HGI Capital Management LLC Makes New $1.79 Million Investment in Extra Space Storage Inc $EXR

Key Points

• HGI Capital Management LLC purchased 12,028 shares of Extra Space Storage Inc ($EXR), valued at approximately $1,786,000, making it the 19th largest holding in their investment portfolio.
• Extra Space Storage reported Q2 earnings of $2.05 per share, slightly below analysts' expectations, but its revenue of $841.62 million surpassed estimates, indicating a 3.8% year-over-year growth.
• The company declared a quarterly dividend of $1.62, with a yield of 4.6%, although its dividend payout ratio is significantly high at 140.56%.

HGI Capital Management LLC purchased a new stake in Extra Space Storage Inc (NYSE:EXR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,028 shares of the real estate investment trust's stock, valued at approximately $1,786,000. Extra Space Storage accounts for 2.2% of HGI Capital Management LLC's investment portfolio, making the stock its 19th largest position.

Other large investors have also recently modified their holdings of the company. GKV Capital Management Co. Inc. purchased a new stake in Extra Space Storage during the first quarter worth $29,000. Zions Bancorporation National Association UT acquired a new position in shares of Extra Space Storage in the 1st quarter valued at $50,000. Quarry LP grew its position in Extra Space Storage by 156.1% during the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 217 shares during the period. Golden State Wealth Management LLC grew its position in Extra Space Storage by 147.0% during the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock worth $60,000 after purchasing an additional 241 shares during the period. Finally, Parvin Asset Management LLC acquired a new stake in Extra Space Storage during the 4th quarter worth about $62,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the sale, the chief executive officer directly owned 27,260 shares of the company's stock, valued at approximately $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.36% of the stock is currently owned by company insiders.

Extra Space Storage Stock Up 1.0%

Shares of NYSE:EXR traded up $1.41 during trading on Monday, hitting $143.73. The company's stock had a trading volume of 857,281 shares, compared to its average volume of 1,056,304. The business has a 50 day moving average price of $144.67 and a two-hundred day moving average price of $146.21. The company has a market capitalization of $30.51 billion, a PE ratio of 31.18, a P/E/G ratio of 3.47 and a beta of 1.09. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.01). The business had revenue of $841.62 million during the quarter, compared to analyst estimates of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The business's revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, research analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $1.62 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $6.48 dividend on an annualized basis and a yield of 4.5%. Extra Space Storage's payout ratio is 140.56%.

Analysts Set New Price Targets

Several research firms have recently issued reports on EXR. Truist Financial lowered their target price on shares of Extra Space Storage from $158.00 to $150.00 and set a "hold" rating on the stock in a research note on Tuesday, August 19th. Royal Bank Of Canada decreased their target price on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating on the stock in a research note on Monday, August 4th. JPMorgan Chase & Co. raised their target price on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research note on Friday, June 13th. Evercore ISI reduced their price target on shares of Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a research report on Monday, August 4th. Finally, Mizuho lifted their price target on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research report on Wednesday, May 28th. Seven equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $153.33.

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.