AQR Capital Management LLC Acquires 956,500 Shares of Extra Space Storage Inc $EXR

Key Points

• AQR Capital Management LLC increased its stake in Extra Space Storage Inc by 570.3% during the first quarter, owning 1,124,206 shares valued at approximately $166.18 million.
• Institutional investors own a significant portion of Extra Space Storage, accounting for 99.11% of the company's stock.
• Extra Space Storage announced a quarterly dividend of $1.62 per share, representing a yield of 4.5% with a payout ratio of 140.56%.

AQR Capital Management LLC lifted its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 570.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,124,206 shares of the real estate investment trust's stock after buying an additional 956,500 shares during the quarter. AQR Capital Management LLC owned about 0.53% of Extra Space Storage worth $166,180,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Advisors Asset Management Inc. lifted its holdings in shares of Extra Space Storage by 15.3% during the first quarter. Advisors Asset Management Inc. now owns 12,995 shares of the real estate investment trust's stock worth $1,930,000 after buying an additional 1,722 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Extra Space Storage during the first quarter worth $13,894,000. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Extra Space Storage by 215.0% during the first quarter. Adage Capital Partners GP L.L.C. now owns 403,500 shares of the real estate investment trust's stock worth $59,916,000 after buying an additional 275,400 shares in the last quarter. EP Wealth Advisors LLC lifted its holdings in shares of Extra Space Storage by 3.3% during the first quarter. EP Wealth Advisors LLC now owns 4,062 shares of the real estate investment trust's stock worth $603,000 after buying an additional 128 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC acquired a new stake in shares of Extra Space Storage during the first quarter worth $425,000. Institutional investors and hedge funds own 99.11% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on EXR. Wall Street Zen upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Tuesday. Royal Bank Of Canada reduced their price objective on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating on the stock in a research note on Monday, August 4th. BNP Paribas Exane started coverage on shares of Extra Space Storage in a research note on Tuesday, June 24th. They set a "neutral" rating and a $156.00 price objective on the stock. Citigroup reduced their price objective 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. Finally, Scotiabank reduced their price objective on shares of Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 28th. Six equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $151.57.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction that occurred on 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 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.96% of the company's stock.

Extra Space Storage Price Performance

Shares of EXR traded down $1.94 during mid-day trading on Tuesday, reaching $145.09. The company had a trading volume of 407,874 shares, compared to its average volume of 1,182,487. The company's 50 day simple moving average is $144.33 and its 200 day simple moving average is $145.76. Extra Space Storage Inc has a 1-year low of $121.03 and a 1-year high of $184.87. 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 company has a market capitalization of $30.79 billion, a price-to-earnings ratio of 31.47, a P/E/G ratio of 3.56 and a beta of 1.09.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted 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 company had revenue of $841.62 million during the quarter, compared to analyst estimates of $719.43 million. During the same quarter in the previous year, the business posted $2.06 earnings per share. The company's revenue for the quarter was up 3.8% on a year-over-year basis. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Monday, September 15th. Extra Space Storage's dividend payout ratio (DPR) is presently 140.56%.

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.