BROOKFIELD Corp ON Sells 7,471 Shares of Extra Space Storage Inc $EXR

Key Points

• BROOKFIELD Corp ON reduced its holdings in Extra Space Storage Inc by 3.8%, selling 7,471 shares and now owning 191,136 shares worth approximately $28.38 million.
• Extra Space Storage reported a quarterly EPS of $2.05, slightly missing the consensus estimate of $2.06, but achieved a revenue of $841.62 million, exceeding projections.
• The company announced a quarterly dividend of $1.62, with a payout ratio of 140.56%, and a dividend yield of 4.4% on an annualized basis.

BROOKFIELD Corp ON cut its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 191,136 shares of the real estate investment trust's stock after selling 7,471 shares during the quarter. BROOKFIELD Corp ON owned about 0.09% of Extra Space Storage worth $28,382,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. GKV Capital Management Co. Inc. bought a new position in Extra Space Storage during the first quarter worth $29,000. Zions Bancorporation National Association UT bought a new position in Extra Space Storage during the first quarter worth $50,000. Golden State Wealth Management LLC boosted its stake in Extra Space Storage by 147.0% during the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock worth $60,000 after acquiring an additional 241 shares in the last quarter. Wayfinding Financial LLC bought a new position in Extra Space Storage during the first quarter worth $76,000. Finally, Avalon Trust Co bought a new position in Extra Space Storage during the first quarter worth $79,000. 99.11% of the stock is owned by institutional investors.

Extra Space Storage Stock Performance

Shares of EXR traded down $1.01 during trading hours on Friday, hitting $147.30. The company's stock had a trading volume of 1,176,630 shares, compared to its average volume of 991,472. The company has a market cap of $31.26 billion, a price-to-earnings ratio of 31.95, a PEG ratio of 3.56 and a beta of 1.09. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. The business has a 50 day simple moving average of $143.90 and a two-hundred day simple moving average of $145.47. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.01). The business had revenue of $841.62 million during the quarter, compared to analysts' expectations 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 earned $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, equities analysts expect that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently announced 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. The ex-dividend date is Monday, September 15th. This represents a $6.48 annualized dividend and a dividend yield of 4.4%. Extra Space Storage's dividend payout ratio (DPR) is presently 140.56%.

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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.36% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on EXR shares. Barclays lowered their target price on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Truist Financial lowered their target price on shares of Extra Space Storage from $158.00 to $150.00 and set a "hold" rating for the company in a report on Tuesday, August 19th. Citigroup decreased their price objective on shares of Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. The Goldman Sachs Group restated a "neutral" rating and set a $146.00 price objective (down previously from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. Finally, Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a report on Tuesday, September 9th. Six analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $151.57.

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.