial lifted their price objective 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. Royal Bank of Canada lowered their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Finally, Barclays lowered their target price on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a report on Wednesday, March 12th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $171.09.

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.