Ceredex Value Advisors LLC Raises Stock Holdings in Extra Space Storage Inc $EXR

Key Points

• Ceredex Value Advisors LLC increased its stake in Extra Space Storage Inc by 3.3%, leading to ownership of approximately 166,053 shares, valued at $24.65 million.
• Extra Space Storage's CEO, Joseph D. Margolis, sold 7,500 shares at an average price of $150.35, reducing his ownership by 21.58%.
• The company recently declared a quarterly dividend of $1.62 per share, with an annualized yield of 4.6%, and a payout ratio of 140.56%.

Ceredex Value Advisors LLC grew its position in Extra Space Storage Inc (NYSE:EXR - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 166,053 shares of the real estate investment trust's stock after purchasing an additional 5,303 shares during the period. Ceredex Value Advisors LLC owned approximately 0.08% of Extra Space Storage worth $24,657,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GKV Capital Management Co. Inc. bought a new position in Extra Space Storage in the 1st quarter worth about $29,000. Zions Bancorporation National Association UT acquired a new stake in shares of Extra Space Storage in the 1st quarter worth approximately $50,000. Quarry LP lifted its stake in shares of Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after acquiring an additional 217 shares during the period. Golden State Wealth Management LLC lifted its stake in shares of Extra Space Storage by 147.0% in the 1st 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 during the period. Finally, Parvin Asset Management LLC acquired a new stake in shares of Extra Space Storage in the 4th quarter worth approximately $62,000. Institutional investors own 99.11% of the company's stock.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction that occurred on 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.96% of the company's stock.

Extra Space Storage Stock Up 1.0%

EXR traded up $1.41 during trading on Friday, reaching $143.73. The company had a trading volume of 857,281 shares, compared to its average volume of 1,185,605. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. Extra Space Storage Inc has a 12 month low of $121.03 and a 12 month high of $184.87. The business's fifty day moving average price is $144.67 and its 200 day moving average price is $146.34. The company has a market cap of $30.51 billion, a P/E ratio of 31.18, a PEG ratio of 3.43 and a beta of 1.07.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) 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 business had revenue of $841.62 million during the quarter, compared to analyst estimates of $719.43 million. During the same quarter last year, the business earned $2.06 earnings per share. Extra Space Storage's revenue for the quarter was up 3.8% on a year-over-year basis. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.5%. Extra Space Storage's dividend payout ratio is 140.56%.

Analysts Set New Price Targets

EXR has been the subject of a number of research analyst reports. Barclays reduced their price target on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. JPMorgan Chase & Co. increased their target price on shares of Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a research note on Friday, June 13th. Benchmark cut their target price on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Scotiabank cut their target price on shares of Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating for the company in a research note on Thursday. Finally, BNP Paribas raised shares of Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. Seven analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, Extra Space Storage presently has a consensus rating of "Hold" and an average price target of $153.33.

About Extra Space Storage

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.