Extra Space Storage Inc $EXR Shares Sold by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. reduced its holdings in Extra Space Storage by 27.9% during the first quarter, now owning approximately 307,736 shares valued at about $45.7 million.
• Analysts have mixed views on Extra Space Storage, with recent target price changes ranging from $55 to $162, while the consensus rating remains at "Hold".
• The company announced a quarterly dividend of $1.62 per share, representing an annualized dividend yield of 4.6%.

Price T Rowe Associates Inc. MD lessened its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 27.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 307,736 shares of the real estate investment trust's stock after selling 118,915 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.15% of Extra Space Storage worth $45,697,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on EXR. Citigroup decreased their target price on Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating on the stock in a research note on Friday, August 22nd. JPMorgan Chase & Co. increased their target price on Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research note on Friday, June 13th. Bank of America increased their price target on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. BNP Paribas Exane assumed coverage on Extra Space Storage in a research report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price target on the stock. Finally, Benchmark reduced their price target on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $153.60.

Extra Space Storage Trading Up 0.8%

EXR opened at $141.70 on Thursday. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $184.87. The company has a market cap of $30.07 billion, a P/E ratio of 30.74, a PEG ratio of 3.40 and a beta of 1.07. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. The business's 50-day simple moving average is $144.80 and its 200-day simple moving average is $146.53.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business had revenue of $841.62 million during the quarter, compared to analysts' expectations of $719.43 million. During the same quarter in the previous year, the company posted $2.06 EPS. The company's revenue was up 3.8% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, equities research analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $1.62 dividend. The ex-dividend date is Monday, September 15th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.6%. Extra Space Storage's dividend payout ratio is presently 140.56%.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the 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 transaction, the chief executive officer owned 27,260 shares in the company, valued at approximately $4,098,541. This represents a 21.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.96% of the company's stock.

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.

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