Extra Space Storage Inc $EXR Shares Sold by California Public Employees Retirement System

Key Points

• California Public Employees Retirement System trimmed its Extra Space Storage stake by 3.8% in the first quarter, selling 14,559 shares and leaving it with 371,042 shares valued at about $48.7 million.
• Extra Space Storage reported Q1 EPS of $1.14, well below analysts’ expectations of $2.01, though revenue of $856.03 million slightly beat forecasts and rose 4.4% year over year.
• The company continues to return cash to shareholders with a quarterly dividend of $1.62, equal to an annualized yield of about 4.4%, while analysts currently rate the stock a consensus Hold.

California Public Employees Retirement System cut its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 3.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 371,042 shares of the real estate investment trust's stock after selling 14,559 shares during the period. California Public Employees Retirement System owned approximately 0.18% of Extra Space Storage worth $48,655,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in Extra Space Storage in the 4th quarter worth about $1,219,606,000. Capital International Investors lifted its stake in Extra Space Storage by 73.9% during the fourth quarter. Capital International Investors now owns 6,256,687 shares of the real estate investment trust's stock valued at $814,746,000 after buying an additional 2,658,947 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Extra Space Storage by 900.0% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,187,795 shares of the real estate investment trust's stock valued at $308,348,000 after buying an additional 1,969,013 shares in the last quarter. Cohen & Steers Inc. boosted its holdings in shares of Extra Space Storage by 13.4% in the fourth quarter. Cohen & Steers Inc. now owns 15,979,424 shares of the real estate investment trust's stock worth $2,080,971,000 after buying an additional 1,888,763 shares during the period. Finally, Resolution Capital Ltd increased its position in shares of Extra Space Storage by 116.2% in the second quarter. Resolution Capital Ltd now owns 1,950,842 shares of the real estate investment trust's stock worth $287,632,000 after acquiring an additional 1,048,685 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Extra Space Storage

In other news, EVP Gwyn Goodson Mcneal sold 3,300 shares of the company's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $150.00, for a total value of $495,000.00. Following the transaction, the executive vice president directly owned 37,374 shares of the company's stock, valued at approximately $5,606,100. This represents a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.96% of the company's stock.

Extra Space Storage Stock Performance

EXR stock opened at $147.35 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.37 and a current ratio of 0.37. The stock has a market cap of $31.13 billion, a P/E ratio of 33.04, a P/E/G ratio of 4.59 and a beta of 1.19. The firm has a 50 day simple moving average of $145.36 and a 200 day simple moving average of $142.32. Extra Space Storage Inc has a 52 week low of $125.71 and a 52 week high of $155.19.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $1.14 EPS for the quarter, missing analysts' consensus estimates of $2.01 by ($0.87). Extra Space Storage had a net margin of 27.66% and a return on equity of 6.65%. The company had revenue of $856.03 million for the quarter, compared to analysts' expectations of $851.35 million. During the same period in the previous year, the firm posted $2.00 earnings per share. The business's revenue for the quarter was up 4.4% on a year-over-year basis. Extra Space Storage has set its FY 2026 guidance at 8.050-8.350 EPS. Research analysts anticipate that Extra Space Storage Inc will post 8.26 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $1.62 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.4%. Extra Space Storage's dividend payout ratio is 145.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Wells Fargo & Company upped their price target on shares of Extra Space Storage from $148.00 to $154.00 and gave the company an "overweight" rating in a research report on Monday, June 1st. Barclays boosted their target price on shares of Extra Space Storage from $170.00 to $172.00 and gave the company an "overweight" rating in a research note on Friday, July 10th. JPMorgan Chase & Co. increased their target price on Extra Space Storage from $142.00 to $144.00 and gave the company a "neutral" rating in a report on Monday, March 23rd. UBS Group raised their target price on Extra Space Storage from $158.00 to $163.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Finally, Bank of America upgraded Extra Space Storage from an "underperform" rating to a "neutral" rating and lifted their price target for the company from $147.00 to $156.00 in a report on Tuesday, June 16th. Six equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $146.27.

About Extra Space Storage

Extra Space Storage NYSE: EXR is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.

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