Adage Capital Partners GP L.L.C. Grows Stake in Extra Space Storage Inc $EXR

Key Points

• Adage Capital Partners GP L.L.C. significantly increased its stake in Extra Space Storage Inc by 215.0%, acquiring an additional 275,400 shares in the first quarter, bringing their total to approximately 403,500 shares valued at $59.9 million.
• The company has faced analyst rating changes, with Wall Street Zen downgrading it from a "hold" to a "sell" rating, while Barclays and Bank of America adjusted their price targets, reflecting varied expectations for the stock.
• Extra Space Storage recently announced a quarterly dividend of $1.62 to be paid on September 30th, representing a 4.6% dividend yield, although its dividend payout ratio is currently 140.56%.

Adage Capital Partners GP L.L.C. increased its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 215.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 403,500 shares of the real estate investment trust's stock after buying an additional 275,400 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.19% of Extra Space Storage worth $59,916,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. EP Wealth Advisors LLC raised its position in Extra Space Storage by 3.3% in the first quarter. EP Wealth Advisors LLC now owns 4,062 shares of the real estate investment trust's stock valued at $603,000 after purchasing an additional 128 shares during the period. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Extra Space Storage in the 1st quarter valued at $425,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Extra Space Storage in the 1st quarter valued at $23,982,000. Graham Capital Management L.P. raised its holdings in shares of Extra Space Storage by 116.7% in the 1st quarter. Graham Capital Management L.P. now owns 26,820 shares of the real estate investment trust's stock valued at $3,983,000 after buying an additional 14,441 shares during the period. Finally, Quarry LP raised its holdings in shares of Extra Space Storage by 398.3% in the 1st quarter. Quarry LP now owns 1,774 shares of the real estate investment trust's stock valued at $263,000 after buying an additional 1,418 shares during the period. Hedge funds and other institutional investors own 99.11% of the company's stock.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction 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 transaction, the chief executive officer owned 27,260 shares of the company's stock, valued at approximately $4,098,541. This trade represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on EXR shares. Citigroup lowered their target price on Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. Benchmark decreased their target price on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Barclays decreased their target price on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. The Goldman Sachs Group restated a "neutral" rating and set a $146.00 target price (down previously from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. Finally, Scotiabank decreased their target price on Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating for the company in a research note on Thursday, August 28th. Seven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $153.33.

Extra Space Storage Stock Performance

Shares of NYSE EXR traded up $3.35 during trading hours on Friday, reaching $147.19. The stock had a trading volume of 1,229,017 shares, compared to its average volume of 997,214. The firm has a market cap of $31.24 billion, a price-to-earnings ratio of 31.93, a PEG ratio of 3.56 and a beta of 1.09. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The firm has a 50-day moving average of $144.34 and a 200-day moving average of $145.89.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted 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). The company had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The firm's revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities research analysts predict that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.4%. Extra Space Storage's dividend payout ratio (DPR) is presently 140.56%.

About Extra Space Storage

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.