Alta Capital Management LLC Grows Stake in Extra Space Storage Inc. (NYSE:EXR)

Alta Capital Management LLC raised its stake in Extra Space Storage Inc. (NYSE:EXR) by 9.0% during the fourth quarter, Holdings Channel reports. The fund owned 27,102 shares of the real estate investment trust’s stock after buying an additional 2,245 shares during the period. Alta Capital Management LLC’s holdings in Extra Space Storage were worth $4,054,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its stake in Extra Space Storage by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,409,330 shares of the real estate investment trust’s stock valued at $360,436,000 after acquiring an additional 43,223 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its stake in shares of Extra Space Storage by 8.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,315 shares of the real estate investment trust’s stock valued at $1,094,000 after buying an additional 600 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Extra Space Storage by 20.0% during the 4th quarter. Jones Financial Companies Lllp now owns 1,109 shares of the real estate investment trust’s stock valued at $166,000 after buying an additional 185 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Extra Space Storage by 18.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 760 shares of the real estate investment trust’s stock valued at $112,000 after buying an additional 119 shares in the last quarter. Finally, Sherman Asset Management Inc. purchased a new stake in shares of Extra Space Storage during the 4th quarter valued at approximately $94,000. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $154.02 on Tuesday. The company’s fifty day moving average price is $152.39 and its 200-day moving average price is $163.34. The firm has a market capitalization of $32.65 billion, a price-to-earnings ratio of 40.32, a PEG ratio of 7.76 and a beta of 0.91. Extra Space Storage Inc. has a one year low of $131.02 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 issued its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The firm had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. On average, equities research analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s payout ratio is 160.40%.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on 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 transaction, the chief executive officer now owns 16,690 shares of the company’s stock, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.36% of the company’s stock.

Wall Street Analyst Weigh In

EXR has been the topic of a number of recent research reports. Wells Fargo & Company dropped their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Barclays dropped their price target on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. StockNews.com upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Truist Financial upped their price target on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Finally, Scotiabank upgraded shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 target price on the stock in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $171.55.

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.