Extra Space Storage Inc $EXR Shares Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its holdings in Extra Space Storage Inc by 5.8% during the second quarter, now owning 40,051 shares valued at approximately $5.9 million.
• CEO Joseph D. Margolis sold 7,500 shares at an average price of $141.41, reflecting a 27.51% decrease in his ownership position.
• Extra Space Storage declared a quarterly dividend of $1.62 per share, providing an annual yield of 4.6%, although the dividend payout ratio stands at a high 140.56%.

Mirae Asset Global Investments Co. Ltd. lifted its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 5.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 40,051 shares of the real estate investment trust's stock after buying an additional 2,208 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Extra Space Storage were worth $5,905,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Vert Asset Management LLC boosted its stake in Extra Space Storage by 6.2% in the first quarter. Vert Asset Management LLC now owns 99,270 shares of the real estate investment trust's stock valued at $14,741,000 after acquiring an additional 5,797 shares during the period. Courier Capital LLC raised its position in shares of Extra Space Storage by 2.4% during the 1st quarter. Courier Capital LLC now owns 9,800 shares of the real estate investment trust's stock worth $1,455,000 after purchasing an additional 229 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Extra Space Storage by 24.3% in the 1st quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust's stock worth $216,000 after purchasing an additional 286 shares during the last quarter. Cetera Trust Company N.A boosted its position in Extra Space Storage by 11.3% during the 1st quarter. Cetera Trust Company N.A now owns 1,971 shares of the real estate investment trust's stock valued at $293,000 after purchasing an additional 200 shares during the period. Finally, Pallas Capital Advisors LLC boosted its position in Extra Space Storage by 93.4% during the 1st quarter. Pallas Capital Advisors LLC now owns 14,266 shares of the real estate investment trust's stock valued at $2,118,000 after purchasing an additional 6,889 shares during the period. Institutional investors own 99.11% of the company's stock.

Insider Transactions at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the transaction, the chief executive officer directly owned 19,760 shares in the company, valued at approximately $2,794,261.60. This trade represents a 27.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.36% of the company's stock.

Analyst Upgrades and Downgrades

EXR has been the topic of several analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Extra Space Storage in a research report on Saturday, September 27th. Citigroup dropped 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. Evercore ISI boosted their target price on shares of Extra Space Storage from $147.00 to $149.00 and gave the company a "cautious" rating in a research note on Friday. The Goldman Sachs Group restated a "neutral" rating and issued a $146.00 target price (down previously from $169.00) on shares of Extra Space Storage in a research report on Thursday, August 21st. Finally, Truist Financial cut their price target on Extra Space Storage from $158.00 to $150.00 and set a "hold" rating on the stock in a report on Tuesday, August 19th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $148.64.

Extra Space Storage Stock Performance

Shares of EXR opened at $141.38 on Tuesday. The firm has a market capitalization of $30.01 billion, a PE ratio of 30.67, a P/E/G ratio of 3.46 and a beta of 1.11. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. The firm has a 50-day moving average price of $141.20 and a 200 day moving average price of $144.40. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $175.57.

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 earnings per share for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The company had revenue of $841.62 million during 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 company's revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, sell-side analysts anticipate that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Monday, September 15th. 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.

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