Assetmark Inc. Increases Position in Extra Space Storage Inc. (NYSE:EXR)

Assetmark Inc. raised its holdings in Extra Space Storage Inc. (NYSE:EXR) by 13.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 162,875 shares of the real estate investment trust’s stock after purchasing an additional 19,322 shares during the quarter. Assetmark Inc. owned 0.08% of Extra Space Storage worth $26,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in EXR. Whittier Trust Co. raised its stake in Extra Space Storage by 4.5% in the 4th quarter. Whittier Trust Co. now owns 1,656 shares of the real estate investment trust’s stock valued at $266,000 after acquiring an additional 72 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its holdings in shares of Extra Space Storage by 19.1% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 706 shares of the real estate investment trust’s stock worth $113,000 after acquiring an additional 113 shares during the period. Parkside Financial Bank & Trust raised its stake in shares of Extra Space Storage by 30.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 515 shares of the real estate investment trust’s stock valued at $83,000 after purchasing an additional 119 shares during the period. Private Advisor Group LLC lifted its holdings in Extra Space Storage by 0.6% during the 4th quarter. Private Advisor Group LLC now owns 21,563 shares of the real estate investment trust’s stock worth $3,457,000 after purchasing an additional 119 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. grew its holdings in Extra Space Storage by 2.9% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,050 shares of the real estate investment trust’s stock valued at $810,000 after buying an additional 142 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Price Performance

Shares of EXR stock traded up $1.76 during trading hours on Wednesday, hitting $147.84. The stock had a trading volume of 104,725 shares, compared to its average volume of 1,139,180. The stock has a market capitalization of $31.30 billion, a price-to-earnings ratio of 32.53, a PEG ratio of 3.69 and a beta of 0.76. Extra Space Storage Inc. has a one year low of $101.19 and a one year high of $164.99. The stock’s 50-day moving average price is $142.25 and its two-hundred day moving average price is $142.49. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.15 and a quick ratio of 0.15.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data 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). The business had revenue of $797.77 million during the quarter, compared to analysts’ expectations of $778.05 million. Extra Space Storage had a return on equity of 6.76% and a net margin of 29.10%. The business’s quarterly revenue was up 57.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.09 earnings per share. Equities analysts forecast that Extra Space Storage Inc. will post 8.05 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.38%. The ex-dividend date was Thursday, March 14th. Extra Space Storage’s dividend payout ratio is currently 144.32%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on EXR. Barclays raised their price target on Extra Space Storage from $157.00 to $158.00 and gave the company an “overweight” rating in a report on Monday. Deutsche Bank Aktiengesellschaft began coverage on Extra Space Storage in a report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 price objective on the stock. Raymond James reissued an “outperform” rating and issued a $160.00 target price on shares of Extra Space Storage in a research note on Thursday, March 28th. Scotiabank began coverage on Extra Space Storage in a research note on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 target price for the company. Finally, Wells Fargo & Company upped their price target on Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $149.75.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the business’s 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 $13,785,693.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the transaction, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,532 shares of company stock worth $514,819. Company insiders own 1.36% of the company’s stock.

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.