Adelante Capital Management LLC Sells 105,062 Shares of Extra Space Storage Inc $EXR

Key Points

• Adelante Capital Management LLC reduced its stake in Extra Space Storage Inc by 36.1%, selling over 105,000 shares, which now makes up about 1.9% of its total holdings.
• Extra Space Storage recently reported a quarterly EPS of $2.05, slightly missing analysts' expectations, while revenue for the quarter increased by 3.8% year-over-year.
• The company declared a quarterly dividend of $1.62 per share, payable on September 30, with a dividend yield of 4.4% and a payout ratio of 140.56%.

Adelante Capital Management LLC lessened its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 36.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 186,050 shares of the real estate investment trust's stock after selling 105,062 shares during the period. Extra Space Storage accounts for 1.9% of Adelante Capital Management LLC's holdings, making the stock its 19th biggest holding. Adelante Capital Management LLC owned about 0.09% of Extra Space Storage worth $27,626,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of EXR. Baird Financial Group Inc. lifted its holdings in Extra Space Storage by 96.8% during the 4th quarter. Baird Financial Group Inc. now owns 1,999 shares of the real estate investment trust's stock worth $299,000 after buying an additional 983 shares during the period. Cetera Investment Advisers raised its position in shares of Extra Space Storage by 1.7% during the fourth quarter. Cetera Investment Advisers now owns 44,014 shares of the real estate investment trust's stock worth $6,585,000 after acquiring an additional 744 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Extra Space Storage by 9.8% in the fourth quarter. Deutsche Bank AG now owns 603,143 shares of the real estate investment trust's stock worth $90,230,000 after acquiring an additional 53,851 shares during the period. Ensign Peak Advisors Inc boosted its holdings in Extra Space Storage by 1.8% in the fourth quarter. Ensign Peak Advisors Inc now owns 310,496 shares of the real estate investment trust's stock valued at $46,450,000 after acquiring an additional 5,629 shares during the last quarter. Finally, Focus Partners Wealth increased its position in Extra Space Storage by 401.7% during the 4th quarter. Focus Partners Wealth now owns 155,790 shares of the real estate investment trust's stock valued at $23,340,000 after purchasing an additional 124,739 shares during the period. Institutional investors own 99.11% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on EXR shares. BNP Paribas upgraded shares of Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. Wall Street Zen raised shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Tuesday. Barclays cut their price target on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Scotiabank lowered their price objective on Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating for the company in a research report on Thursday, August 28th. Finally, Mizuho boosted their price objective on Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Six analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $151.57.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company'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 owned 27,260 shares in the company, valued at $4,098,541. This represents a 21.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.96% of the stock is owned by corporate insiders.

Extra Space Storage Stock Up 0.3%

Shares of NYSE EXR traded up $0.39 during midday trading on Wednesday, hitting $145.27. 944,897 shares of the stock traded hands, compared to its average volume of 1,030,137. The company has a market cap of $30.83 billion, a PE ratio of 17.78, a P/E/G ratio of 3.51 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 business has a 50 day moving average price of $144.09 and a two-hundred day moving average price of $145.75. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its 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 during the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.Extra Space Storage's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, equities analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $6.48 annualized dividend and a dividend yield of 4.5%. Extra Space Storage's payout ratio is presently 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.