Extra Space Storage Inc $EXR Shares Sold by American Century Companies Inc.

Key Points

• American Century Companies Inc. has reduced its stake in Extra Space Storage by 12.1%, selling 18,530 shares and holding approximately 0.06% of the company, valued at $20,082,000.
• Extra Space Storage's stock has a market capitalization of $30.28 billion, with reported earnings of $2.05 per share for the last quarter, slightly below analysts' expectations.
• The company is set to distribute a quarterly dividend of $1.62 on September 30th, yielding an annualized rate of 4.5%, despite a payout ratio of 140.56%.

American Century Companies Inc. reduced its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 12.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,242 shares of the real estate investment trust's stock after selling 18,530 shares during the quarter. American Century Companies Inc. owned 0.06% of Extra Space Storage worth $20,082,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of EXR. GKV Capital Management Co. Inc. purchased a new stake in shares of Extra Space Storage during the 1st quarter worth about $29,000. Zions Bancorporation National Association UT purchased a new position in Extra Space Storage in the 1st quarter valued at about $50,000. Quarry LP lifted its stake in Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock valued at $53,000 after buying an additional 217 shares in the last quarter. Golden State Wealth Management LLC lifted its stake in Extra Space Storage by 147.0% in the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after buying an additional 241 shares in the last quarter. Finally, Parvin Asset Management LLC purchased a new position in Extra Space Storage in the 4th quarter valued at about $62,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EXR has been the topic of a number of research reports. BNP Paribas Exane initiated coverage on shares of Extra Space Storage in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price target on the stock. Evercore ISI decreased their price target on shares of Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a research note on Monday, August 4th. Citigroup decreased their price target on shares of Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating on the stock in a research note on Friday, August 22nd. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $146.00 price target (down from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. Finally, Wall Street Zen raised shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Sunday. Seven analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $153.33.

Extra Space Storage Price Performance

EXR stock traded up $0.33 during mid-day trading on Thursday, reaching $141.90. The company's stock had a trading volume of 308,457 shares, compared to its average volume of 1,185,420. The stock has a market cap of $30.12 billion, a PE ratio of 30.75, a P/E/G ratio of 3.40 and a beta of 1.07. 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 Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The company's 50 day moving average is $144.80 and its two-hundred day moving average is $146.53.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings data 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 business had revenue of $841.62 million during the quarter, compared to analyst estimates 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 revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities research analysts expect 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 will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is 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 Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the sale, the chief executive officer owned 27,260 shares of the company's stock, valued at approximately $4,098,541. The trade was a 21.58% 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.

About Extra Space Storage

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.