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

Symphony Financial Ltd. Co. increased its position in Extra Space Storage Inc. (NYSE:EXR) by 4.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,858 shares of the real estate investment trust’s stock after buying an additional 412 shares during the period. Symphony Financial Ltd. Co.’s holdings in Extra Space Storage were worth $1,449,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in EXR. EdgeRock Capital LLC purchased a new stake in shares of Extra Space Storage in the fourth quarter worth about $26,000. Creekmur Asset Management LLC bought a new stake in Extra Space Storage during the fourth quarter worth approximately $26,000. Anchor Investment Management LLC bought a new stake in Extra Space Storage during the fourth quarter worth approximately $35,000. Bruce G. Allen Investments LLC bought a new stake in Extra Space Storage during the fourth quarter worth approximately $41,000. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its stake in Extra Space Storage by 200.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 300 shares of the real estate investment trust’s stock worth $48,000 after acquiring an additional 200 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on EXR shares. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, March 2nd. Wells Fargo & Company boosted their price objective on Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Citigroup reduced their price objective on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, June 7th. Barclays boosted their price objective on Extra Space Storage from $157.00 to $158.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Finally, Raymond James reiterated an “outperform” rating and issued a $160.00 price target on shares of Extra Space Storage in a report on Thursday, March 28th. 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $151.83.

Insider Activity

In related news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the transaction, the director now directly owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.36% of the company’s stock.

Extra Space Storage Price Performance

Shares of NYSE:EXR traded down $0.33 during trading on Friday, reaching $155.41. 2,310,673 shares of the company’s stock traded hands, compared to its average volume of 1,031,874. Extra Space Storage Inc. has a fifty-two week low of $101.19 and a fifty-two week high of $164.99. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.73. The firm has a market cap of $32.90 billion, a PE ratio of 34.61, a P/E/G ratio of 3.73 and a beta of 0.81. The company has a 50-day simple moving average of $147.08 and a 200-day simple moving average of $146.89.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend was Friday, June 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

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.