Applied Finance Capital Management LLC Takes $761,000 Position in Extra Space Storage Inc (NYSE:EXR)

Key Points

• Applied Finance Capital Management LLC invested approximately $761,000 in Extra Space Storage Inc, acquiring 5,126 shares during the first quarter.
• Extra Space Storage reported a quarterly earnings per share (EPS) of $2.00, exceeding estimates, with revenue of $820.00 million for the quarter.
• The company announced a quarterly dividend of $1.62 per share, resulting in an annualized dividend yield of 4.30%.

Applied Finance Capital Management LLC bought a new position in Extra Space Storage Inc (NYSE:EXR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 5,126 shares of the real estate investment trust's stock, valued at approximately $761,000.

Several other institutional investors have also recently made changes to their positions in EXR. Cohen & Steers Inc. boosted its stake in shares of Extra Space Storage by 5.9% in the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock worth $1,383,094,000 after buying an additional 516,941 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Extra Space Storage by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust's stock valued at $469,229,000 after acquiring an additional 24,533 shares during the period. Massachusetts Financial Services Co. MA raised its holdings 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 valued at $456,989,000 after acquiring an additional 12,607 shares during the period. Northern Trust Corp increased its holdings in shares of Extra Space Storage by 48.7% in the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock worth $430,107,000 after purchasing an additional 941,212 shares during the last quarter. Finally, Invesco Ltd. increased its stake in Extra Space Storage by 3.5% during the fourth quarter. Invesco Ltd. now owns 2,575,742 shares of the real estate investment trust's stock worth $385,331,000 after acquiring an additional 87,354 shares during the last quarter. Institutional investors own 99.11% of the company's stock.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the transaction, the chief executive officer directly 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 SEC, which is accessible through this hyperlink. 1.36% of the stock is currently owned by corporate insiders.

Extra Space Storage Trading Down 0.1%

NYSE:EXR traded down $0.14 during trading hours on Wednesday, reaching $151.77. 298,853 shares of the company were exchanged, compared to its average volume of 1,159,321. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.33 and a quick ratio of 0.33. The firm has a market cap of $32.21 billion, a price-to-earnings ratio of 35.19, a PEG ratio of 3.60 and a beta of 1.10. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $184.87. The stock has a 50 day simple moving average of $149.03 and a 200 day simple moving average of $148.47.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, beating analysts' consensus estimates of $1.96 by $0.04. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The business had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. During the same quarter last year, the firm posted $1.96 EPS. The business's revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.27%. The ex-dividend date of this dividend was Monday, June 16th. Extra Space Storage's dividend payout ratio is currently 150.35%.

Analyst Upgrades and Downgrades

EXR has been the topic of several analyst reports. Evercore ISI boosted their price objective on Extra Space Storage from $144.00 to $149.00 and gave the stock an "in-line" rating in a research note on Thursday, May 1st. Wall Street Zen upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Mizuho upped their target price on Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research report on Wednesday, May 28th. Barclays cut their price target on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Finally, Scotiabank raised their target price on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Nine analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $157.69.

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.