DoubleLine ETF Adviser LP Reduces Stock Position in Extra Space Storage Inc $EXR

Key Points

• DoubleLine ETF Adviser LP reduced its stake in Extra Space Storage Inc by 19.4% during the first quarter, ending with 12,299 shares worth $1,826,000.
• Extra Space Storage recently missed earnings estimates, reporting $2.05 per share against the expected $2.06, while revenue was significantly higher at $841.62 million.
• The company announced a dividend of $1.62 per share, with a yield of 4.5%, despite a high payout ratio of 140.56%.

DoubleLine ETF Adviser LP lessened its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 19.4% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 12,299 shares of the real estate investment trust's stock after selling 2,952 shares during the period. DoubleLine ETF Adviser LP's holdings in Extra Space Storage were worth $1,826,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in EXR. Alliancebernstein L.P. lifted its position in shares of Extra Space Storage by 3.5% in the first quarter. Alliancebernstein L.P. now owns 452,777 shares of the real estate investment trust's stock worth $67,233,000 after buying an additional 15,286 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Extra Space Storage by 570.3% in the first quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust's stock worth $166,180,000 after buying an additional 956,500 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Extra Space Storage by 15.3% in the first quarter. Advisors Asset Management Inc. now owns 12,995 shares of the real estate investment trust's stock worth $1,930,000 after buying an additional 1,722 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Extra Space Storage in the first quarter worth about $13,894,000. Finally, Adage Capital Partners GP L.L.C. lifted its position in shares of Extra Space Storage by 215.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 403,500 shares of the real estate investment trust's stock worth $59,916,000 after buying an additional 275,400 shares in the last quarter. Institutional investors own 99.11% of the company's stock.

Extra Space Storage Stock Performance

EXR stock traded down $2.94 during midday trading on Tuesday, reaching $144.09. The stock had a trading volume of 577,346 shares, compared to its average volume of 1,183,520. The firm has a fifty day simple moving average of $144.33 and a two-hundred day simple moving average of $145.76. The stock has a market cap of $30.58 billion, a PE ratio of 31.26, a P/E/G ratio of 3.56 and a beta of 1.09. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $184.87. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share 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 company had revenue of $841.62 million for the quarter, compared to analysts' expectations of $719.43 million. During the same quarter in the previous year, the business posted $2.06 EPS. The business'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, equities research analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, September 15th. Extra Space Storage's payout ratio is presently 140.56%.

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 that occurred on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.96% of the stock is currently owned by insiders.

Analysts Set New Price Targets

EXR has been the topic of a number of research analyst reports. BNP Paribas Exane initiated coverage on Extra Space Storage in a research report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 target price on the stock. Mizuho upped their price objective on Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research report on Wednesday, May 28th. Scotiabank decreased their price objective on Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating on the stock in a research report on Thursday, August 28th. Bank of America upped their price objective on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Finally, Citigroup decreased their price objective on Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating on the stock in a research report on Friday, August 22nd. Six research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $151.57.

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.