Allstate Corp Increases Stock Position in Extra Space Storage Inc $EXR

Key Points

• Allstate Corp has increased its shareholding in Extra Space Storage Inc by 6.3%, bringing its total to 33,625 shares valued at approximately $4.99 million.
• Extra Space Storage recently announced a quarterly dividend of $1.62 per share, which will be distributed to shareholders on September 30, representing an annualized yield of 4.7%.
• Scotiabank and Bank of America have recently adjusted their price targets for Extra Space Storage, with Scotiabank raising it to $166.00 and Bank of America to $161.00.

Allstate Corp lifted its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 6.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,625 shares of the real estate investment trust's stock after purchasing an additional 1,996 shares during the period. Allstate Corp's holdings in Extra Space Storage were worth $4,993,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Extra Space Storage by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust's stock worth $5,044,129,000 after acquiring an additional 295,556 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of 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. Massachusetts Financial Services Co. MA increased its stake in Extra Space Storage by 0.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,077,577 shares of the real estate investment trust's stock worth $456,989,000 after acquiring an additional 12,607 shares during the last quarter. Invesco Ltd. lifted its stake 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 purchasing an additional 480,642 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Extra Space Storage by 1.7% in the first quarter. Northern Trust Corp now owns 2,922,828 shares of the real estate investment trust's stock worth $434,011,000 after purchasing an additional 47,779 shares during the last quarter. 99.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

EXR has been the topic of several research analyst reports. Scotiabank boosted their target price on shares of Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. Bank of America lifted their target price on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Wall Street Zen lowered shares of Extra Space Storage from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. JPMorgan Chase & Co. increased their price target on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research report on Friday, June 13th. Finally, BNP Paribas Exane started coverage on Extra Space Storage in a report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $153.86.

Extra Space Storage Trading Down 0.5%

Shares of EXR stock opened at $139.0050 on Friday. The business's fifty day moving average price is $145.34 and its 200 day moving average price is $146.90. Extra Space Storage Inc has a 1-year low of $121.03 and a 1-year high of $184.87. The firm has a market capitalization of $29.50 billion, a PE ratio of 30.15, a P/E/G ratio of 3.38 and a beta of 1.07. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29.

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

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.7%. Extra Space Storage's dividend payout ratio (DPR) is 140.56%.

Insiders Place Their Bets

In other Extra Space Storage 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 transaction of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares in the company, valued at $4,098,541. This trade represents a 21.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.96% of the stock is currently owned by company insiders.

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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