New Century Financial Group LLC Purchases New Holdings in Extra Space Storage Inc. (NYSE:EXR)

New Century Financial Group LLC acquired a new stake in shares of Extra Space Storage Inc. (NYSE:EXR) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,575 shares of the real estate investment trust’s stock, valued at approximately $238,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of EXR. D.B. Root & Company LLC bought a new stake in shares of Extra Space Storage in the fourth quarter worth $313,000. SG Americas Securities LLC increased its position in shares of Extra Space Storage by 763.4% in the 4th quarter. SG Americas Securities LLC now owns 181,513 shares of the real estate investment trust’s stock worth $27,154,000 after purchasing an additional 160,489 shares during the last quarter. Hamlin Capital Management LLC raised its stake in shares of Extra Space Storage by 11.1% in the 4th quarter. Hamlin Capital Management LLC now owns 850,800 shares of the real estate investment trust’s stock valued at $127,280,000 after purchasing an additional 84,757 shares in the last quarter. Gilman Hill Asset Management LLC lifted its position in shares of Extra Space Storage by 13.3% during the fourth 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 last quarter. Finally, Liberty One Investment Management LLC grew its stake in Extra Space Storage by 8.1% in the fourth quarter. Liberty One Investment Management LLC now owns 28,387 shares of the real estate investment trust’s stock worth $4,247,000 after purchasing an additional 2,118 shares in the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on EXR shares. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Truist Financial raised 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. Evercore ISI cut their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Wells Fargo & Company restated an “equal weight” rating and issued a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. Finally, Barclays reduced their price objective 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. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $171.25.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated 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 owns 16,690 shares in the company, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now owns 5,877 shares in the company, valued at approximately $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is owned by company insiders.

Extra Space Storage Trading Up 0.4 %

NYSE:EXR opened at $152.08 on Friday. The stock has a market cap of $32.24 billion, a PE ratio of 39.81, a price-to-earnings-growth ratio of 7.48 and a beta of 0.91. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The stock’s 50-day moving average is $156.21 and its two-hundred day moving average is $164.74. Extra Space Storage Inc. has a fifty-two week low of $131.02 and a fifty-two week high of $184.87.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data 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 firm had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Extra Space Storage’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.02 earnings per share. As a group, 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date was Monday, December 16th. Extra Space Storage’s payout ratio is 169.63%.

Extra Space Storage Company 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.