Point72 Asia Singapore Pte. Ltd. Makes New $403,000 Investment in Extra Space Storage Inc. (NYSE:EXR)

Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Extra Space Storage Inc. (NYSE:EXR) during the 4th quarter, Holdings Channel.com reports. The firm acquired 2,694 shares of the real estate investment trust’s stock, valued at approximately $403,000.

Other institutional investors have also modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in Extra Space Storage during the 4th quarter worth approximately $25,000. Harbour Investments Inc. increased its position in shares of Extra Space Storage by 90.9% during the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 80 shares in the last quarter. Quent Capital LLC raised its holdings in shares of Extra Space Storage by 89.0% during the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 154 shares during the period. Asset Planning Inc bought a new stake in Extra Space Storage in the 4th quarter valued at $52,000. Finally, Quarry LP lifted its position in Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 217 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on EXR shares. Barclays dropped their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. Benchmark cut their target price on Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday. Royal Bank of Canada reduced their price target on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating for the company in a research report on Thursday, May 1st. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Finally, Wells Fargo & Company reduced their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $158.69.

Insider Buying and Selling

In related news, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the transaction, the executive vice president now owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 9,190 shares in the company, valued at approximately $1,355,065.50. This represents a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,392 shares of company stock valued at $1,392,315. 0.96% of the stock is owned by insiders.

Extra Space Storage Stock Performance

Shares of EXR stock opened at $148.48 on Friday. The stock has a market cap of $31.51 billion, a P/E ratio of 38.87, a P/E/G ratio of 7.76 and a beta of 1.14. The company has a fifty day moving average price of $143.11 and a two-hundred day moving average price of $152.18. Extra Space Storage Inc. has a one year low of $121.03 and a one year high of $184.87. 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 (NYSE:EXR) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.96 by $0.04. The business had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $705.12 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Extra Space Storage’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company posted $1.96 earnings per share. As a group, equities analysts predict that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.36%. Extra Space Storage’s dividend payout ratio is currently 150.35%.

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.