CacheTech Inc. Has $834,000 Stake in Extra Space Storage Inc. (NYSE:EXR)

CacheTech Inc. boosted its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 20.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,581 shares of the real estate investment trust’s stock after purchasing an additional 936 shares during the period. CacheTech Inc.’s holdings in Extra Space Storage were worth $834,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Tidal Investments LLC grew its stake in shares of Extra Space Storage by 34.4% in the 3rd quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock valued at $2,278,000 after buying an additional 3,234 shares in the last quarter. Manning & Napier Advisors LLC grew its position in Extra Space Storage by 1,127.2% in the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust’s stock worth $116,985,000 after acquiring an additional 718,266 shares in the last quarter. Vert Asset Management LLC increased its stake in shares of Extra Space Storage by 8.0% during the 4th quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust’s stock worth $13,984,000 after purchasing an additional 6,910 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Extra Space Storage by 134.3% during the 4th quarter. Pacer Advisors Inc. now owns 167,735 shares of the real estate investment trust’s stock worth $25,093,000 after purchasing an additional 96,136 shares during the last quarter. Finally, Brentview Investment Management LLC bought a new position in shares of Extra Space Storage during the 4th quarter valued at $2,852,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insider Activity

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the sale, the chief executive officer now owns 9,190 shares in the company, valued at $1,355,065.50. The trade was a 44.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP William N. Springer sold 1,220 shares of the stock in a transaction 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 completion of the transaction, the executive vice president now owns 20,158 shares of the company’s stock, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,392 shares of company stock worth $1,392,315. Company insiders own 1.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on EXR. 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 research report on Wednesday, March 12th. Mizuho assumed coverage on Extra Space Storage in a report on Wednesday, April 9th. They set an “outperform” rating and a $141.00 price objective on the stock. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a report on Friday, March 7th. Scotiabank raised Extra Space Storage from a “sector perform” rating to a “sector outperform” rating and decreased their target price for the stock from $165.00 to $149.00 in a research report on Wednesday, April 9th. Finally, Wells Fargo & Company dropped their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Extra Space Storage has a consensus rating of “Hold” and a consensus target price of $167.25.

Extra Space Storage Price Performance

NYSE:EXR opened at $137.41 on Tuesday. 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 one year low of $121.03 and a one year high of $184.87. The company has a fifty day moving average price of $148.27 and a 200 day moving average price of $156.20. The stock has a market cap of $29.16 billion, a P/E ratio of 35.97, a PEG ratio of 7.76 and a beta of 0.96.

Extra Space Storage (NYSE:EXR) last released its 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 business had revenue of $821.90 million during the quarter, compared to analysts’ expectations of $707.34 million. Analysts anticipate 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 disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.72%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage’s payout ratio is presently 160.40%.

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.