Raymond James Financial Inc. Buys Shares of 308,290 Extra Space Storage Inc. (NYSE:EXR)

Raymond James Financial Inc. bought a new stake in shares of Extra Space Storage Inc. (NYSE:EXR) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 308,290 shares of the real estate investment trust’s stock, valued at approximately $46,120,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new position in Extra Space Storage during the 4th quarter valued at about $25,000. Ashton Thomas Securities LLC purchased a new position in Extra Space Storage during the 3rd quarter valued at about $33,000. Harvest Fund Management Co. Ltd purchased a new position in Extra Space Storage during the 3rd quarter valued at about $42,000. Quent Capital LLC increased its holdings in Extra Space Storage by 89.0% during the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 154 shares in the last quarter. Finally, Asset Planning Inc purchased a new position in Extra Space Storage during the 4th quarter valued at about $52,000. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on EXR. Royal Bank of Canada dropped their target price on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Wells Fargo & Company decreased their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Truist Financial raised their price target on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Finally, Barclays decreased their price target on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $171.36.

Extra Space Storage Price Performance

EXR opened at $152.00 on Wednesday. The company’s 50 day simple moving average is $153.13 and its 200 day simple moving average is $162.65. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. Extra Space Storage Inc. has a 1 year low of $131.02 and a 1 year high of $184.87. The stock has a market capitalization of $32.22 billion, a PE ratio of 39.79, a P/E/G ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $821.90 million for the quarter, compared to analysts’ expectations of $707.34 million. As a group, sell-side analysts expect that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $1.62 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.26%. Extra Space Storage’s dividend payout ratio is presently 160.40%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This trade represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by corporate insiders.

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.