Extra Space Storage Inc $EXR Position Cut by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. reduced its holdings in Extra Space Storage by 0.4%, selling 2,484 shares, while still owning 560,213 shares valued at about $78.4 million.
• Extra Space Storage's CEO, Joseph D. Margolis, sold 7,500 shares, representing a 21.58% decrease in his ownership, amounting to a transaction of over $1.1 million.
• The company declared a quarterly dividend of $1.62 per share, which will be paid on September 30, reflecting an annualized yield of 4.6%.

Ameriprise Financial Inc. reduced its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 0.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 560,213 shares of the real estate investment trust's stock after selling 2,484 shares during the quarter. Ameriprise Financial Inc. owned about 0.26% of Extra Space Storage worth $78,387,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of EXR. First Trust Advisors LP boosted its holdings in Extra Space Storage by 110.1% in the fourth quarter. First Trust Advisors LP now owns 86,826 shares of the real estate investment trust's stock valued at $12,989,000 after purchasing an additional 45,501 shares during the last quarter. OneDigital Investment Advisors LLC boosted its position in Extra Space Storage by 35.2% during the fourth quarter. OneDigital Investment Advisors LLC now owns 1,577 shares of the real estate investment trust's stock worth $236,000 after purchasing an additional 411 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Extra Space Storage in the 4th quarter worth $215,000. Boothbay Fund Management LLC purchased a new stake in Extra Space Storage in the 4th quarter worth $743,000. Finally, Quarry LP lifted its holdings 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 purchasing an additional 217 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction 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 completion of the sale, the chief executive officer directly owned 27,260 shares of the company's stock, valued at approximately $4,098,541. This represents a 21.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.96% of the company's stock.

Extra Space Storage Price Performance

Shares of EXR stock traded up $1.41 during mid-day trading on Friday, reaching $143.73. The stock had a trading volume of 857,281 shares, compared to its average volume of 1,185,605. Extra Space Storage Inc has a 12-month low of $121.03 and a 12-month high of $184.87. The company has a market cap of $30.51 billion, a P/E ratio of 31.18, a price-to-earnings-growth ratio of 3.43 and a beta of 1.07. The business has a 50-day simple moving average of $144.72 and a 200 day simple moving average of $146.43. 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 announced 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). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The firm had revenue of $841.62 million during the quarter, compared to analysts' expectations of $719.43 million. During the same quarter in the prior year, the business earned $2.06 EPS. The company's quarterly revenue was up 3.8% compared to the same quarter last year. 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 will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, September 15th. Extra Space Storage's dividend payout ratio (DPR) is 140.56%.

Analyst Ratings Changes

EXR has been the topic of several analyst reports. Citigroup reduced 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 report on Friday, August 22nd. BNP Paribas Exane began 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 for the company. JPMorgan Chase & Co. boosted 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 note on Friday, June 13th. Royal Bank Of Canada dropped their price target 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, Truist Financial dropped their price target 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. Seven equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $153.33.

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.