GAMMA Investing LLC Makes New $127,000 Investment in Extra Space Storage Inc. (NYSE:EXR)

GAMMA Investing LLC bought a new position in Extra Space Storage Inc. (NYSE:EXR) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 795 shares of the real estate investment trust’s stock, valued at approximately $127,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Zions Bancorporation N.A. grew its position in Extra Space Storage by 241.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 150 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Extra Space Storage by 162.5% in the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 143 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Extra Space Storage in the third quarter worth approximately $32,000. Anchor Investment Management LLC bought a new position in shares of Extra Space Storage in the fourth quarter worth approximately $35,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Extra Space Storage in the fourth quarter worth approximately $41,000. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Stock Down 0.3 %

Shares of EXR stock opened at $133.47 on Friday. Extra Space Storage Inc. has a 12 month low of $101.19 and a 12 month high of $164.99. The stock has a market cap of $28.24 billion, a P/E ratio of 27.02, a P/E/G ratio of 3.29 and a beta of 0.74. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. The company has a 50 day simple moving average of $141.87 and a two-hundred day simple moving average of $138.19.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The business had revenue of $797.77 million for the quarter, compared to analysts’ expectations of $778.05 million. During the same period in the prior year, the company posted $2.09 earnings per share. The firm’s quarterly revenue was up 57.4% on a year-over-year basis. On average, research analysts expect that Extra Space Storage Inc. will post 8.05 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.86%. Extra Space Storage’s dividend payout ratio is currently 131.17%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on EXR shares. TheStreet upgraded shares of Extra Space Storage from a “c+” rating to a “b-” rating in a research note on Thursday, January 11th. The Goldman Sachs Group upped their target price on shares of Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Wells Fargo & Company upped their target price on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Scotiabank began coverage on shares of Extra Space Storage in a research note on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Extra Space Storage in a research report on Tuesday, January 30th. They set a “hold” rating and a $141.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $150.17.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the sale, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at $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.

Extra Space Storage 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.