1832 Asset Management L.P. Buys 13,295 Shares of Extra Space Storage Inc $EXR

Key Points

• 1832 Asset Management L.P. increased its holdings in Extra Space Storage Inc by 28.5%, now owning 60,006 shares valued at approximately $8.91 million.
• CEO Joseph D. Margolis sold shares worth over $1.12 million, reducing his stake by 21.58% to 27,260 shares.
• The company recently declared a quarterly dividend of $1.62 per share, yielding around 4.5%, with a high dividend payout ratio of 140.56%.

1832 Asset Management L.P. grew its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 28.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,006 shares of the real estate investment trust's stock after purchasing an additional 13,295 shares during the period. 1832 Asset Management L.P.'s holdings in Extra Space Storage were worth $8,910,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. GKV Capital Management Co. Inc. bought a new stake in shares of Extra Space Storage in the 1st quarter worth $29,000. Zions Bancorporation National Association UT bought a new stake in shares of Extra Space Storage in the 1st quarter worth $50,000. Quarry LP increased its holdings in shares of Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 217 shares in the last quarter. Golden State Wealth Management LLC increased its holdings in shares of Extra Space Storage by 147.0% in the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock worth $60,000 after purchasing an additional 241 shares in the last quarter. Finally, Parvin Asset Management LLC bought a new stake in shares of Extra Space Storage in the 4th quarter worth $62,000. Institutional investors own 99.11% of the company's stock.

Extra Space Storage Stock Performance

NYSE EXR traded up $0.94 on Friday, hitting $143.26. 151,118 shares of the company traded hands, compared to its average volume of 1,181,252. The company has a market capitalization of $30.41 billion, a price-to-earnings ratio of 31.08, a P/E/G ratio of 3.43 and a beta of 1.07. 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 business's 50 day moving average price is $144.72 and its 200-day moving average price is $146.43. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its 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). The company had revenue of $841.62 million for the quarter, compared to analysts' expectations of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. Extra Space Storage's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities analysts expect that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $1.62 dividend. 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 at Extra Space Storage

In related 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.96% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on EXR. Evercore ISI reduced their target price on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating for the company in a report on Monday, August 4th. Citigroup cut their price objective on Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. Scotiabank cut their price objective on Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating for the company in a report on Thursday. Barclays cut their price objective on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $146.00 price objective (down previously from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. Seven research 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, Extra Space Storage has a consensus rating of "Hold" and a consensus target price of $153.33.

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.