Advisors Asset Management Inc. Boosts Stake in Extra Space Storage Inc $EXR

Key Points

• Advisors Asset Management Inc. increased its stake in Extra Space Storage by 15.3%, bringing its total holdings to 12,995 shares worth approximately $1.93 million.
• Extra Space Storage reported a missed EPS estimate of $2.05 for the quarter, while revenue exceeded expectations at $841.62 million, marking a 3.8% increase year-over-year.
• A quarterly dividend of $1.62 has been declared, yielding about 4.4%, with the payout ratio at 140.56%.

Advisors Asset Management Inc. increased its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 15.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,995 shares of the real estate investment trust's stock after buying an additional 1,722 shares during the period. Advisors Asset Management Inc.'s holdings in Extra Space Storage were worth $1,930,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Alyeska Investment Group L.P. purchased a new stake in Extra Space Storage during the first quarter valued at about $13,894,000. Adage Capital Partners GP L.L.C. lifted its stake in Extra Space Storage by 215.0% during the first quarter. Adage Capital Partners GP L.L.C. now owns 403,500 shares of the real estate investment trust's stock worth $59,916,000 after purchasing an additional 275,400 shares during the last quarter. EP Wealth Advisors LLC lifted its stake in Extra Space Storage by 3.3% during the first quarter. EP Wealth Advisors LLC now owns 4,062 shares of the real estate investment trust's stock worth $603,000 after purchasing an additional 128 shares during the last quarter. Focus Partners Advisor Solutions LLC bought a new stake in Extra Space Storage during the first quarter worth about $425,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Extra Space Storage during the first quarter worth about $23,982,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business'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 transaction, the chief executive officer owned 27,260 shares in the company, valued at $4,098,541. The trade was a 21.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.96% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on EXR shares. Wall Street Zen raised Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Tuesday. Barclays dropped their price target on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Royal Bank Of Canada dropped 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. Truist Financial dropped their price target on Extra Space Storage from $158.00 to $150.00 and set a "hold" rating for the company in a research note on Tuesday, August 19th. Finally, Wells Fargo & Company upgraded Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 price objective on the stock in a report on Tuesday, August 26th. Six research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $151.57.

Extra Space Storage Trading Down 0.6%

Shares of NYSE EXR traded down $0.82 during midday trading on Friday, reaching $147.49. The company had a trading volume of 236,521 shares, compared to its average volume of 1,178,964. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $184.87. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. The firm's fifty day moving average price is $144.00 and its 200-day moving average price is $145.68. The stock has a market cap of $31.31 billion, a PE ratio of 31.99, a price-to-earnings-growth ratio of 3.51 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 earnings per share (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 for the quarter, compared to analysts' expectations of $719.43 million. During the same quarter in the prior year, the firm earned $2.06 EPS. The firm's revenue for the quarter 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, equities research analysts anticipate that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Monday, September 15th. Extra Space Storage's payout ratio is currently 140.56%.

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.