Credit Agricole S A Raises Holdings in Extra Space Storage Inc $EXR

Key Points

• Credit Agricole S A increased its stake in Extra Space Storage by 8.0%, now holding 59,771 shares valued at approximately $8.87 million.
• Extra Space Storage reported $2.05 EPS for the last quarter, slightly missing estimates, but saw a 3.8% year-over-year revenue increase to $841.62 million.
• The company announced a quarterly dividend of $1.62 per share, reflecting an annualized yield of 4.7%, with a payout ratio over 140%.

Credit Agricole S A grew its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 8.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,771 shares of the real estate investment trust's stock after acquiring an additional 4,410 shares during the quarter. Credit Agricole S A's holdings in Extra Space Storage were worth $8,875,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GKV Capital Management Co. Inc. purchased a new stake in shares of Extra Space Storage during the first quarter valued at $29,000. Zions Bancorporation National Association UT acquired a new stake in Extra Space Storage during the 1st quarter worth about $50,000. Quarry LP lifted its position in Extra Space Storage by 156.1% during the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after acquiring an additional 217 shares during the period. Golden State Wealth Management LLC grew its stake in Extra Space Storage by 147.0% during the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after purchasing an additional 241 shares during the last quarter. Finally, Parvin Asset Management LLC acquired a new position in shares of Extra Space Storage in the fourth quarter valued at about $62,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Extra Space Storage Stock Down 0.5%

Extra Space Storage stock opened at $139.0050 on Friday. The stock has a market capitalization of $29.50 billion, a PE ratio of 30.15, a price-to-earnings-growth ratio of 3.38 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 business has a 50 day simple moving average of $145.34 and a 200-day simple moving average of $146.90. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $841.62 million for the quarter, compared to analysts' expectations of $719.43 million. During the same quarter last year, the business earned $2.06 EPS. 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. On average, analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.7%. Extra Space Storage's payout ratio is 140.56%.

Wall Street Analyst Weigh In

EXR has been the subject of several research analyst reports. Scotiabank raised their price objective on Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Royal Bank Of Canada reduced their price target on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a research report on Monday, August 4th. Wells Fargo & Company decreased their price objective on shares of Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 23rd. BNP Paribas Exane initiated coverage on Extra Space Storage in a research report on Tuesday, June 24th. They set a "neutral" rating and a $156.00 price target on the stock. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $146.00 price objective (down previously from $169.00) on shares of Extra Space Storage in a research note on Thursday. Six research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, Extra Space Storage has a consensus rating of "Hold" and a consensus target price of $153.86.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business's 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 directly owned 27,260 shares in the company, valued at approximately $4,098,541. The trade was a 21.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.96% of the company's stock.

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.

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