BNP Paribas Financial Markets Raises Holdings in Extra Space Storage Inc $EXR

Key Points

• BNP Paribas Financial Markets increased its holdings in Extra Space Storage by 20.1%, acquiring a total of 415,614 shares worth approximately $61.7 million as of the latest SEC filing.
• Extra Space Storage's stock has been subject to several analyst rating changes, with price targets ranging from $55.00 to $169.00, and an average rating of "Hold".
• The company announced a quarterly dividend of $1.62 per share, representing an annualized dividend yield of 4.5% and a payout ratio exceeding 140%.

BNP Paribas Financial Markets boosted its position in Extra Space Storage Inc (NYSE:EXR - Free Report) by 20.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 415,614 shares of the real estate investment trust's stock after acquiring an additional 69,512 shares during the period. BNP Paribas Financial Markets owned 0.20% of Extra Space Storage worth $61,715,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in EXR. JPMorgan Chase & Co. increased its position in 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 worth $608,001,000 after buying an additional 2,755,265 shares during the last quarter. Nuveen LLC purchased a new stake in Extra Space Storage in the first quarter worth $257,917,000. Balyasny Asset Management L.P. purchased a new position in shares of Extra Space Storage in the fourth quarter valued at $107,453,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Extra Space Storage in the fourth quarter valued at $74,984,000. Finally, Invesco Ltd. grew its position 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 purchasing an additional 480,642 shares in the last quarter. Institutional investors own 99.11% of the company's stock.

Extra Space Storage Stock Down 0.1%

Shares of EXR traded down $0.18 during mid-day trading on Thursday, reaching $143.02. The company had a trading volume of 736,906 shares, compared to its average volume of 1,180,786. The company has a market capitalization of $30.36 billion, a price-to-earnings ratio of 31.02, a price-to-earnings-growth ratio of 3.47 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. The firm has a 50-day moving average price of $144.36 and a 200 day moving average price of $146.08.

Extra Space Storage (NYSE:EXR - Get Free Report) last released 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 firm had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. During the same period in the previous year, the company earned $2.06 earnings per share. Extra Space Storage's quarterly revenue was up 3.8% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, sell-side analysts forecast that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued 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 dividend payout ratio is 140.56%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on EXR shares. Evercore ISI reduced their price target on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating for the company in a research report on Monday, August 4th. Mizuho lifted their price target 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. Bank of America lifted their price objective on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Royal Bank Of Canada dropped their price objective on 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. Finally, Barclays dropped their price target 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. Seven 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, the stock presently has an average rating of "Hold" and a consensus target price of $153.33.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.36% of the stock is owned by company insiders.

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.