Alta Capital Management LLC Cuts Stake in Extra Space Storage Inc $EXR

Key Points

• Alta Capital Management LLC reduced its stake in Extra Space Storage Inc by 17.4%, owning 23,957 shares after selling 5,052 shares, reflecting a total holding value of approximately $3.53 million.
• Extra Space Storage announced a quarterly dividend of $1.62 per share, representing an annual yield of 4.3% with a payout ratio exceeding 140%.
• The company reported a Q2 EPS of $2.05, slightly missing the consensus estimate, while its revenue of $841.62 million surpassed analyst expectations, marking a 3.8% increase compared to the previous year.

Alta Capital Management LLC lowered its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 17.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,957 shares of the real estate investment trust's stock after selling 5,052 shares during the period. Alta Capital Management LLC's holdings in Extra Space Storage were worth $3,532,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. GKV Capital Management Co. Inc. purchased a new stake in shares of Extra Space Storage during the first quarter worth about $29,000. Chung Wu Investment Group LLC purchased a new stake in shares of Extra Space Storage during the second quarter worth about $29,000. Zions Bancorporation National Association UT purchased a new stake in shares of Extra Space Storage during the first quarter worth about $50,000. Golden State Wealth Management LLC increased its stake in shares of Extra Space Storage by 147.0% during the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock worth $60,000 after purchasing an additional 241 shares in the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Extra Space Storage during the second quarter worth about $75,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Extra Space Storage Stock Up 0.9%

EXR stock opened at $149.15 on Thursday. The firm has a market cap of $31.66 billion, a PE ratio of 32.35, a PEG ratio of 3.58 and a beta of 1.11. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. The firm's 50 day moving average price is $141.65 and its 200-day moving average price is $144.39. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $175.57.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing the consensus estimate 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 net margin of 29.51% and a return on equity of 6.69%. The firm's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.06 EPS. 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 EPS for the current year.

Extra Space Storage Announces Dividend

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

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the sale, the chief executive officer owned 19,760 shares of the company's stock, valued at approximately $2,794,261.60. The trade was a 27.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.96% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Extra Space Storage in a research note on Wednesday, October 8th. Truist Financial dropped their price objective on shares of 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. UBS Group dropped their price objective on shares of Extra Space Storage from $169.00 to $160.00 and set a "buy" rating for the company in a research note on Tuesday, September 16th. Royal Bank Of Canada dropped their price objective 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. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $146.00 price objective (down previously from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $148.64.

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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