Centiva Capital LP Invests $942,000 in Extra Space Storage Inc. (NYSE:EXR)

Centiva Capital LP bought a new position in shares of Extra Space Storage Inc. (NYSE:EXR) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 5,228 shares of the real estate investment trust’s stock, valued at approximately $942,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Pathway Financial Advisers LLC lifted its position in Extra Space Storage by 17,832.9% during the third quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock valued at $363,783,000 after buying an additional 2,007,626 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Extra Space Storage by 724.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after acquiring an additional 1,741,320 shares during the period. American Century Companies Inc. lifted its holdings in shares of Extra Space Storage by 543.5% during the 2nd quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock valued at $61,724,000 after acquiring an additional 335,447 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in Extra Space Storage by 20.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock worth $291,720,000 after purchasing an additional 319,965 shares during the period. Finally, Mizuho Securities USA LLC increased its holdings in Extra Space Storage by 1,664.3% in the 3rd quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust’s stock valued at $51,912,000 after purchasing an additional 271,765 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. This represents a 23.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kenneth M. Woolley sold 6,647 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now owns 404,306 shares in the company, valued at $71,655,152.38. The trade was a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,228 shares of company stock valued at $3,023,957. 1.36% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada started coverage on Extra Space Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price for the company. Evercore ISI lowered their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Scotiabank reduced their target price on shares of Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating on the stock in a research report on Monday, November 25th. KeyCorp raised their price target 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. Finally, Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $171.43.

Extra Space Storage Price Performance

Shares of EXR opened at $163.64 on Friday. Extra Space Storage Inc. has a 52 week low of $131.02 and a 52 week high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a market cap of $34.69 billion, a price-to-earnings ratio of 42.84, a PEG ratio of 8.33 and a beta of 0.89. The stock has a 50 day moving average of $168.43 and a 200-day moving average of $164.72.

Extra Space Storage (NYSE:EXR) last released its earnings results 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). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. During the same quarter in the previous year, the firm earned $2.02 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, analysts forecast that Extra Space Storage Inc. will post 8.09 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.96%. Extra Space Storage’s payout ratio is currently 169.63%.

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.