Sheets Smith Wealth Management Invests $258,000 in Extra Space Storage Inc. (NYSE:EXR)

Sheets Smith Wealth Management acquired a new stake in shares of Extra Space Storage Inc. (NYSE:EXR) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,609 shares of the real estate investment trust’s stock, valued at approximately $258,000.

Several other hedge funds and other institutional investors also recently modified their holdings of EXR. Vanguard Group Inc. raised its holdings in Extra Space Storage by 55.7% during the third quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock worth $4,095,585,000 after purchasing an additional 12,055,172 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Extra Space Storage by 599.8% in the third quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock valued at $406,781,000 after purchasing an additional 2,867,657 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Extra Space Storage in the third quarter valued at $173,621,000. First Eagle Investment Management LLC lifted its stake in shares of Extra Space Storage by 233,362.8% during the 3rd quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock worth $160,940,000 after purchasing an additional 1,323,167 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Extra Space Storage by 22.1% during the 3rd quarter. Principal Financial Group Inc. now owns 6,505,834 shares of the real estate investment trust’s stock valued at $790,975,000 after acquiring an additional 1,178,760 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wells Fargo & Company increased their price target 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. The Goldman Sachs Group boosted their price target on Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. Scotiabank initiated coverage on shares of Extra Space Storage in a research note on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 price objective on the stock. Finally, Evercore ISI decreased their target price on Extra Space Storage from $145.00 to $139.00 in a research note on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Extra Space Storage has an average rating of “Hold” and a consensus price target of $149.67.

Extra Space Storage Stock Performance

EXR stock opened at $142.69 on Tuesday. The firm has a 50 day simple moving average of $141.63 and a 200 day simple moving average of $139.21. The stock has a market cap of $30.20 billion, a P/E ratio of 31.78, a P/E/G ratio of 3.48 and a beta of 0.76. Extra Space Storage Inc. has a 52 week low of $101.19 and a 52 week high of $164.99. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.30 and a current ratio of 0.15.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). Extra Space Storage had a return on equity of 6.76% and a net margin of 29.10%. The company had revenue of $797.77 million during the quarter, compared to analyst estimates of $778.05 million. During the same period in the prior year, the firm earned $2.09 EPS. Extra Space Storage’s quarterly revenue was up 57.4% on a year-over-year basis. Research analysts anticipate that Extra Space Storage Inc. will post 8.05 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.54%. The ex-dividend date was Thursday, March 14th. Extra Space Storage’s dividend payout ratio is currently 144.32%.

Insider Activity

In other news, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction dated 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 transaction, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the sale, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction that occurred 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 sale, the executive vice president now owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,532 shares of company stock valued at $514,819. 1.36% of the stock is owned by company insiders.

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.