Westpac Banking Corp Purchases 4,163 Shares of Extra Space Storage Inc. (NYSE:EXR)

Westpac Banking Corp lifted its position in Extra Space Storage Inc. (NYSE:EXRFree Report) by 8.7% in the 4th quarter, Holdings Channel reports. The fund owned 51,895 shares of the real estate investment trust’s stock after acquiring an additional 4,163 shares during the quarter. Westpac Banking Corp’s holdings in Extra Space Storage were worth $8,320,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in EXR. Zions Bancorporation N.A. lifted its position in Extra Space Storage by 241.9% during the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 150 shares during the period. EdgeRock Capital LLC bought a new stake in Extra Space Storage during the fourth quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its stake in Extra Space Storage by 162.5% during the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 143 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Extra Space Storage during the third quarter valued at approximately $32,000. Finally, Anchor Investment Management LLC bought a new position in shares of Extra Space Storage during the fourth quarter valued at approximately $35,000. 99.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Extra Space Storage

In related news, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the transaction, the chief marketing officer now owns 94,126 shares in the company, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,532 shares of company stock valued at $514,819. Insiders own 1.36% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on EXR. Barclays started coverage on Extra Space Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $157.00 price target on the stock. Scotiabank started coverage on Extra Space Storage in a report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 price target for the company. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, March 2nd. Raymond James restated an “outperform” rating and set a $160.00 price objective on shares of Extra Space Storage in a research note on Thursday, March 28th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Extra Space Storage in a report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 target price for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $149.67.

View Our Latest Stock Analysis on Extra Space Storage

Extra Space Storage Stock Performance

EXR traded up $3.20 during mid-day trading on Wednesday, reaching $151.85. 411,011 shares of the company traded hands, compared to its average volume of 1,152,138. The stock has a market capitalization of $32.15 billion, a P/E ratio of 33.71, a P/E/G ratio of 3.63 and a beta of 0.76. Extra Space Storage Inc. has a 52-week low of $101.19 and a 52-week high of $164.99. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.73. The company’s fifty day moving average price is $142.04 and its 200-day moving average price is $140.88.

Extra Space Storage (NYSE:EXRGet Free Report) last posted its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The firm had revenue of $797.77 million during the quarter, compared to the consensus estimate of $778.05 million. Extra Space Storage had a net margin of 29.10% and a return on equity of 6.76%. The firm’s revenue was up 57.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.09 EPS. On average, sell-side analysts expect that Extra Space Storage Inc. will post 8.05 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.27%. Extra Space Storage’s dividend payout ratio (DPR) is 144.32%.

About Extra Space Storage

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Extra Space Storage (NYSE:EXR)

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