CacheTech Inc. Reduces Stock Position in Extra Space Storage Inc $EXR

CacheTech Inc. trimmed its holdings in Extra Space Storage Inc (NYSE:EXR) by 66.6% during the second quarter, HoldingsChannel.com reports. The firm owned 1,924 shares of the real estate investment trust’s stock after selling 3,832 shares during the period. CacheTech Inc.’s holdings in Extra Space Storage were worth $284,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Mattson Financial Services LLC grew its position in shares of Extra Space Storage by 17.7% during the 1st quarter. Mattson Financial Services LLC now owns 21,231 shares of the real estate investment trust’s stock valued at $3,153,000 after buying an additional 3,187 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Extra Space Storage by 16.6% in the second quarter. Robeco Institutional Asset Management B.V. now owns 118,675 shares of the real estate investment trust’s stock valued at $17,497,000 after acquiring an additional 16,897 shares during the period. Versor Investments LP grew its holdings in shares of Extra Space Storage by 215.7% during the second quarter. Versor Investments LP now owns 10,068 shares of the real estate investment trust’s stock valued at $1,484,000 after purchasing an additional 6,879 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Extra Space Storage by 6.9% during the 2nd quarter. Janney Montgomery Scott LLC now owns 6,360 shares of the real estate investment trust’s stock worth $938,000 after purchasing an additional 408 shares during the period. Finally, AlphaCore Capital LLC raised its position in shares of Extra Space Storage by 53.5% during the 2nd quarter. AlphaCore Capital LLC now owns 5,077 shares of the real estate investment trust’s stock worth $749,000 after purchasing an additional 1,769 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the sale, the chief executive officer owned 19,760 shares of the company’s stock, valued at $2,794,261.60. The trade was a 27.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.36% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Wall Street Zen lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Morgan Stanley cut their target price on Extra Space Storage from $155.00 to $152.00 and set an “equal weight” rating on the stock in a research note on Friday, December 5th. Wells Fargo & Company upgraded shares of Extra Space Storage from an “equal weight” rating to an “overweight” rating and set a $160.00 price target for the company in a research report on Tuesday, August 26th. Scotiabank dropped their price objective on shares of Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 28th. Finally, Citigroup cut their price objective on shares of Extra Space Storage from $165.00 to $150.00 and set a “neutral” rating on the stock in a research report on Friday, August 22nd. Six analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $147.53.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $134.54 on Monday. The stock has a market cap of $28.56 billion, a P/E ratio of 30.03, a P/E/G ratio of 2.56 and a beta of 1.26. The firm’s 50-day simple moving average is $137.30 and its 200 day simple moving average is $142.29. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $162.77. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 0.89.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Wednesday, October 29th. The real estate investment trust reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.02. The firm had revenue of $858.46 million during the quarter, compared to analyst estimates of $736.26 million. Extra Space Storage had a net margin of 28.40% and a return on equity of 6.56%. Extra Space Storage’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.07 EPS. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. Equities analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Monday, December 15th. Extra Space Storage’s dividend payout ratio (DPR) is currently 144.64%.

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.