Landscape Capital Management L.L.C. Acquires New Holdings in Extra Space Storage Inc. (NYSE:EXR)

by · The Cerbat Gem

Landscape Capital Management L.L.C. bought a new stake in shares of Extra Space Storage Inc. (NYSE:EXR – Free Report) in the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 20,764 shares of the real estate investment trust’s stock, valued at approximately $3,741,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pathway Financial Advisers LLC boosted its position in Extra Space Storage by 17,832.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock worth $363,783,000 after acquiring an additional 2,007,626 shares during the period. Boston Partners acquired a new position in Extra Space Storage during the 1st quarter valued at about $130,554,000. Janus Henderson Group PLC raised its position in shares of Extra Space Storage by 2,244.2% during the 1st quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust’s stock worth $87,824,000 after buying an additional 572,231 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Extra Space Storage by 43.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,557,135 shares of the real estate investment trust’s stock worth $228,899,000 after acquiring an additional 473,559 shares during the period. Finally, American Century Companies Inc. boosted its holdings in shares of Extra Space Storage by 543.5% in the second 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. Institutional investors own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on EXR. Evercore ISI decreased their price target 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. Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Royal Bank of Canada initiated coverage on shares of Extra Space Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price target on the stock. Finally, Scotiabank increased their price objective on Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a research report on Thursday, August 22nd. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $171.50.

Read Our Latest Stock Report on Extra Space Storage

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $165.04 on Thursday. Extra Space Storage Inc. has a one year low of $125.32 and a one year high of $184.87. The business’s 50-day moving average price is $171.06 and its two-hundred day moving average price is $163.16. 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 company has a market capitalization of $34.99 billion, a P/E ratio of 43.20, a price-to-earnings-growth ratio of 8.34 and a beta of 0.87.

Extra Space Storage (NYSE:EXR – Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The firm had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.02 EPS. Analysts anticipate that Extra Space Storage Inc. will post 8.09 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.93%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s payout ratio is 169.63%.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were 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 of the company’s stock, valued at approximately $4,318,398.80. This represents a 23.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth M. Woolley sold 6,647 shares of Extra Space Storage stock in a transaction on Friday, September 13th. The stock was sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the transaction, the director now owns 404,306 shares in the company, valued at $71,655,152.38. This trade represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,051 shares of company stock worth $3,874,316 over the last three months. Corporate insiders own 1.36% of the company’s stock.

About Extra Space Storage

(Free Report)

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.

See Also

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