Canada Pension Plan Investment Board Reduces Holdings in Extra Space Storage Inc $EXR

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Extra Space Storage Inc by 34.6%, holding approximately $130.20 million worth of shares after selling significant portions.
• Extra Space Storage reported $2.05 EPS for the last quarter, slightly missing analysts' expectations, but revenue grew by 3.8% to $841.62 million.
• The company announced a quarterly dividend of $1.62 per share, translating to an annualized yield of 4.5%, despite a payout ratio of 140.56%.

Canada Pension Plan Investment Board lowered its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 34.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 876,802 shares of the real estate investment trust's stock after selling 464,197 shares during the quarter. Canada Pension Plan Investment Board owned 0.41% of Extra Space Storage worth $130,196,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. GKV Capital Management Co. Inc. purchased a new position in Extra Space Storage during the 1st quarter valued at $29,000. Zions Bancorporation National Association UT purchased a new position in Extra Space Storage during the 1st quarter valued at $50,000. Quarry LP boosted its holdings in Extra Space Storage by 156.1% during the 4th 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 period. Golden State Wealth Management LLC boosted 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 acquiring an additional 241 shares during the period. Finally, Wayfinding Financial LLC purchased a new position in Extra Space Storage during the 1st quarter valued at $76,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Extra Space Storage Stock Up 0.5%

Shares of NYSE EXR traded up $0.68 during mid-day trading on Thursday, reaching $143.88. 1,435,470 shares of the company were exchanged, compared to its average volume of 966,863. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. The stock has a market cap of $30.54 billion, a price-to-earnings ratio of 31.21, a P/E/G ratio of 3.47 and a beta of 1.09. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $184.87. The firm has a 50-day moving average of $144.31 and a 200 day moving average of $146.00.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $841.62 million for 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%.The company's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, research analysts expect 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 will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $1.62 per share. 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 is 140.56%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Scotiabank lowered their target price on Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating for the company in a report on Thursday, August 28th. Barclays lowered their target price on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a report on Friday, August 8th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $146.00 target price (down from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. BNP Paribas upgraded Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Finally, JPMorgan Chase & Co. upped their target price on Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a report on Friday, June 13th. Seven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $153.33.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 27,260 shares in the company, valued at $4,098,541. This represents a 21.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.96% of the stock is owned by company 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.