Allianz Asset Management GmbH Has $31.16 Million Holdings in Extra Space Storage Inc $EXR

Key Points

• Allianz Asset Management GmbH has reduced its holdings in Extra Space Storage Inc. by 6.6%, now owning 211,320 shares valued at approximately $31.16 million.
• Extra Space Storage's CEO, Joseph D. Margolis, sold 7,500 shares at an average price of $141.41, decreasing his ownership by 27.51%.
• The company recently announced a quarterly dividend of $1.62, translating to an annualized dividend yield of 4.3% with a payout ratio of 140.56%.

Allianz Asset Management GmbH cut its position in Extra Space Storage Inc (NYSE:EXR - Free Report) by 6.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 211,320 shares of the real estate investment trust's stock after selling 14,915 shares during the period. Allianz Asset Management GmbH owned 0.10% of Extra Space Storage worth $31,157,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. RFG Advisory LLC acquired a new position in Extra Space Storage in the second quarter valued at about $532,000. Naviter Wealth LLC boosted its position in Extra Space Storage by 10.4% in the second quarter. Naviter Wealth LLC now owns 15,070 shares of the real estate investment trust's stock valued at $2,222,000 after buying an additional 1,425 shares in the last quarter. NorthRock Partners LLC raised its stake in shares of Extra Space Storage by 123.2% in the second quarter. NorthRock Partners LLC now owns 4,756 shares of the real estate investment trust's stock worth $701,000 after acquiring an additional 2,625 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Extra Space Storage by 44.9% in the second quarter. Sequoia Financial Advisors LLC now owns 4,046 shares of the real estate investment trust's stock worth $596,000 after acquiring an additional 1,254 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Extra Space Storage by 3.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 22,927 shares of the real estate investment trust's stock worth $3,451,000 after acquiring an additional 705 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total value of $1,060,575.00. Following the completion of the sale, the chief executive officer owned 19,760 shares of the company's stock, valued at approximately $2,794,261.60. This represents a 27.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.96% of the company's stock.

Extra Space Storage Trading Down 0.2%

EXR opened at $151.66 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. The company has a market cap of $32.19 billion, a price-to-earnings ratio of 32.90, a price-to-earnings-growth ratio of 2.73 and a beta of 1.11. The firm has a 50 day simple moving average of $142.23 and a 200 day simple moving average of $144.41. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $175.57.

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

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Monday, September 15th. Extra Space Storage's dividend payout ratio is presently 140.56%.

Analysts Set New Price Targets

A number of brokerages have weighed in on EXR. Scotiabank dropped their target price on shares of 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. Royal Bank Of Canada dropped their target price on shares of 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. Wells Fargo & Company raised shares of Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 target price for the company in a research note on Tuesday, August 26th. Barclays dropped their target price on shares of 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. Finally, Wall Street Zen raised shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Saturday, October 11th. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Extra Space Storage presently has an average rating of "Hold" and a consensus target price of $148.64.

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.

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