Charles Schwab Investment Management Inc. Has $361.71 Million Holdings in Extra Space Storage Inc (NYSE:EXR)

Key Points

• Charles Schwab Investment Management Inc. has increased its holdings in Extra Space Storage Inc. by 1.1%, acquiring an additional 26,598 shares, bringing its total ownership to 2,435,928 shares valued at approximately $361.7 million.
• Extra Space Storage recently reported a missed EPS estimate of $2.05, falling short of the expected $2.06, despite showing a revenue increase of 3.8% year-over-year to $841.62 million.
• The company declared a quarterly dividend of $1.62 with an annualized yield of 4.8%, although its dividend payout ratio stands notably high at 140.56%.

Charles Schwab Investment Management Inc. increased its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 1.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,435,928 shares of the real estate investment trust's stock after acquiring an additional 26,598 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.15% of Extra Space Storage worth $361,711,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in EXR. Quarry LP boosted its holdings in shares of Extra Space Storage by 156.1% in the fourth 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 in the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of Extra Space Storage by 147.0% in the first 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 in the last quarter. Parvin Asset Management LLC bought a new position in shares of Extra Space Storage in the fourth quarter valued at approximately $62,000. Wayfinding Financial LLC bought a new position in shares of Extra Space Storage in the first quarter valued at approximately $76,000. Finally, Avalon Trust Co bought a new position in shares of Extra Space Storage in the first quarter valued at approximately $79,000. 99.11% of the stock is currently owned by institutional investors.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the 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 sale, the chief executive officer owned 27,260 shares in the company, valued at $4,098,541. This represents a 21.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.36% of the stock is currently owned by insiders.

Extra Space Storage Trading Up 1.4%

Shares of NYSE:EXR traded up $1.90 during mid-day trading on Wednesday, hitting $137.44. The stock had a trading volume of 459,397 shares, compared to its average volume of 1,195,237. 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 company has a market cap of $29.17 billion, a PE ratio of 29.84, a P/E/G ratio of 3.27 and a beta of 1.07. Extra Space Storage Inc has a 12-month low of $121.03 and a 12-month high of $184.87. The company's 50 day moving average is $147.05 and its 200-day moving average is $147.64.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.01). The firm had revenue of $841.62 million during the quarter, compared to analysts' expectations 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 revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.06 EPS. On average, sell-side 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 announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a $1.62 dividend. The ex-dividend date was Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.7%. Extra Space Storage's dividend payout ratio is presently 140.56%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. JPMorgan Chase & Co. increased their price objective on shares of Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a report on Friday, June 13th. BNP Paribas Exane assumed coverage on shares of Extra Space Storage in a report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price objective for the company. Barclays reduced 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. Finally, Bank of America raised their target price on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $155.85.

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.