Citigroup Inc. Buys 70,898 Shares of Extra Space Storage Inc (NYSE:EXR)

Key Points

• Citigroup Inc. significantly increased its stake in Extra Space Storage Inc by 47.3%, owning 220,863 shares valued at approximately $32.8 million as of its latest SEC filing.
• Extra Space Storage declared a quarterly dividend of $1.62, representing a 4.8% yield, though its payout ratio stands at a high 140.56%.
• Despite posting revenues of $841.62 million, the company's earnings per share fell slightly short of analyst estimates, reporting $2.05 as compared to the expected $2.06.

Citigroup Inc. increased its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 47.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 220,863 shares of the real estate investment trust's stock after buying an additional 70,898 shares during the period. Citigroup Inc. owned 0.10% of Extra Space Storage worth $32,796,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of EXR. Quarry LP raised its stake in shares of Extra Space Storage by 156.1% during the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after buying an additional 217 shares during the last quarter. Golden State Wealth Management LLC raised its stake in shares of Extra Space Storage by 147.0% during the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock worth $60,000 after buying an additional 241 shares during the last quarter. Parvin Asset Management LLC bought a new stake in shares of Extra Space Storage during the fourth quarter worth approximately $62,000. Wayfinding Financial LLC bought a new stake in shares of Extra Space Storage during the first quarter worth approximately $76,000. Finally, Avalon Trust Co bought a new stake in shares of Extra Space Storage during the first quarter worth approximately $79,000. 99.11% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on EXR shares. Bank of America boosted their price target 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. Benchmark decreased their price objective on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Mizuho boosted their price objective on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a report on Wednesday, May 28th. Barclays decreased 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 report on Friday, August 8th. Finally, Wells Fargo & Company decreased 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 report on Wednesday, July 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $155.85.

Insider Transactions 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 on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the sale, the chief executive officer directly owned 27,260 shares of the company's stock, valued at approximately $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.96% of the company's stock.

Extra Space Storage Stock Up 0.3%

Shares of Extra Space Storage stock traded up $0.38 on Friday, hitting $137.01. The company had a trading volume of 1,194,960 shares, compared to its average volume of 1,345,268. Extra Space Storage Inc has a twelve month low of $121.03 and a twelve month high of $184.87. The stock has a 50-day moving average of $146.30 and a 200-day moving average of $147.31. The firm has a market capitalization of $29.08 billion, a P/E ratio of 29.72, a P/E/G ratio of 3.31 and a beta of 1.07. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.01). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The business had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. During the same quarter in the previous year, the company posted $2.06 EPS. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. Research analysts predict 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 declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Monday, June 16th. Extra Space Storage's dividend payout ratio is 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.