Lake Street Advisors Group LLC Raises Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Lake Street Advisors Group LLC grew its stake in Extra Space Storage Inc. (NYSE:EXR) by 159.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,768 shares of the real estate investment trust’s stock after purchasing an additional 6,612 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Extra Space Storage were worth $1,611,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new position in Extra Space Storage in the fourth quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Extra Space Storage during the 3rd quarter worth approximately $33,000. Harvest Fund Management Co. Ltd bought a new position in shares of Extra Space Storage in the 3rd quarter worth approximately $42,000. Quent Capital LLC lifted its stake in shares of Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 154 shares during the period. Finally, Asset Planning Inc purchased a new position in shares of Extra Space Storage in the 4th quarter valued at approximately $52,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Trading Down 4.5 %

NYSE:EXR opened at $154.05 on Thursday. The stock has a market cap of $32.66 billion, a price-to-earnings ratio of 40.33, a PEG ratio of 7.76 and a beta of 0.91. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The company’s 50 day moving average price is $151.94 and its 200-day moving average price is $163.62. Extra Space Storage Inc. has a 52 week low of $131.02 and a 52 week high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, beating the consensus estimate of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. On average, equities research analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend is Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is 169.63%.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.36% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Truist Financial upped their price target on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. 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 on the stock in a research report on Friday, February 21st. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. Scotiabank upgraded shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective on the stock in a report on Friday, January 10th. Finally, Barclays decreased their target price on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $173.09.

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.