Townsquare Capital LLC Purchases 1,953 Shares of Extra Space Storage Inc. (NYSE:EXR)

Townsquare Capital LLC raised its holdings in shares of Extra Space Storage Inc. (NYSE:EXR) by 30.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,267 shares of the real estate investment trust’s stock after buying an additional 1,953 shares during the quarter. Townsquare Capital LLC’s holdings in Extra Space Storage were worth $1,490,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. EdgeRock Capital LLC bought a new position in shares of Extra Space Storage in the second quarter worth approximately $25,000. Centerpoint Advisors LLC bought a new position in shares of Extra Space Storage in the 2nd quarter worth $27,000. Ashton Thomas Securities LLC purchased a new stake in shares of Extra Space Storage during the 3rd quarter valued at $33,000. Blue Trust Inc. lifted its holdings in shares of Extra Space Storage by 540.5% during the 2nd quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 200 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in Extra Space Storage in the third quarter worth $42,000. 99.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. KeyCorp lifted their price target on Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Barclays lifted their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Royal Bank of Canada started coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 target price on the stock. Finally, Scotiabank lowered their price target on shares of Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a research note on Monday, November 25th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Extra Space Storage has a consensus rating of “Hold” and a consensus price target of $171.36.

Insider Transactions at Extra Space Storage

In related news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated 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 transaction, the director now directly owns 5,877 shares in the company, valued at $967,119.12. This trade represents a 34.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the sale, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. The trade was a 23.67 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,228 shares of company stock valued at $3,023,957. Corporate insiders own 1.36% of the company’s stock.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock opened at $170.96 on Monday. The company has a market cap of $36.24 billion, a PE ratio of 44.75, a P/E/G ratio of 8.61 and a beta of 0.87. The business has a 50 day moving average of $169.64 and a 200 day moving average of $164.51. Extra Space Storage Inc. has a 52 week low of $129.23 and a 52 week high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same period in the prior year, the business posted $2.02 earnings per share. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities research analysts forecast that Extra Space Storage Inc. will post 8.09 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.79%. Extra Space Storage’s dividend payout ratio (DPR) is 169.63%.

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.