Adelante Capital Management LLC Reduces Stake in Extra Space Storage Inc $EXR

Key Points

• Adelante Capital Management reduced its Extra Space Storage stake by 11.4% in the first quarter, selling 25,271 shares and retaining 196,160 shares worth approximately $25.7 million. Institutional investors collectively own 99.11% of EXR.
• EXR shares opened at $151.84, near their 52-week high, while the company pays a quarterly dividend of $1.62, equivalent to a 4.3% annual yield. However, its latest reported EPS of $1.14 missed the $2.01 analyst consensus.
• Analyst sentiment remains cautious, with six Buy ratings and ten Holds producing a consensus “Hold” rating and an average price target of $146.53; recent ratings included upgrades from Bank of America and Wells Fargo.

Adelante Capital Management LLC lessened its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 11.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 196,160 shares of the real estate investment trust's stock after selling 25,271 shares during the quarter. Extra Space Storage comprises 1.7% of Adelante Capital Management LLC's portfolio, making the stock its 18th largest holding. Adelante Capital Management LLC owned approximately 0.09% of Extra Space Storage worth $25,722,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of EXR. NewEdge Advisors LLC grew its position in shares of Extra Space Storage by 9.3% during the 1st quarter. NewEdge Advisors LLC now owns 3,409 shares of the real estate investment trust's stock valued at $506,000 after purchasing an additional 291 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Extra Space Storage by 15.5% during the first quarter. Empowered Funds LLC now owns 4,912 shares of the real estate investment trust's stock worth $729,000 after purchasing an additional 661 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Extra Space Storage during the second quarter worth about $457,000. First Trust Advisors LP increased its position in shares of Extra Space Storage by 184.1% in the second quarter. First Trust Advisors LP now owns 108,205 shares of the real estate investment trust's stock worth $15,954,000 after purchasing an additional 70,115 shares during the last quarter. Finally, Brown Advisory Inc. increased its position in shares of Extra Space Storage by 1.8% in the second quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust's stock worth $653,000 after purchasing an additional 80 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

Insider Activity at Extra Space Storage

In other news, EVP Gwyn Goodson Mcneal sold 3,300 shares of Extra Space Storage stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $150.00, for a total value of $495,000.00. Following the transaction, the executive vice president owned 37,374 shares in the company, valued at approximately $5,606,100. The trade was a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.96% of the company's stock.

Extra Space Storage Trading Up 2.4%

EXR stock opened at $151.84 on Wednesday. The company has a market capitalization of $32.08 billion, a PE ratio of 34.04, a price-to-earnings-growth ratio of 4.59 and a beta of 1.19. Extra Space Storage Inc has a one year low of $125.71 and a one year high of $155.19. The company's 50 day moving average price is $146.13 and its two-hundred day moving average price is $142.97. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.37 and a current ratio of 0.37.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.01 by ($0.87). The business had revenue of $856.03 million during the quarter, compared to analysts' expectations of $851.35 million. Extra Space Storage had a net margin of 27.66% and a return on equity of 6.65%. Extra Space Storage's revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the company posted $2.00 EPS. As a group, analysts predict that Extra Space Storage Inc will post 8.26 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Monday, June 15th. Extra Space Storage's dividend payout ratio (DPR) is 145.29%.

Key Stories Impacting Extra Space Storage

Here are the key news stories impacting Extra Space Storage this week:

• Positive Sentiment: Core FFO beat estimates: Core funds from operations were $2.15 per share, above the $2.06 consensus estimate and up from $2.05 a year earlier. Net income attributable to common shareholders rose 5.9% year over year to $1.25 per diluted share. Extra Space Storage Beats Q2 FFO and Revenue Estimates
• Positive Sentiment: Revenue and operating income grew: Second-quarter revenue increased 3.9% year over year to approximately $874.2 million. Same-store revenue grew 2.4%, while same-store net operating income rose 3.5%, indicating continued underlying operating growth. Extra Space Storage Reports 2026 Second Quarter Results
• Positive Sentiment: Full-year outlook improved: EXR set or raised its 2026 Core FFO guidance to $8.25-$8.40 per share, broadly bracketing the $8.26 analyst consensus and supporting expectations for continued earnings growth.
• Positive Sentiment: Capital deployment and income remain supportive: The company acquired 17 operating stores and a joint-venture interest for $90.7 million, originated $140.6 million of real-estate loans, and paid a quarterly dividend of $1.62 per share.
• Neutral Sentiment: Revenue was essentially in line: Reported revenue was slightly below the $874.99 million analyst estimate, limiting the size of the positive surprise on the top line. Compared to Estimates Extra Space Storage Q2 Earnings
• Negative Sentiment: Occupancy edged lower: Ending same-store occupancy was 94.2%, down from 94.4% a year earlier, suggesting modest pressure on demand or pricing.
• Negative Sentiment: Insider selling: CEO Joseph Margolis and Chief Legal Officer Gwyn Goodson McNeal sold shares in recent months. These transactions may create a minor sentiment headwind, although they do not change the quarter’s operating results.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Extra Space Storage in a research report on Friday, July 17th. Bank of America raised shares of Extra Space Storage from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $147.00 to $156.00 in a report on Tuesday, June 16th. Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. Wells Fargo & Company lifted their price objective on shares of Extra Space Storage from $154.00 to $158.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Raymond James Financial initiated coverage on shares of Extra Space Storage in a research report on Thursday, July 16th. They issued an "outperform" rating and a $44.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $146.53.

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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