Alliancebernstein L.P. Raises Stock Holdings in Extra Space Storage Inc $EXR

Key Points

• Alliancebernstein L.P. increased its stake in Extra Space Storage Inc by 3.5% during the first quarter, now owning approximately 452,777 shares valued at $67.2 million.
• Insider trading was noted as CEO Joseph D. Margolis sold 7,500 shares for $1,127,625, reducing his position by 21.58%.
• Extra Space Storage declared a quarterly dividend of $1.62 per share, with a dividend yield of 4.4%, set to be paid at the end of September.

Alliancebernstein L.P. grew its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 3.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 452,777 shares of the real estate investment trust's stock after buying an additional 15,286 shares during the quarter. Alliancebernstein L.P. owned approximately 0.21% of Extra Space Storage worth $67,233,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of EXR. JPMorgan Chase & Co. increased its position in Extra Space Storage by 205.7% in the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust's stock worth $608,001,000 after buying an additional 2,755,265 shares in the last quarter. Nuveen LLC purchased a new stake in Extra Space Storage in the first quarter worth about $257,917,000. AQR Capital Management LLC increased its position in Extra Space Storage by 570.3% in the first quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust's stock worth $166,180,000 after buying an additional 956,500 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Extra Space Storage in the fourth quarter worth about $74,984,000. Finally, Invesco Ltd. increased its position in Extra Space Storage by 18.7% in the first quarter. Invesco Ltd. now owns 3,056,384 shares of the real estate investment trust's stock worth $453,843,000 after buying an additional 480,642 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on EXR shares. Scotiabank dropped their price objective on Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating for the company in a research note on Thursday, August 28th. BNP Paribas raised Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. Wall Street Zen lowered Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Monday, September 1st. Benchmark dropped their price objective on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Finally, Citigroup dropped their price objective on Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $153.33.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The stock was 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 directly owned 27,260 shares of the company's stock, valued at $4,098,541. This trade represents a 21.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.96% of the stock is owned by insiders.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock opened at $147.19 on Friday. The stock has a 50 day moving average of $144.34 and a 200 day moving average of $145.89. Extra Space Storage Inc has a 12 month low of $121.03 and a 12 month high of $184.87. The firm has a market cap of $31.24 billion, a PE ratio of 31.93, a PEG ratio of 3.56 and a beta of 1.09. 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 (NYSE:EXR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.01). The company had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. Extra Space Storage's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, research analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Monday, September 15th. Extra Space Storage's dividend payout ratio (DPR) is presently 140.56%.

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.

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