Symphony Financial Ltd. Co. Boosts Stake in Extra Space Storage Inc. (NYSE:EXR)

Symphony Financial Ltd. Co. boosted its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 15.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,072 shares of the real estate investment trust’s stock after buying an additional 2,070 shares during the period. Symphony Financial Ltd. Co.’s holdings in Extra Space Storage were worth $2,230,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. First Horizon Advisors Inc. boosted its position in Extra Space Storage by 1,272.7% during the first quarter. First Horizon Advisors Inc. now owns 151 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 140 shares during the last quarter. Money Concepts Capital Corp acquired a new stake in Extra Space Storage during the fourth quarter worth about $27,000. Massmutual Trust Co. FSB ADV raised its stake in Extra Space Storage by 262.0% during the first quarter. Massmutual Trust Co. FSB ADV now owns 181 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 131 shares during the period. CNB Bank purchased a new stake in shares of Extra Space Storage in the 1st quarter valued at approximately $32,000. Finally, Belpointe Asset Management LLC acquired a new stake in shares of Extra Space Storage during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 66.40% of the company’s stock.

Insider Activity

In related news, Director Joseph J. Bonner sold 956 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $125.64, for a total transaction of $120,111.84. Following the completion of the sale, the director now owns 4,504 shares in the company, valued at $565,882.56. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on EXR shares. Evercore ISI cut their target price on Extra Space Storage from $147.00 to $145.00 and set an “in-line” rating for the company in a research note on Friday. Raymond James reduced their price target on shares of Extra Space Storage from $185.00 to $165.00 and set a “strong-buy” rating on the stock in a research note on Thursday, August 31st. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Citigroup cut their target price on Extra Space Storage from $160.00 to $135.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 13th. Finally, Truist Financial lowered their price target on Extra Space Storage from $155.00 to $138.00 and set a “hold” rating for the company in a research report on Tuesday, August 29th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $152.43.

Extra Space Storage Stock Up 0.4 %

Shares of Extra Space Storage stock traded up $0.54 on Tuesday, reaching $127.14. 319,786 shares of the company were exchanged, compared to its average volume of 1,501,653. The stock’s 50 day moving average price is $134.63 and its 200-day moving average price is $146.01. The company has a market cap of $26.86 billion, a P/E ratio of 20.66, a price-to-earnings-growth ratio of 12.63 and a beta of 0.56. Extra Space Storage Inc. has a 1-year low of $123.67 and a 1-year high of $182.18. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.24 and a quick ratio of 0.24.

Extra Space Storage Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Thursday, September 14th. Extra Space Storage’s dividend payout ratio is presently 39.80%.

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 June 30, 2023, the Company owned and/or operated 2,438 self-storage stores in 41 states and Washington, DC The Company's stores comprise approximately 1.7 million units and approximately 184.0 million square feet of rentable space.