Hamlin Capital Management LLC Boosts Stake in Extra Space Storage Inc. (NYSE:EXR)

Hamlin Capital Management LLC raised its position in Extra Space Storage Inc. (NYSE:EXR) by 11.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 850,800 shares of the real estate investment trust’s stock after purchasing an additional 84,757 shares during the period. Extra Space Storage accounts for 3.2% of Hamlin Capital Management LLC’s holdings, making the stock its 21st biggest position. Hamlin Capital Management LLC’s holdings in Extra Space Storage were worth $127,280,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Gilman Hill Asset Management LLC raised its holdings in shares of Extra Space Storage by 13.3% in the 4th quarter. Gilman Hill Asset Management LLC now owns 1,492 shares of the real estate investment trust’s stock worth $223,000 after purchasing an additional 175 shares during the period. Liberty One Investment Management LLC raised its holdings in Extra Space Storage by 8.1% during the 4th quarter. Liberty One Investment Management LLC now owns 28,387 shares of the real estate investment trust’s stock valued at $4,247,000 after acquiring an additional 2,118 shares during the period. Ameritas Advisory Services LLC bought a new stake in Extra Space Storage during the 4th quarter valued at $717,000. Arkadios Wealth Advisors raised its holdings in Extra Space Storage by 9.5% during the 4th quarter. Arkadios Wealth Advisors now owns 6,182 shares of the real estate investment trust’s stock valued at $925,000 after acquiring an additional 534 shares during the period. Finally, Merit Financial Group LLC raised its holdings in Extra Space Storage by 163.0% during the 4th quarter. Merit Financial Group LLC now owns 3,124 shares of the real estate investment trust’s stock valued at $467,000 after acquiring an additional 1,936 shares during the period. Institutional investors own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

EXR has been the topic of a number of analyst reports. Truist Financial boosted their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Scotiabank upgraded shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target for the company in a research report on Friday, January 10th. Barclays reduced their price target on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Finally, Evercore ISI reduced their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Extra Space Storage presently has an average rating of “Hold” and an average price target of $171.25.

Insiders Place Their Bets

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction on Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the transaction, the director now owns 5,877 shares in the company, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the transaction, the chief executive officer now 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. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Stock Performance

NYSE EXR opened at $150.75 on Tuesday. The company has a 50-day simple moving average of $156.95 and a two-hundred day simple moving average of $164.96. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a 12-month low of $131.02 and a 12-month high of $184.87. The firm has a market cap of $31.96 billion, a price-to-earnings ratio of 39.46, a PEG ratio of 7.50 and a beta of 0.91.

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

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a dividend of $1.62 per share. The ex-dividend date was Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.30%. Extra Space Storage’s dividend payout ratio (DPR) is 169.63%.

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.