Resolution Capital Ltd Buys 650,957 Shares of Extra Space Storage Inc $EXR

Key Points

• Resolution Capital Ltd increased its stake in Extra Space Storage Inc by 259.1% in Q1, acquiring 650,957 additional shares to own a total of 902,157 shares.
• The company declared a quarterly dividend of $1.62 per share, with a payout ratio of 140.56% and a dividend yield of 4.4%.
• Extra Space Storage's stock experienced a downgrade from a "hold" rating to a "sell" from Wall Street Zen, while analysts maintain an average rating of "Hold" with a consensus target price of $153.33.

Resolution Capital Ltd lifted its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 259.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 902,157 shares of the real estate investment trust's stock after purchasing an additional 650,957 shares during the quarter. Extra Space Storage accounts for approximately 2.6% of Resolution Capital Ltd's holdings, making the stock its 14th biggest position. Resolution Capital Ltd owned approximately 0.43% of Extra Space Storage worth $133,961,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. D.A. Davidson & CO. raised its position in shares of Extra Space Storage by 7.2% in the 1st quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust's stock worth $281,000 after purchasing an additional 127 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Extra Space Storage by 1.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust's stock worth $3,285,000 after purchasing an additional 398 shares during the last quarter. QRG Capital Management Inc. raised its position in shares of Extra Space Storage by 21.4% in the 1st quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust's stock worth $399,000 after purchasing an additional 474 shares during the last quarter. Farther Finance Advisors LLC raised its position 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. Finally, IFP Advisors Inc raised its position in shares of Extra Space Storage by 1,376.5% in the 1st quarter. IFP Advisors Inc now owns 1,698 shares of the real estate investment trust's stock worth $252,000 after purchasing an additional 1,583 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on EXR. Citigroup lowered their price target on Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a research report on Friday, August 22nd. Evercore ISI lowered 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. BNP Paribas Exane started coverage on Extra Space Storage in a research report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 target price for the company. Mizuho boosted their target price on Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 28th. Finally, JPMorgan Chase & Co. boosted their target price on Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research report on Friday, June 13th. Six equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, Extra Space Storage presently has a consensus rating of "Hold" and an average price target of $151.57.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock traded down $2.23 during trading hours on Tuesday, reaching $144.79. 1,206,019 shares of the stock traded hands, compared to its average volume of 1,022,316. The company has a 50 day moving average price of $144.22 and a 200 day moving average price of $145.75. The firm has a market capitalization of $30.73 billion, a price-to-earnings ratio of 31.41, a P/E/G ratio of 3.56 and a beta of 1.09. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $184.87. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88.

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 (EPS) for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The firm had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, equities research analysts expect that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Monday, September 15th. Extra Space Storage's payout ratio is currently 140.56%.

Insider Activity

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 stock was sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the completion of the sale, the chief executive officer directly owned 27,260 shares in the company, valued at $4,098,541. The trade was a 21.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.36% of the stock is currently owned by corporate insiders.

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.