Deutsche Bank AG Purchases 333,793 Shares of Extra Space Storage Inc (NYSE:EXR)

Key Points

• Deutsche Bank AG increased its stake in Extra Space Storage by 55.3%, holding 936,936 shares valued at approximately $139.1 million after purchasing an additional 333,793 shares in the first quarter.
• CEO Joseph D. Margolis sold 7,500 shares for around $1.13 million, representing a 21.58% decrease in his ownership of the company's stock.
• The company's recent quarterly earnings report showed earnings per share of $2.05, slightly below analyst expectations, while revenue increased by 3.8% year-over-year to $841.62 million.

Deutsche Bank AG lifted its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 55.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 936,936 shares of the real estate investment trust's stock after acquiring an additional 333,793 shares during the quarter. Deutsche Bank AG owned approximately 0.44% of Extra Space Storage worth $139,126,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of EXR. Northern Trust Corp raised its holdings in Extra Space Storage by 48.7% during the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock valued at $430,107,000 after acquiring an additional 941,212 shares during the period. Balyasny Asset Management L.P. purchased a new stake in shares of Extra Space Storage during the fourth quarter valued at approximately $107,453,000. Cohen & Steers Inc. boosted its stake in shares of Extra Space Storage by 5.9% during the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock worth $1,383,094,000 after acquiring an additional 516,941 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Extra Space Storage in the 4th quarter worth approximately $74,984,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Extra Space Storage by 14,642.5% in the 1st quarter. GAMMA Investing LLC now owns 431,512 shares of the real estate investment trust's stock valued at $64,075,000 after acquiring an additional 428,585 shares during the last quarter. 99.11% of the stock is owned by institutional investors.

Extra Space Storage Stock Up 0.3%

Shares of EXR stock traded up $0.36 on Tuesday, hitting $135.59. The stock had a trading volume of 1,049,601 shares, compared to its average volume of 1,347,903. The firm has a market capitalization of $28.78 billion, a price-to-earnings ratio of 29.41, a P/E/G ratio of 3.27 and a beta of 1.07. The stock's 50 day moving average is $147.05 and its 200-day moving average is $147.64. 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 Inc has a 52-week low of $121.03 and a 52-week high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.01). The company had revenue of $841.62 million during the quarter, compared to analyst estimates of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The company's revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company earned $2.06 earnings per share. As a group, research analysts expect that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date was Monday, June 16th. Extra Space Storage's dividend payout ratio is currently 140.56%.

Analyst Ratings Changes

A number of brokerages have commented on EXR. Barclays dropped their target price on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating on the stock in a research note on Friday. Bank of America lifted their target price on shares of Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Evercore ISI reduced their price target on shares of Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a research note on Monday, August 4th. Scotiabank lifted their price objective on shares of Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. Finally, Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $155.85.

Insider Transactions at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 27,260 shares in the company, valued at approximately $4,098,541. This trade represents a 21.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.36% of the stock is owned by corporate insiders.

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.