Gradient Investments LLC Raises Stock Holdings in Extra Space Storage Inc. (NYSE:EXR)

Gradient Investments LLC raised its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 5.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 199,393 shares of the real estate investment trust’s stock after buying an additional 10,619 shares during the period. Gradient Investments LLC’s holdings in Extra Space Storage were worth $29,829,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new stake in shares of Extra Space Storage in the third quarter worth about $33,000. Harvest Fund Management Co. Ltd purchased a new stake in Extra Space Storage in the 3rd quarter worth approximately $42,000. Continuum Advisory LLC grew its position in shares of Extra Space Storage by 68.1% in the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after buying an additional 126 shares during the last quarter. Sunbelt Securities Inc. increased its stake in shares of Extra Space Storage by 441.2% during the second quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust’s stock valued at $96,000 after buying an additional 503 shares during the period. Finally, DiNuzzo Private Wealth Inc. bought a new position in shares of Extra Space Storage during the third quarter valued at approximately $129,000. Institutional investors own 99.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on EXR shares. Truist Financial boosted their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Barclays cut their price objective on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Scotiabank upgraded 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 note on Friday, January 10th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $175.00 price target on shares of Extra Space Storage in a research note on Monday, October 21st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Extra Space Storage has an average rating of “Hold” and an average price target of $171.25.

Extra Space Storage Stock Performance

Shares of EXR stock opened at $152.08 on Friday. The company has a market capitalization of $32.24 billion, a price-to-earnings ratio of 39.81, a price-to-earnings-growth ratio of 7.48 and a beta of 0.91. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. Extra Space Storage Inc. has a one year low of $131.02 and a one year high of $184.87. The company’s 50-day moving average is $156.21 and its 200 day moving average is $164.74.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. During the same quarter in the previous year, the company earned $2.02 EPS. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. Sell-side analysts expect that Extra Space Storage Inc. will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.26%. The ex-dividend date was Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Activity

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the transaction, the director now owns 5,877 shares in the company, valued at approximately $967,119.12. This represents a 34.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. The trade was a 31.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

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.