Corebridge Financial Inc. cut its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 3.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,723 shares of the real estate investment trust's stock after selling 2,013 shares during the period. Corebridge Financial Inc.'s holdings in Extra Space Storage were worth $7,977,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Extra Space Storage by 0.9% during the first quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust's stock worth $5,044,129,000 after purchasing an additional 295,556 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Extra Space Storage by 205.7% in the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust's stock valued at $608,001,000 after purchasing an additional 2,755,265 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Extra Space Storage by 0.4% in the first 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 period. Invesco Ltd. grew its stake in shares of Extra Space Storage by 18.7% in the first quarter. Invesco Ltd. now owns 3,056,384 shares of the real estate investment trust's stock valued at $453,843,000 after acquiring an additional 480,642 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Extra Space Storage by 1.7% in the first quarter. Northern Trust Corp now owns 2,922,828 shares of the real estate investment trust's stock valued at $434,011,000 after acquiring an additional 47,779 shares in the last quarter. 99.11% of the stock is owned by institutional investors.
Extra Space Storage Stock Performance
Extra Space Storage stock traded up $1.41 during midday trading on Friday, reaching $143.73. The stock had a trading volume of 857,281 shares, compared to its average volume of 1,056,304. Extra Space Storage Inc has a 12 month low of $121.03 and a 12 month high of $184.87. The firm's 50-day moving average price is $144.67 and its 200 day moving average price is $146.21. The firm has a market capitalization of $30.51 billion, a PE ratio of 31.18, a P/E/G ratio of 3.47 and a beta of 1.09. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88.
Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. During the same quarter in the prior year, the company earned $2.06 earnings per share. The company's quarterly revenue 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. As a group, research analysts predict that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.
Extra Space Storage Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.5%. Extra Space Storage's dividend payout ratio is currently 140.56%.
Analyst Upgrades and Downgrades
EXR has been the topic of a number of analyst reports. Scotiabank reduced their price objective on shares of Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating on the stock in a research note on Thursday. Benchmark dropped their price objective on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Citigroup dropped their price objective on shares of Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. Bank of America raised their price target 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. Finally, Royal Bank Of Canada lowered their price objective on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a research note on Monday, August 4th. Seven investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $153.33.
View Our Latest Research Report on Extra Space Storage
Insider Buying and Selling at Extra Space Storage
In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares of the company's stock, valued at approximately $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.36% of the company's stock.
About Extra Space Storage
(
Free Report)
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.
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