Cibc World Market Inc. Purchases New Position in Extra Space Storage Inc $EXR

Key Points

• CIBC World Markets acquired 102,385 shares of Extra Space Storage in the second quarter, valued at approximately $14.9 million. Institutional investors collectively own 99.11% of the REIT’s outstanding shares.
• Analysts maintain a generally cautious outlook, with six Buy ratings and ten Hold ratings, producing an average rating of Hold and an average price target of $148.53. Recent firms raised targets to between $156 and $172.
• Extra Space Storage reported quarterly EPS of $1.25, exceeding estimates of $1.16, while revenue rose 3.9% year over year to $874.15 million. The company also declared a quarterly dividend of $1.62 per share, representing a 4.4% annualized yield.

Cibc World Market Inc. acquired a new position in Extra Space Storage Inc (NYSE:EXR - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 102,385 shares of the real estate investment trust's stock, valued at approximately $14,877,000.

Several other hedge funds have also made changes to their positions in EXR. Apollon Wealth Management LLC grew its position in shares of Extra Space Storage by 1.9% during the 1st quarter. Apollon Wealth Management LLC now owns 3,986 shares of the real estate investment trust's stock worth $523,000 after buying an additional 75 shares in the last quarter. Brown Advisory Inc. raised its holdings in shares of Extra Space Storage by 1.8% in the second quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust's stock valued at $653,000 after acquiring an additional 80 shares in the last quarter. Manchester Capital Management LLC lifted its stake in Extra Space Storage by 18.9% in the fourth quarter. Manchester Capital Management LLC now owns 540 shares of the real estate investment trust's stock worth $70,000 after acquiring an additional 86 shares during the period. Angeles Wealth Management LLC grew its holdings in Extra Space Storage by 3.2% during the 1st quarter. Angeles Wealth Management LLC now owns 2,794 shares of the real estate investment trust's stock worth $366,000 after acquiring an additional 87 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV increased its position in Extra Space Storage by 39.5% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 325 shares of the real estate investment trust's stock valued at $42,000 after purchasing an additional 92 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

EXR has been the subject of several research reports. Bank of America raised shares of Extra Space Storage from an "underperform" rating to a "neutral" rating and upped their price target for the stock from $147.00 to $156.00 in a research report on Tuesday, June 16th. UBS Group boosted their price objective on shares of Extra Space Storage from $158.00 to $163.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Wells Fargo & Company increased their target price on Extra Space Storage from $154.00 to $158.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. Wall Street Zen upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a report on Sunday, August 9th. Finally, Barclays boosted their price target on Extra Space Storage from $170.00 to $172.00 and gave the stock an "overweight" rating in a research report on Friday, July 10th. Six research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $148.53.

Extra Space Storage Trading Down 0.4%

NYSE:EXR opened at $146.28 on Tuesday. The stock has a market capitalization of $30.91 billion, a price-to-earnings ratio of 32.29, a PEG ratio of 4.22 and a beta of 1.18. Extra Space Storage Inc has a 52 week low of $125.71 and a 52 week high of $158.88. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.96. The firm has a 50 day moving average of $147.30 and a 200 day moving average of $143.88.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. Extra Space Storage had a net margin of 27.80% and a return on equity of 6.70%. The business had revenue of $874.15 million for the quarter, compared to analyst estimates of $874.99 million. During the same period in the previous year, the company earned $2.05 earnings per share. The business's revenue for the quarter was up 3.9% on a year-over-year basis. Extra Space Storage has set its FY 2026 guidance at 8.250-8.400 EPS. As a group, sell-side analysts anticipate that Extra Space Storage Inc will post 8.32 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Extra Space Storage's dividend payout ratio is currently 143.05%.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 3,300 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $150.00, for a total value of $495,000.00. Following the completion of the sale, the executive vice president directly owned 37,374 shares in the company, valued at approximately $5,606,100. This trade represents a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.96% of the stock is owned by corporate insiders.

Extra Space Storage Company Profile

Extra Space Storage NYSE: EXR is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.

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