Alterna Wealth Management Inc. Acquires New Shares in Extra Space Storage Inc. (NYSE:EXR)

Alterna Wealth Management Inc. bought a new position in shares of Extra Space Storage Inc. (NYSE:EXR) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 1,289 shares of the real estate investment trust’s stock, valued at approximately $232,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Hummer Financial Advisory Services Inc raised its stake in shares of Extra Space Storage by 1.2% during the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock valued at $1,067,000 after acquiring an additional 70 shares during the last quarter. Buckley Wealth Management LLC raised its position in Extra Space Storage by 1.9% during the 3rd quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock worth $687,000 after purchasing an additional 71 shares during the last quarter. Massmutual Trust Co. FSB ADV raised 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 during the last quarter. Bleakley Financial Group LLC lifted its holdings in Extra Space Storage by 4.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock worth $356,000 after buying an additional 77 shares during the period. Finally, QRG Capital Management Inc. lifted its stake in shares of Extra Space Storage by 5.2% in the first quarter. QRG Capital Management Inc. now owns 1,588 shares of the real estate investment trust’s stock worth $233,000 after acquiring an additional 78 shares during the period. Institutional investors own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Barclays increased their target price on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and increased their price objective for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. KeyCorp boosted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a report on Monday, September 9th. Wells Fargo & Company restated an “equal weight” rating and set a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. Finally, Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $172.00 to $155.00 in a report on Monday, August 5th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $171.07.

Insider Buying and Selling at Extra Space Storage

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

Extra Space Storage Stock Performance

Shares of EXR stock opened at $163.52 on Tuesday. Extra Space Storage Inc. has a 52 week low of $104.88 and a 52 week high of $184.87. The firm’s 50-day simple moving average is $173.50 and its two-hundred day simple moving average is $160.92. The firm has a market cap of $34.65 billion, a price-to-earnings ratio of 42.81, a P/E/G ratio of 6.06 and a beta of 0.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.20 and a current ratio of 0.23.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12). The firm had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Extra Space Storage’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the company posted $2.02 earnings per share. As a group, equities analysts forecast that Extra Space Storage Inc. will post 8.08 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend was Monday, September 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

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.