Boston Partners Sells 226,707 Shares of Extra Space Storage Inc (NYSE:EXR)

Key Points

• Boston Partners reduced its stake in Extra Space Storage Inc by 15.5%, selling 226,707 shares and now holds 1,240,109 shares valued at approximately $184.1 million.
• In other significant moves, JPMorgan Chase & Co. increased its stake by 205.7%, becoming a major shareholder with over 4 million shares valued at $608 million.
• The company recently announced a quarterly dividend of $1.62 per share, reflecting an annualized rate of $6.48 and a dividend yield of 4.7%.

Boston Partners trimmed its position in Extra Space Storage Inc (NYSE:EXR - Free Report) by 15.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,240,109 shares of the real estate investment trust's stock after selling 226,707 shares during the quarter. Boston Partners owned 0.58% of Extra Space Storage worth $184,123,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in EXR. Aptus Capital Advisors LLC grew its position in Extra Space Storage by 4.3% during the 4th quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust's stock valued at $245,000 after purchasing an additional 68 shares during the last quarter. Siemens Fonds Invest GmbH grew its position in Extra Space Storage by 3.0% during the 4th quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust's stock valued at $342,000 after purchasing an additional 68 shares during the last quarter. Exchange Traded Concepts LLC grew its position in Extra Space Storage by 8.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust's stock valued at $139,000 after purchasing an additional 73 shares during the last quarter. Naviter Wealth LLC grew its position in Extra Space Storage by 0.6% during the 1st quarter. Naviter Wealth LLC now owns 13,645 shares of the real estate investment trust's stock valued at $2,007,000 after purchasing an additional 82 shares during the last quarter. Finally, Mackenzie Financial Corp grew its position in Extra Space Storage by 0.5% during the 4th quarter. Mackenzie Financial Corp now owns 18,363 shares of the real estate investment trust's stock valued at $2,747,000 after purchasing an additional 90 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on EXR. Wall Street Zen cut shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Saturday. Scotiabank upped their target price on shares of Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Mizuho upped 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. BNP Paribas Exane started 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 objective on the stock. Finally, Evercore ISI lowered their price objective on shares of Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a research note on Monday, August 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $155.85.

Extra Space Storage Price Performance

Shares of EXR traded up $0.38 during trading hours on Friday, reaching $137.01. 1,194,960 shares of the stock traded hands, compared to its average volume of 1,345,268. 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 Inc has a 52-week low of $121.03 and a 52-week high of $184.87. The company's 50-day moving average price is $146.30 and its two-hundred day moving average price is $147.22. The company has a market cap of $29.08 billion, a P/E ratio of 29.72, a price-to-earnings-growth ratio of 3.32 and a beta of 1.07.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its 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 for the quarter, compared to analysts' expectations of $719.43 million. During the same quarter last year, the firm posted $2.06 EPS. The firm's quarterly revenue was up 3.8% compared to the same quarter last year. On average, analysts anticipate that Extra Space Storage Inc will post 8.1 earnings per share for the current 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. The ex-dividend date was Monday, June 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.7%. Extra Space Storage's dividend payout ratio (DPR) is presently 140.56%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.96% of the stock is currently owned by insiders.

Extra Space Storage 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.