BlackRock Inc. Purchases New Holdings in Extra Space Storage Inc $EXR

Key Points

• BlackRock acquired 22.95 million shares of Extra Space Storage in the second quarter, valued at roughly $3.33 billion and representing about 10.86% of the REIT. Institutional investors now own 99.11% of the company.
• Extra Space Storage exceeded quarterly earnings expectations, reporting $1.25 in EPS versus the $1.16 consensus estimate, while revenue reached $874.15 million and increased 3.9% year over year.
• Analyst sentiment remains mixed, with six Buy ratings and ten Holds; the average price target is $147.87, near the stock’s reported opening price of $147.24.

BlackRock Inc. purchased a new position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,947,440 shares of the real estate investment trust's stock, valued at approximately $3,334,263,000. BlackRock Inc. owned approximately 10.86% of Extra Space Storage at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Deutsche Bank AG acquired a new position in Extra Space Storage during the second quarter worth about $153,980,000. Trust Co. of Vermont bought a new position in shares of Extra Space Storage in the second quarter worth about $85,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Extra Space Storage in the 2nd quarter valued at approximately $102,138,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of Extra Space Storage in the 2nd quarter valued at approximately $213,197,000. Finally, Global Retirement Partners LLC bought a new stake in shares of Extra Space Storage during the 2nd quarter valued at approximately $319,000. Institutional investors own 99.11% of the company's stock.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 3,300 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $150.00, for a total transaction of $495,000.00. Following the completion of the transaction, the executive vice president owned 37,374 shares in the company, valued at approximately $5,606,100. This trade represents a 8.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.96% of the company's stock.

Extra Space Storage Stock Performance

NYSE EXR opened at $147.24 on Wednesday. The company has a market capitalization of $31.11 billion, a price-to-earnings ratio of 32.50, a PEG ratio of 4.26 and a beta of 1.18. Extra Space Storage Inc has a twelve month low of $125.71 and a twelve month high of $158.88. The stock has a fifty day simple moving average of $147.47 and a 200 day simple moving average of $143.60. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.96.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its earnings results on Tuesday, July 28th. The real estate investment trust reported $1.25 EPS for the quarter, topping the consensus estimate of $1.16 by $0.09. The firm had revenue of $874.15 million for the quarter, compared to the consensus estimate of $874.99 million. Extra Space Storage had a return on equity of 6.70% and a net margin of 27.80%.The business's quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.05 EPS. Extra Space Storage has set its FY 2026 guidance at 8.250-8.400 EPS. Sell-side analysts expect that Extra Space Storage Inc will post 8.31 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on EXR. Barclays upped their price objective on shares of Extra Space Storage from $170.00 to $172.00 and gave the stock an "overweight" rating in a research report on Friday, July 10th. Truist Financial boosted their target price on shares of Extra Space Storage from $140.00 to $148.00 and gave the stock a "hold" rating in a research note on Wednesday, June 17th. Weiss Ratings upgraded shares of Extra Space Storage from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, August 7th. Bank of America upgraded Extra Space Storage from an "underperform" rating to a "neutral" rating and increased their price target for the company from $147.00 to $156.00 in a research note on Tuesday, June 16th. Finally, UBS Group raised their price objective on Extra Space Storage from $158.00 to $163.00 and gave the company a "buy" rating in a report on Friday, July 10th. Six analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $147.87.

Extra Space Storage Profile

Extra Space Storage NYSE: EXR is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.

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