Diamond Hill Capital Management Inc. Buys 198,888 Shares of Extra Space Storage Inc. (NYSE:EXR)

Diamond Hill Capital Management Inc. boosted its stake in Extra Space Storage Inc. (NYSE:EXR) by 7.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,965,638 shares of the real estate investment trust’s stock after acquiring an additional 198,888 shares during the period. Extra Space Storage accounts for about 2.0% of Diamond Hill Capital Management Inc.’s holdings, making the stock its 13th biggest position. Diamond Hill Capital Management Inc. owned about 1.40% of Extra Space Storage worth $460,890,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in EXR. QRG Capital Management Inc. bought a new stake in Extra Space Storage in the fourth quarter worth about $242,000. Janney Montgomery Scott LLC raised its position in Extra Space Storage by 33.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 86,413 shares of the real estate investment trust’s stock worth $13,855,000 after acquiring an additional 21,574 shares during the period. Beacon Pointe Advisors LLC increased its stake in shares of Extra Space Storage by 21.2% in the fourth quarter. Beacon Pointe Advisors LLC now owns 2,130 shares of the real estate investment trust’s stock worth $341,000 after purchasing an additional 373 shares in the last quarter. Navellier & Associates Inc. increased its stake in shares of Extra Space Storage by 16.3% in the fourth quarter. Navellier & Associates Inc. now owns 3,862 shares of the real estate investment trust’s stock worth $619,000 after purchasing an additional 540 shares in the last quarter. Finally, Financial Advocates Investment Management purchased a new position in shares of Extra Space Storage in the fourth quarter worth about $301,000. Institutional investors own 99.11% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on EXR. Raymond James lifted their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Barclays lifted their target price on shares of Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Bank of America downgraded shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. StockNews.com upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. Finally, KeyCorp boosted their price objective on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $168.36.

Extra Space Storage Price Performance

EXR stock opened at $177.90 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20. Extra Space Storage Inc. has a one year low of $101.19 and a one year high of $179.23. The stock has a market cap of $37.70 billion, a PE ratio of 39.62, a P/E/G ratio of 2.56 and a beta of 0.86. The firm has a 50 day simple moving average of $167.71 and a two-hundred day simple moving average of $153.47.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a $1.62 dividend. The ex-dividend date is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.64%. Extra Space Storage’s dividend payout ratio is presently 144.32%.

Insiders Place Their Bets

In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the completion of the transaction, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, EVP William N. Springer sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the completion of the sale, the executive vice president now directly owns 11,919 shares in the company, valued at approximately $2,089,758.27. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Gwyn Goodson Mcneal sold 2,823 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the completion of the sale, the executive vice president now owns 32,855 shares of the company’s stock, valued at $5,815,663.55. The disclosure for this sale can be found here. Insiders sold a total of 12,323 shares of company stock valued at $1,994,709 in the last quarter. Corporate 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.