Hamlin Capital Management LLC Increases Stock Position in Extra Space Storage Inc. (NYSE:EXR)

Hamlin Capital Management LLC grew its holdings in Extra Space Storage Inc. (NYSE:EXR) by 44.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 766,043 shares of the real estate investment trust’s stock after purchasing an additional 236,908 shares during the quarter. Extra Space Storage makes up approximately 3.5% of Hamlin Capital Management LLC’s portfolio, making the stock its 20th largest holding. Hamlin Capital Management LLC’s holdings in Extra Space Storage were worth $138,033,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of EXR. EdgeRock Capital LLC purchased a new stake in Extra Space Storage in the 2nd quarter valued at approximately $25,000. Centerpoint Advisors LLC acquired a new position in shares of Extra Space Storage in the second quarter worth $27,000. Blue Trust Inc. lifted its position in shares of Extra Space Storage by 540.5% in the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 200 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Extra Space Storage by 2,760.0% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 286 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 276 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in Extra Space Storage by 19.7% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock worth $72,000 after purchasing an additional 76 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on EXR shares. KeyCorp raised their price target on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. Raymond James raised 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 report on Tuesday, July 23rd. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their price target for the company from $172.00 to $155.00 in a report on Monday, August 5th. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and raised their price objective for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Finally, Evercore ISI dropped their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Extra Space Storage presently has a consensus rating of “Hold” and an average target price of $170.80.

Insider Activity

In related news, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the sale, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares in the company, valued at approximately $4,318,398.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP William N. Springer sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total value of $350,660.00. Following the transaction, the executive vice president now directly owns 11,919 shares in the company, valued at $2,089,758.27. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,970 shares of company stock valued at $3,367,307. Company insiders own 1.36% of the company’s stock.

Extra Space Storage Stock Down 1.1 %

Shares of NYSE:EXR opened at $166.40 on Friday. The stock has a 50-day simple moving average of $174.56 and a 200-day simple moving average of $159.63. The stock has a market capitalization of $35.27 billion, a P/E ratio of 43.00, a PEG ratio of 6.25 and a beta of 0.86. Extra Space Storage Inc. has a 1 year low of $101.19 and a 1 year high of $184.87. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.20 and a current ratio of 0.20.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.89%. The ex-dividend date was Monday, September 16th. Extra Space Storage’s payout ratio is currently 167.44%.

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.