Cbre Investment Management Listed Real Assets LLC Acquires 238,716 Shares of Extra Space Storage Inc $EXR

Key Points

• Cbre Investment Management Listed Real Assets LLC increased its stake in Extra Space Storage Inc by 21.9%, owning 1,328,469 shares valued at approximately $197 million at the end of the quarter.
• Extra Space Storage reported Q2 earnings per share of $2.05, slightly missing estimates, while quarterly revenue increased by 3.8% year-over-year, totaling $841.62 million.
• The company declared a quarterly dividend of $1.62, resulting in an annualized yield of 4.5%, with a payout ratio currently at 140.56%.

Cbre Investment Management Listed Real Assets LLC increased its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 21.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,328,469 shares of the real estate investment trust's stock after purchasing an additional 238,716 shares during the period. Extra Space Storage makes up approximately 3.0% of Cbre Investment Management Listed Real Assets LLC's holdings, making the stock its 7th largest position. Cbre Investment Management Listed Real Assets LLC owned 0.63% of Extra Space Storage worth $197,264,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. First Trust Advisors LP increased its stake in Extra Space Storage by 110.1% during the fourth quarter. First Trust Advisors LP now owns 86,826 shares of the real estate investment trust's stock valued at $12,989,000 after acquiring an additional 45,501 shares during the period. OneDigital Investment Advisors LLC increased its stake in Extra Space Storage by 35.2% during the fourth quarter. OneDigital Investment Advisors LLC now owns 1,577 shares of the real estate investment trust's stock valued at $236,000 after acquiring an additional 411 shares during the period. Adage Capital Partners GP L.L.C. bought a new position in Extra Space Storage during the fourth quarter valued at about $19,164,000. Integrated Wealth Concepts LLC bought a new position in Extra Space Storage during the fourth quarter valued at about $215,000. Finally, Three Seasons Wealth LLC bought a new position in Extra Space Storage during the fourth quarter valued at about $449,000. Institutional investors and hedge funds own 99.11% of the company's stock.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total value of $1,127,625.00. Following the transaction, the chief executive officer directly owned 27,260 shares in the company, valued at $4,098,541. This trade represents a 21.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Trading Up 0.8%

EXR traded up $1.14 during mid-day trading on Wednesday, reaching $141.70. The stock had a trading volume of 1,055,831 shares, compared to its average volume of 1,190,717. The stock has a market capitalization of $30.08 billion, a P/E ratio of 30.74, a P/E/G ratio of 3.40 and a beta of 1.07. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. The firm's fifty day simple moving average is $144.89 and its two-hundred day simple moving average is $146.57. 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 announced its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The firm had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The firm's quarterly revenue 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. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, equities analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Monday, September 15th. Extra Space Storage's dividend payout ratio (DPR) is currently 140.56%.

Analyst Ratings Changes

Several brokerages recently issued reports on EXR. Citigroup lowered their price target on Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating on the stock in a research note on Friday, August 22nd. Evercore ISI lowered their price target on 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. Truist Financial lowered their price objective on Extra Space Storage from $158.00 to $150.00 and set a "hold" rating on the stock in a research note on Tuesday, August 19th. Bank of America upped their price objective on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Finally, Mizuho upped their price objective on Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Seven investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $153.60.

Extra Space Storage Company 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.