Alterna Wealth Management Inc. acquired a new stake in Extra Space Storage Inc. (NYSE:EXR – Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 1,251 shares of the real estate investment trust’s stock, valued at approximately $201,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EXR. Zions Bancorporation N.A. increased its stake in shares of Extra Space Storage by 241.9% in the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 150 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Extra Space Storage by 162.5% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 143 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Extra Space Storage during the 3rd quarter worth about $32,000. Anchor Investment Management LLC acquired a new stake in shares of Extra Space Storage during the 4th quarter valued at about $35,000. Finally, Bruce G. Allen Investments LLC bought a new stake in shares of Extra Space Storage in the 4th quarter valued at approximately $41,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.
Insider Activity
In related news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction dated Monday, March 4th. The stock was 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 directly owns 94,126 shares in the company, valued at $13,785,693.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the sale, the executive vice president now owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock valued at $514,819 over the last 90 days. 1.36% of the stock is owned by company insiders.
Extra Space Storage Price Performance
Extra Space Storage (NYSE:EXR – Get Free Report) last released its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The business had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. Extra Space Storage had a net margin of 29.10% and a return on equity of 6.76%. The company’s revenue for the quarter was up 57.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.09 earnings per share. As a group, analysts forecast that Extra Space Storage Inc. will post 8.05 EPS for the current fiscal year.
Extra Space Storage Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $1.62 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.57%. Extra Space Storage’s dividend payout ratio (DPR) is currently 144.32%.
Analysts Set New Price Targets
Several brokerages recently weighed in on EXR. Evercore ISI cut their price objective on shares of Extra Space Storage from $145.00 to $139.00 in a research report on Wednesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Extra Space Storage in a research note on Tuesday, January 30th. They issued a “hold” rating and a $141.00 price objective for the company. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. Barclays assumed coverage on Extra Space Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $157.00 price target for the company. Finally, Scotiabank initiated coverage on Extra Space Storage in a report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 price objective on the stock. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $149.67.
Read Our Latest Stock Analysis on EXR
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.
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