GAMMA Investing LLC Has $438,000 Stake in Extra Space Storage Inc. (NYSE:EXR)

GAMMA Investing LLC grew its stake in shares of Extra Space Storage Inc. (NYSE:EXR) by 6.9% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,927 shares of the real estate investment trust’s stock after buying an additional 189 shares during the period. GAMMA Investing LLC’s holdings in Extra Space Storage were worth $438,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in EXR. SMART Wealth LLC raised its holdings in Extra Space Storage by 21.4% in the 3rd quarter. SMART Wealth LLC now owns 4,945 shares of the real estate investment trust’s stock valued at $891,000 after acquiring an additional 871 shares in the last quarter. Copley Financial Group Inc. acquired a new position in shares of Extra Space Storage in the third quarter valued at $659,000. Tidal Investments LLC lifted its position in Extra Space Storage by 34.4% in the third quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock worth $2,278,000 after purchasing an additional 3,234 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Extra Space Storage during the third quarter worth $654,000. Finally, World Investment Advisors LLC bought a new stake in Extra Space Storage in the 3rd quarter valued at $216,000. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Up 2.2 %

Shares of NYSE:EXR opened at $151.04 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The stock has a market cap of $32.02 billion, a price-to-earnings ratio of 39.54, a P/E/G ratio of 8.03 and a beta of 0.91. The company has a 50 day moving average of $160.44 and a 200-day moving average of $165.46. Extra Space Storage Inc. has a one year low of $131.02 and a one year high of $184.87.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. During the same period last year, the company earned $2.02 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, sell-side analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Royal Bank of Canada began coverage on Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective on the stock. Truist Financial increased their target price on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and boosted their price target for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. Finally, StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $173.08.

Insider Buying and Selling

In other news, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the sale, the director now owns 5,877 shares of the company’s stock, valued at $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.36% of the stock is currently owned by company insiders.

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.