Arete Wealth Advisors LLC Takes Position in Extra Space Storage Inc $EXR

Key Points

• Arete Wealth Advisors LLC acquired 1,950 shares of Extra Space Storage Inc (NYSE:EXR), valued at approximately $290,000, marking a new position for the firm in the first quarter.
• The company's CEO, Joseph D. Margolis, sold 7,500 shares worth over $1.1 million, reducing his ownership by 21.58% to 27,260 shares.
• Extra Space Storage declared a quarterly dividend of $1.62 per share, representing an annualized yield of 4.4% with a payout ratio of 140.56%.

Arete Wealth Advisors LLC purchased a new stake in Extra Space Storage Inc (NYSE:EXR - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,950 shares of the real estate investment trust's stock, valued at approximately $290,000.

Several other hedge funds also recently added to or reduced their stakes in EXR. GKV Capital Management Co. Inc. purchased a new stake in shares of Extra Space Storage during the 1st quarter worth about $29,000. Zions Bancorporation National Association UT purchased a new position in Extra Space Storage in the 1st quarter valued at about $50,000. Golden State Wealth Management LLC raised its holdings in Extra Space Storage by 147.0% in 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 last quarter. Wayfinding Financial LLC acquired a new stake in Extra Space Storage in the 1st quarter valued at about $76,000. Finally, Avalon Trust Co acquired a new stake in Extra Space Storage in the 1st quarter valued at about $79,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EXR has been the subject of a number of recent analyst reports. Royal Bank Of Canada cut their price target on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a report on Monday, August 4th. Truist Financial decreased their price target on shares of Extra Space Storage from $158.00 to $150.00 and set a "hold" rating for the company in a research report on Tuesday, August 19th. Barclays decreased their price target on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. BNP Paribas raised shares of Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. Finally, The Goldman Sachs Group reissued a "neutral" rating and issued a $146.00 price target (down previously from $169.00) on shares of Extra Space Storage in a research report on Thursday, August 21st. Six investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $151.64.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 27,260 shares in the company, valued at $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.96% of the stock is owned by corporate insiders.

Extra Space Storage Stock Performance

Shares of NYSE:EXR traded down $3.37 on Monday, reaching $143.78. The company's stock had a trading volume of 892,918 shares, compared to its average volume of 1,182,939. The stock's 50-day moving average is $143.90 and its two-hundred day moving average is $145.47. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $184.87. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market capitalization of $30.52 billion, a P/E ratio of 31.19, a PEG ratio of 3.56 and a beta of 1.09.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly 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). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The firm had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. During the same quarter last year, the firm earned $2.06 earnings per share. The company's revenue was up 3.8% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, sell-side analysts forecast that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

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

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.