Choreo LLC Grows Stake in Extra Space Storage Inc (NYSE:EXR)

Key Points

• Choreo LLC increased its stake in Extra Space Storage Inc by 166.5% in the 1st quarter, now holding a total of 8,734 shares worth approximately $1.3 million.
• Extra Space Storage reported $2.00 earnings per share for the last quarter, exceeding analysts' expectations of $1.96 and showcasing a year-over-year revenue growth of 2.6%.
• The company announced a quarterly dividend of $1.62 per share, offering a dividend yield of 4.30%, with a payout ratio currently at 150.35%.

Choreo LLC raised its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 166.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,734 shares of the real estate investment trust's stock after acquiring an additional 5,457 shares during the quarter. Choreo LLC's holdings in Extra Space Storage were worth $1,297,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of EXR. Cohen & Steers Inc. boosted its position in shares of Extra Space Storage by 5.9% during the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock worth $1,383,094,000 after purchasing an additional 516,941 shares in the last quarter. Norges Bank acquired a new position in Extra Space Storage during the 4th quarter valued at about $938,647,000. Dimensional Fund Advisors LP boosted its stake in Extra Space Storage by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust's stock valued at $469,229,000 after purchasing an additional 24,533 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Extra Space Storage by 0.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,077,577 shares of the real estate investment trust's stock valued at $456,989,000 after purchasing an additional 12,607 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Extra Space Storage by 48.7% during the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock valued at $430,107,000 after purchasing an additional 941,212 shares during the last quarter. Institutional investors own 99.11% of the company's stock.

Extra Space Storage Stock Performance

EXR stock traded up $1.99 during midday trading on Tuesday, reaching $150.30. 217,436 shares of the company's stock traded hands, compared to its average volume of 1,159,093. The company has a 50-day moving average price of $149.03 and a two-hundred day moving average price of $148.45. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.33 and a current ratio of 0.33. Extra Space Storage Inc has a 52 week low of $121.03 and a 52 week high of $184.87. The firm has a market capitalization of $31.90 billion, a PE ratio of 34.87, a price-to-earnings-growth ratio of 3.66 and a beta of 1.10.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.96 by $0.04. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The business had revenue of $820.00 million for the quarter, compared to analysts' expectations of $705.12 million. During the same quarter in the previous year, the firm posted $1.96 EPS. The business's revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.31%. Extra Space Storage's payout ratio is 150.35%.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the sale, the chief executive officer owned 27,260 shares of the company's stock, valued at $4,098,541. The trade was a 21.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.36% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Evercore ISI lifted their price target on Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a research note on Thursday, May 1st. Scotiabank lifted their price target on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Mizuho boosted their target price on Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 28th. Barclays cut their target price on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Finally, BNP Paribas upgraded Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. Nine analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $157.69.

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.