Gradient Investments LLC Purchases 6,929 Shares of Extra Space Storage Inc $EXR

Key Points

• Gradient Investments LLC increased its stake in Extra Space Storage Inc by 3.1% in Q2, owning approximately 0.11% of the company worth $33.9 million.
• Extra Space Storage's CEO, Joseph D. Margolis, sold 7,500 shares of the stock, reducing his position by 21.58% to approximately 27,260 shares valued at about $4.1 million.
• The company recently announced a quarterly dividend of $1.62 per share, representing a 4.4% yield and a payout ratio of 140.56%.

Gradient Investments LLC boosted its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 3.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 230,097 shares of the real estate investment trust's stock after buying an additional 6,929 shares during the period. Gradient Investments LLC owned approximately 0.11% of Extra Space Storage worth $33,926,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. GKV Capital Management Co. Inc. acquired a new stake in Extra Space Storage during the 1st quarter worth approximately $29,000. Zions Bancorporation National Association UT acquired a new stake in Extra Space Storage during the 1st quarter worth approximately $50,000. Golden State Wealth Management LLC raised its holdings 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 worth $60,000 after buying an additional 241 shares during the period. Wayfinding Financial LLC acquired a new stake in Extra Space Storage during the 1st quarter worth approximately $76,000. Finally, Avalon Trust Co acquired a new stake in shares of Extra Space Storage in the first quarter valued at approximately $79,000. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on EXR. Evercore ISI lifted their price objective on shares of Extra Space Storage from $146.00 to $147.00 and gave the company an "in-line" rating in a report on Monday. UBS Group lowered their price objective on shares of Extra Space Storage from $169.00 to $160.00 and set a "buy" rating on the stock in a report on Tuesday. Citigroup lowered their price objective on shares of Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating on the stock in a report on Friday, August 22nd. Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a report on Tuesday, September 9th. Finally, BNP Paribas upgraded shares of Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, Extra Space Storage presently has an average rating of "Hold" and a consensus target price of $148.50.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business's 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 sale, the chief executive officer owned 27,260 shares of the company's stock, 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 legal filing with the SEC, which can be accessed through this link. 0.96% of the stock is currently owned by corporate insiders.

Extra Space Storage Stock Performance

EXR stock traded down $1.90 during midday trading on Friday, reaching $140.80. 538,642 shares of the company were exchanged, compared to its average volume of 1,173,879. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $183.22. The firm has a market capitalization of $29.88 billion, a price-to-earnings ratio of 30.55, a price-to-earnings-growth ratio of 3.47 and a beta of 1.09. The business has a 50-day moving average price of $143.43 and a two-hundred day moving average price of $145.30. 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 released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS 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 during the quarter, compared to analyst estimates of $719.43 million. During the same quarter in the prior year, the firm earned $2.06 earnings per share. Extra Space Storage's revenue for the quarter 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. Equities research analysts forecast that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

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 $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Monday, September 15th. Extra Space Storage's payout ratio is currently 140.56%.

Extra Space Storage Company 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.