Gulf International Bank UK Ltd Cuts Stake in Extra Space Storage Inc (NYSE:EXR)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Extra Space Storage (NYSE:EXR) by 27.3%, now holding 12,008 shares worth approximately $1.78 million.
• JPMorgan Chase & Co. significantly increased its investment in Extra Space Storage by 205.7%, owning over 4 million shares valued at around $608 million.
• Extra Space Storage's recent earnings report showed an EPS of $2.05, slightly missing analyst estimates, with a revenue of $841.62 million, exceeding expectations.

Gulf International Bank UK Ltd decreased its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 27.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,008 shares of the real estate investment trust's stock after selling 4,515 shares during the period. Gulf International Bank UK Ltd's holdings in Extra Space Storage were worth $1,783,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Aptus Capital Advisors LLC grew its holdings in Extra Space Storage by 4.3% in the fourth quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust's stock worth $245,000 after purchasing an additional 68 shares during the last quarter. Siemens Fonds Invest GmbH grew its holdings in Extra Space Storage by 3.0% in the fourth quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust's stock worth $342,000 after purchasing an additional 68 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in Extra Space Storage by 8.5% in the first quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust's stock worth $139,000 after purchasing an additional 73 shares during the last quarter. Naviter Wealth LLC grew its holdings in Extra Space Storage by 0.6% in the first quarter. Naviter Wealth LLC now owns 13,645 shares of the real estate investment trust's stock worth $2,007,000 after purchasing an additional 82 shares during the last quarter. Finally, Mackenzie Financial Corp grew its holdings in Extra Space Storage by 0.5% in the fourth quarter. Mackenzie Financial Corp now owns 18,363 shares of the real estate investment trust's stock worth $2,747,000 after purchasing an additional 90 shares during the last quarter. Institutional investors own 99.11% of the company's stock.

Wall Street Analysts Forecast Growth

EXR has been the subject of several research reports. Barclays lowered their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Bank of America lifted their price objective on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Wells Fargo & Company lowered their price objective on shares of Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 23rd. Royal Bank Of Canada lowered their price objective on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a research note on Monday, August 4th. Finally, BNP Paribas Exane assumed coverage on shares of Extra Space Storage in a research report on Tuesday, June 24th. They set a "neutral" rating and a $156.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $155.85.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock traded up $0.38 during trading hours on Friday, reaching $137.01. The stock had a trading volume of 1,194,960 shares, compared to its average volume of 1,345,268. The stock's 50 day moving average is $146.30 and its 200 day moving average is $147.27. The firm has a market capitalization of $29.08 billion, a PE ratio of 29.72, a PEG ratio of 3.32 and a beta of 1.07. Extra Space Storage Inc has a twelve month low of $121.03 and a twelve month high of $184.87. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share 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 analyst estimates of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The company's revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company posted $2.06 EPS. Equities analysts expect that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a $1.62 dividend. The ex-dividend date was Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.7%. Extra Space Storage's dividend payout ratio is 140.56%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage 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 completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company 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.