Extra Space Storage Inc $EXR Shares Bought by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its stake in Extra Space Storage by 11.4% in Q1, owning nearly 1.87 million shares valued at approximately $277 million.
• Extra Space Storage recently declared a quarterly dividend of $1.62 per share, translating to an annualized yield of 4.5%.
• The company reported Q2 earnings of $2.05 EPS, slightly missing analysts' expectations, while its revenue increased 3.8% year-over-year, totaling $841.62 million.

Goldman Sachs Group Inc. grew its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 11.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,865,839 shares of the real estate investment trust's stock after acquiring an additional 191,364 shares during the quarter. Goldman Sachs Group Inc. owned about 0.88% of Extra Space Storage worth $277,058,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Presima Securities ULC boosted its holdings in shares of Extra Space Storage by 1.5% during the first quarter. Presima Securities ULC now owns 10,642 shares of the real estate investment trust's stock valued at $1,580,000 after acquiring an additional 161 shares during the period. UniSuper Management Pty Ltd boosted its holdings in shares of Extra Space Storage by 0.9% during the first quarter. UniSuper Management Pty Ltd now owns 79,325 shares of the real estate investment trust's stock valued at $11,779,000 after acquiring an additional 700 shares during the period. Resolution Capital Ltd boosted its holdings in shares of Extra Space Storage by 259.1% during the first quarter. Resolution Capital Ltd now owns 902,157 shares of the real estate investment trust's stock valued at $133,961,000 after acquiring an additional 650,957 shares during the period. PharVision Advisers LLC acquired a new position in shares of Extra Space Storage during the first quarter valued at $384,000. Finally, Nissay Asset Management Corp Japan ADV boosted its holdings in shares of Extra Space Storage by 1.6% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 56,720 shares of the real estate investment trust's stock valued at $8,422,000 after acquiring an additional 868 shares during the period. Institutional investors and hedge funds own 99.11% of the company's stock.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock opened at $144.79 on Wednesday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. The company's 50-day moving average price is $144.22 and its two-hundred day moving average price is $145.75. Extra Space Storage Inc has a 52 week low of $121.03 and a 52 week high of $184.87. The stock has a market cap of $30.73 billion, a PE ratio of 31.41, a price-to-earnings-growth ratio of 3.56 and a beta of 1.09.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings results 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 return on equity of 6.69% and a net margin of 29.51%.The business had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. During the same quarter last year, the firm posted $2.06 earnings per share. Extra Space Storage's 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. As a group, sell-side analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm 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 $1.62 dividend. The ex-dividend date is Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.5%. Extra Space Storage's payout ratio is 140.56%.

Insider Buying and Selling

In other Extra Space Storage 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.36% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on EXR. Citigroup reduced their price target on shares of Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. Royal Bank Of Canada cut their price objective on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating on the stock in a research note on Monday, August 4th. Wells Fargo & Company upgraded shares of Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 price objective on the stock in a research note on Tuesday, August 26th. Mizuho lifted their price objective on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Finally, Barclays cut their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Six equities 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, the stock has an average rating of "Hold" and an average target price of $151.57.

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.

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