49,209 Shares in Extra Space Storage Inc $EXR Acquired by Westpac Banking Corp

Key Points

• Westpac Banking Corp acquired 49,209 shares of Extra Space Storage worth approximately $7.15 million during the second quarter. Institutional investors collectively own 99.11% of the REIT’s stock.
• Extra Space Storage beat quarterly earnings expectations, reporting $1.25 in EPS versus the $1.16 consensus estimate, while revenue rose 3.9% year over year to $874.15 million.
• The company declared a quarterly dividend of $1.62 per share, representing a $6.48 annualized payout and a 4.4% yield. Analysts maintain an overall “Hold” rating, with an average price target of $147.71.

Westpac Banking Corp purchased a new stake in Extra Space Storage Inc (NYSE:EXR - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 49,209 shares of the real estate investment trust's stock, valued at approximately $7,150,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Extra Space Storage in the 2nd quarter valued at $3,334,263,000. Cohen & Steers Inc. lifted its position in Extra Space Storage by 13.4% in the fourth quarter. Cohen & Steers Inc. now owns 15,979,424 shares of the real estate investment trust's stock valued at $2,080,971,000 after acquiring an additional 1,888,763 shares during the last quarter. State Street Corp lifted its position in Extra Space Storage by 1.7% in the third quarter. State Street Corp now owns 13,910,878 shares of the real estate investment trust's stock valued at $1,960,599,000 after acquiring an additional 230,697 shares during the last quarter. Norges Bank purchased a new stake in Extra Space Storage in the fourth quarter valued at $1,219,606,000. Finally, Capital International Investors boosted its stake in Extra Space Storage by 73.9% in the fourth quarter. Capital International Investors now owns 6,256,687 shares of the real estate investment trust's stock valued at $814,746,000 after acquiring an additional 2,658,947 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company's stock.

Insider Buying and Selling

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 3,300 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $150.00, for a total transaction of $495,000.00. Following the completion of the sale, the executive vice president directly owned 37,374 shares of the company's stock, valued at approximately $5,606,100. This trade represents a 8.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.96% of the stock is currently owned by corporate insiders.

Extra Space Storage Stock Down 0.2%

Shares of NYSE:EXR opened at $146.97 on Friday. Extra Space Storage Inc has a 1-year low of $125.71 and a 1-year high of $158.88. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a market cap of $31.05 billion, a P/E ratio of 32.44, a P/E/G ratio of 4.23 and a beta of 1.18. The firm has a fifty day moving average price of $147.31 and a 200 day moving average price of $143.76.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.09. Extra Space Storage had a net margin of 27.80% and a return on equity of 6.70%. The company had revenue of $874.15 million for the quarter, compared to analyst estimates of $874.99 million. During the same period in the previous year, the business posted $2.05 earnings per share. Extra Space Storage's quarterly revenue was up 3.9% on a year-over-year basis. Extra Space Storage has set its FY 2026 guidance at 8.250-8.400 EPS. Sell-side analysts predict that Extra Space Storage Inc will post 8.32 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.4%. Extra Space Storage's dividend payout ratio is currently 143.05%.

Analysts Set New Price Targets

EXR has been the topic of several research reports. Wall Street Zen raised Extra Space Storage from a "sell" rating to a "hold" rating in a report on Sunday, August 9th. Scotiabank boosted their target price on Extra Space Storage from $157.00 to $158.00 and gave the company a "sector perform" rating in a report on Tuesday. Royal Bank Of Canada upped their target price on Extra Space Storage from $153.00 to $157.00 and gave the company a "sector perform" rating in a research report on Thursday, July 30th. Truist Financial raised their price target on Extra Space Storage from $140.00 to $148.00 and gave the stock a "hold" rating in a research note on Wednesday, June 17th. Finally, Weiss Ratings raised Extra Space Storage from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, August 7th. Six investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat.com, Extra Space Storage currently has an average rating of "Hold" and an average price target of $147.71.

Extra Space Storage Company Profile

Extra Space Storage NYSE: EXR is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.

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