Commerce Bank Buys New Stake in Extra Space Storage Inc $EXR

Key Points

• Commerce Bank acquired 15,653 shares of Extra Space Storage in the second quarter, worth approximately $2.27 million. Institutional investors collectively own 99.11% of the REIT.
• Extra Space Storage exceeded quarterly earnings expectations, reporting $1.25 in EPS versus the $1.16 consensus, while revenue rose 3.9% year over year to $874.15 million.
• The company announced a quarterly dividend of $1.62 per share, equivalent to an annualized $6.48 and a 4.4% yield. Analysts maintain a consensus “Hold” rating with a $148.53 target price, close to the stock’s $146.28 opening price.

Commerce Bank bought a new position in Extra Space Storage Inc (NYSE:EXR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 15,653 shares of the real estate investment trust's stock, valued at approximately $2,274,000.

A number of other hedge funds also recently bought and sold shares of the company. Apollon Wealth Management LLC grew its position in shares of Extra Space Storage by 1.9% in the first quarter. Apollon Wealth Management LLC now owns 3,986 shares of the real estate investment trust's stock valued at $523,000 after purchasing an additional 75 shares during the last quarter. Brown Advisory Inc. boosted its stake in Extra Space Storage by 1.8% during the 2nd quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust's stock valued at $653,000 after purchasing an additional 80 shares during the period. Manchester Capital Management LLC boosted its stake in Extra Space Storage by 18.9% during the 4th quarter. Manchester Capital Management LLC now owns 540 shares of the real estate investment trust's stock valued at $70,000 after purchasing an additional 86 shares during the period. Angeles Wealth Management LLC grew its holdings in Extra Space Storage by 3.2% in the 1st quarter. Angeles Wealth Management LLC now owns 2,794 shares of the real estate investment trust's stock valued at $366,000 after buying an additional 87 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV grew its holdings in Extra Space Storage by 39.5% in 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 buying an additional 92 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

Insider Transactions at Extra Space Storage

In related news, EVP Gwyn Goodson Mcneal sold 3,300 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $150.00, for a total value of $495,000.00. Following the completion of the transaction, the executive vice president owned 37,374 shares of the company's stock, valued at $5,606,100. This represents a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.96% of the stock is owned by company insiders.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $146.28 on Tuesday. The firm 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 one year low of $125.71 and a one year high of $158.88. The business has a fifty day simple moving average of $147.30 and a 200 day simple moving average of $143.88. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.96.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $1.25 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $874.15 million for the quarter, compared to analyst estimates of $874.99 million. During the same quarter in the previous year, the firm posted $2.05 EPS. 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. Sell-side analysts expect that Extra Space Storage Inc will post 8.32 EPS for the current year.

Extra Space Storage Announces Dividend

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 paid a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $6.48 dividend on an annualized basis and a yield of 4.4%. Extra Space Storage's payout ratio is presently 143.05%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on EXR shares. Mizuho upped their price target on Extra Space Storage from $150.00 to $155.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. BMO Capital Markets restated a "market perform" rating and issued a $160.00 price objective on shares of Extra Space Storage in a research note on Monday. UBS Group boosted their target price on shares of Extra Space Storage from $158.00 to $163.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. The Goldman Sachs Group reiterated a "neutral" rating and set a $160.00 target price on shares of Extra Space Storage in a research note on Thursday, July 30th. Finally, Bank of America raised shares of Extra Space Storage from an "underperform" rating to a "neutral" rating and increased their price target for the company from $147.00 to $156.00 in a report on Tuesday, June 16th. Six equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $148.53.

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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