Cynosure Group LLC Lowers Position in Extra Space Storage Inc. (NYSE:EXR)

by · The Markets Daily

Cynosure Group LLC cut its stake in shares of Extra Space Storage Inc. (NYSE:EXR – Free Report) by 6.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,883 shares of the real estate investment trust’s stock after selling 128 shares during the quarter. Cynosure Group LLC’s holdings in Extra Space Storage were worth $282,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in EXR. D.A. Davidson & CO. purchased a new stake in Extra Space Storage during the third quarter valued at about $257,000. Walleye Capital LLC grew its holdings in shares of Extra Space Storage by 174.8% in the third quarter. Walleye Capital LLC now owns 1,280 shares of the real estate investment trust’s stock worth $231,000 after purchasing an additional 2,992 shares during the last quarter. Benjamin Edwards Inc. increased its stake in shares of Extra Space Storage by 168.5% in the third quarter. Benjamin Edwards Inc. now owns 4,629 shares of the real estate investment trust’s stock worth $835,000 after buying an additional 2,905 shares during the period. Centiva Capital LP bought a new stake in Extra Space Storage during the 3rd quarter valued at $942,000. Finally, HighTower Advisors LLC boosted its position in Extra Space Storage by 3.5% during the 3rd quarter. HighTower Advisors LLC now owns 44,420 shares of the real estate investment trust’s stock valued at $8,008,000 after buying an additional 1,486 shares during the period. 99.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on EXR shares. Wells Fargo & Company lowered their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Barclays lowered their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a research report on Wednesday, March 12th. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Scotiabank decreased their target price on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Finally, Royal Bank of Canada cut their price target on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Extra Space Storage presently has an average rating of “Hold” and an average target price of $171.09.

Check Out Our Latest Report on Extra Space Storage

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock opened at $144.17 on Friday. The business has a fifty day simple moving average of $152.02 and a two-hundred day simple moving average of $159.30. The firm has a market capitalization of $30.56 billion, a P/E ratio of 37.74, a P/E/G ratio of 7.76 and a beta of 0.90. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage Inc. has a 12 month low of $131.02 and a 12 month high of $184.87.

Extra Space Storage (NYSE:EXR – Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, topping the consensus estimate of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. On average, equities analysts forecast that Extra Space Storage Inc. will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 160.40%.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total value of $1,105,875.00. Following the completion of the transaction, the chief executive officer now owns 9,190 shares of the company’s stock, valued at $1,355,065.50. The trade was a 44.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph J. Bonner sold 672 shares of the company’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the transaction, the director now owns 4,557 shares in the company, valued at approximately $679,448.70. The trade was a 12.85 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,392 shares of company stock worth $1,392,315. 1.36% of the stock is owned by insiders.

Extra Space Storage Profile

(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.

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