Nuveen LLC Invests $257.92 Million in Extra Space Storage Inc (NYSE:EXR)

Key Points

• Nuveen LLC acquired 1,736,934 shares of Extra Space Storage Inc (NYSE:EXR), valued at approximately $257.9 million, making them a significant institutional investor in the company.
• Extra Space Storage announced a quarterly dividend of $1.62 per share, equating to an annual yield of 4.8%, though the company's dividend payout ratio stands at 140.56%.
• Analysts have set new price targets for Extra Space Storage, with an average target of $155.85 and mixed ratings, including a "hold" and "sector outperform."

Nuveen LLC acquired a new position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,736,934 shares of the real estate investment trust's stock, valued at approximately $257,917,000. Nuveen LLC owned 0.82% of Extra Space Storage at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in EXR. Zions Bancorporation National Association UT purchased a new position in shares of Extra Space Storage in the first quarter worth about $50,000. Quarry LP raised 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 buying an additional 217 shares during the last quarter. Golden State Wealth Management LLC lifted its stake 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 valued at $60,000 after acquiring an additional 241 shares during the period. Parvin Asset Management LLC purchased a new stake in shares of Extra Space Storage in the 4th quarter valued at $62,000. Finally, Wayfinding Financial LLC acquired a new stake in shares of Extra Space Storage in the first quarter worth $76,000. 99.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

EXR has been the subject of a number of research reports. 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 for the company in a research report on Monday, August 4th. BNP Paribas Exane assumed coverage on Extra Space Storage in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 target price on the stock. Bank of America boosted their price target on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. JPMorgan Chase & Co. lifted their target price on shares of Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a report on Friday, June 13th. Finally, Benchmark decreased their price objective on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $155.85.

Extra Space Storage Price Performance

Shares of EXR stock traded down $1.63 during trading hours on Thursday, reaching $136.58. The company had a trading volume of 1,475,633 shares, compared to its average volume of 1,201,936. Extra Space Storage Inc has a 12-month low of $121.03 and a 12-month high of $184.87. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market capitalization of $28.99 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 3.28 and a beta of 1.07. The stock has a fifty day moving average of $146.81 and a 200-day moving average of $147.57.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The company 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 firm's revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business earned $2.06 earnings per share. On average, equities analysts anticipate that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Monday, June 16th. Extra Space Storage's payout ratio is 140.56%.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the completion of the transaction, the chief executive officer directly owned 27,260 shares in the company, valued at $4,098,541. This trade represents a 21.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.96% of the company's stock.

Extra Space Storage Company Profile

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.