United Services Automobile Association Makes New Investment in Extra Space Storage Inc $EXR

Key Points

• United Services Automobile Association acquired 4,786 shares of Extra Space Storage Inc, valued at approximately $696,000, reflecting growing interest from institutional investors in the real estate investment trust.
• Extra Space Storage recently announced an annual dividend of $6.48 with a yield of 4.5%, despite a high payout ratio of 140.56%.
• Analysts have mixed views on Extra Space Storage, with target price changes ranging from a decrease to $150.00 by Citigroup and an increase to $153.00 by Mizuho, resulting in a consensus rating of "Hold".

United Services Automobile Association acquired a new position in Extra Space Storage Inc (NYSE:EXR - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,786 shares of the real estate investment trust's stock, valued at approximately $696,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of EXR. GKV Capital Management Co. Inc. purchased a new stake in shares of Extra Space Storage in the 1st quarter worth $29,000. Zions Bancorporation National Association UT purchased a new stake in shares of Extra Space Storage in the 1st quarter worth $50,000. Golden State Wealth Management LLC increased its stake in shares of 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 worth $60,000 after purchasing an additional 241 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Extra Space Storage in the 1st quarter worth $76,000. Finally, Avalon Trust Co purchased a new stake in shares of Extra Space Storage in the 1st quarter worth $79,000. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Trading Down 0.9%

Shares of NYSE:EXR traded down $1.25 during trading on Monday, reaching $144.28. The company's stock had a trading volume of 217,174 shares, compared to its average volume of 1,178,953. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. Extra Space Storage Inc has a 12 month low of $121.03 and a 12 month high of $184.87. The firm's 50 day simple moving average is $143.90 and its two-hundred day simple moving average is $145.47. The stock has a market capitalization of $30.62 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 3.56 and a beta of 1.09.

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

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.5%. Extra Space Storage's dividend payout ratio (DPR) is presently 140.56%.

Wall Street Analyst Weigh In

EXR has been the subject of a number of analyst reports. Wells Fargo & Company upgraded Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 price target for the company in a research note on Tuesday, August 26th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $146.00 price target (down previously from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. Mizuho increased their price target on Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 28th. BNP Paribas Exane initiated coverage on Extra Space Storage in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price target for the company. Finally, Royal Bank Of Canada cut their price target on Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a research note on Monday, August 4th. Six investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $151.64.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm'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 owned 27,260 shares of the company's stock, valued at $4,098,541. This trade represents a 21.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.96% of the stock is currently owned by insiders.

Extra Space Storage 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.