Extra Space Storage Inc (NYSE:EXR) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its stake in Extra Space Storage Inc by 13.0%, now holding 23,501 shares worth approximately $3.49 million.
• Extra Space Storage reported earnings per share of $2.05 for the last quarter, missing estimates, but revenue was higher than expected at $841.62 million.
• The company's dividend payout ratio is currently 140.56%, indicating a potentially high return on investment despite the company's recent performance challenges.

Bank of Nova Scotia trimmed its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 13.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,501 shares of the real estate investment trust's stock after selling 3,527 shares during the period. Bank of Nova Scotia's holdings in Extra Space Storage were worth $3,490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Quarry LP increased its position in Extra Space Storage by 156.1% during the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock valued at $53,000 after acquiring an additional 217 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in Extra Space Storage by 147.0% during 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. Parvin Asset Management LLC bought a new stake in Extra Space Storage during the 4th quarter valued at about $62,000. Wayfinding Financial LLC bought a new position in Extra Space Storage in the 1st quarter worth about $76,000. Finally, Global X Japan Co. Ltd. raised its stake in shares of Extra Space Storage by 24.8% during the first quarter. Global X Japan Co. Ltd. now owns 558 shares of the real estate investment trust's stock valued at $83,000 after acquiring an additional 111 shares in the last quarter. Institutional investors own 99.11% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on EXR. BNP Paribas Exane started coverage on Extra Space Storage in a report on Tuesday, June 24th. They set a "neutral" rating and a $156.00 price objective on the stock. Scotiabank boosted their price objective on shares of Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Barclays decreased their price objective on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. BNP Paribas upgraded shares of Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Finally, Mizuho raised their target price on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, Extra Space Storage currently has a consensus rating of "Hold" and a consensus price target of $156.54.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, July 1st. The stock was 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 in the company, valued at approximately $4,098,541. The trade was a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.96% of the company's stock.

Extra Space Storage Price Performance

NYSE:EXR traded up $0.27 during trading hours on Thursday, reaching $138.32. 828,454 shares of the company were exchanged, compared to its average volume of 1,362,118. The firm has a market cap of $29.36 billion, a PE ratio of 30.00, a price-to-earnings-growth ratio of 3.35 and a beta of 1.07. The stock's 50-day moving average is $147.98 and its 200-day moving average is $147.99. The company has a current ratio of 0.29, a quick ratio of 0.33 and a debt-to-equity ratio of 0.88. Extra Space Storage Inc has a twelve month low of $121.03 and a twelve month high of $184.87.

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 earnings per share (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 analyst estimates of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. Extra Space Storage's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.06 earnings per share. On average, sell-side analysts anticipate that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Monday, June 16th. Extra Space Storage's payout ratio is currently 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.