Van ECK Associates Corp Raises Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Van ECK Associates Corp raised its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 14.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,379 shares of the real estate investment trust’s stock after purchasing an additional 10,822 shares during the period. Van ECK Associates Corp’s holdings in Extra Space Storage were worth $13,849,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Zions Bancorporation N.A. lifted its stake in Extra Space Storage by 241.9% in the 3rd quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 150 shares in the last quarter. Anchor Investment Management LLC purchased a new position in shares of Extra Space Storage in the fourth quarter valued at approximately $35,000. EverSource Wealth Advisors LLC boosted its stake in shares of Extra Space Storage by 162.5% in the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 143 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Extra Space Storage during the fourth quarter worth approximately $41,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in Extra Space Storage in the 3rd quarter valued at $32,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Price Performance

NYSE:EXR opened at $138.70 on Thursday. The company has a market capitalization of $29.35 billion, a P/E ratio of 30.89, a P/E/G ratio of 3.30 and a beta of 0.76. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71. Extra Space Storage Inc. has a 52 week low of $101.19 and a 52 week high of $164.99. The stock’s fifty day moving average is $141.55 and its two-hundred day moving average is $138.54.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.01). The company had revenue of $797.77 million during the quarter, compared to analysts’ expectations of $778.05 million. Extra Space Storage had a net margin of 29.10% and a return on equity of 7.28%. The firm’s quarterly revenue was up 57.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.09 earnings per share. Equities analysts expect that Extra Space Storage Inc. will post 8.05 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $1.62 per share. The ex-dividend date was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.67%. Extra Space Storage’s payout ratio is currently 144.32%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the transaction, the executive vice president now directly owns 37,028 shares in the company, valued at $5,369,060. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the sale, the chief marketing officer now owns 94,126 shares in the company, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,532 shares of company stock worth $514,819. Insiders own 1.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on EXR shares. Evercore ISI lowered their target price on shares of Extra Space Storage from $145.00 to $139.00 in a research note on Wednesday. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. Wells Fargo & Company increased their price objective on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, April 5th. TheStreet upgraded Extra Space Storage from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. Finally, Raymond James restated an “outperform” rating and issued a $160.00 price target on shares of Extra Space Storage in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $149.67.

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.