JPMorgan Chase & Co. Increases Stake in Extra Space Storage Inc (NYSE:EXR)

Key Points

• JPMorgan Chase & Co. increased its holdings in Extra Space Storage Inc by 205.7%, owning approximately 4.1 million shares worth $608 million as of the latest SEC filing.
• CEO Joseph D. Margolis sold 7,500 shares for over $1.1 million, representing a 21.58% decrease in his share ownership.
• Extra Space Storage reported a quarterly revenue of $841.62 million, exceeding analyst estimates, despite a slight earnings per share miss of $2.05 compared to a consensus of $2.06.

JPMorgan Chase & Co. grew its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 205.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,094,555 shares of the real estate investment trust's stock after acquiring an additional 2,755,265 shares during the quarter. JPMorgan Chase & Co. owned 1.93% of Extra Space Storage worth $608,001,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Extra Space Storage by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust's stock valued at $5,044,129,000 after buying an additional 295,556 shares in the last quarter. Cohen & Steers Inc. lifted its position in Extra Space Storage by 5.9% during the fourth quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock valued at $1,383,094,000 after purchasing an additional 516,941 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Extra Space Storage by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust's stock valued at $469,229,000 after buying an additional 24,533 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Extra Space Storage by 0.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,077,577 shares of the real estate investment trust's stock valued at $456,989,000 after buying an additional 12,607 shares in the last quarter. Finally, Northern Trust Corp grew its position in Extra Space Storage by 48.7% in the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock worth $430,107,000 after acquiring an additional 941,212 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

EXR has been the topic of several recent research reports. Scotiabank increased their price objective on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Evercore ISI decreased their price objective on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a report on Monday, August 4th. JPMorgan Chase & Co. increased their price objective on Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a research note on Friday, June 13th. Wells Fargo & Company lowered their price target 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. Finally, Barclays decreased their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Nine analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $155.85.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the completion of the sale, the chief executive officer directly owned 27,260 shares of the company's stock, valued at $4,098,541. The trade was a 21.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.96% of the stock is currently owned by company insiders.

Extra Space Storage Price Performance

NYSE EXR traded down $1.63 during trading on Thursday, hitting $136.58. 1,475,633 shares of the stock traded hands, compared to its average volume of 1,201,936. The company has a market capitalization of $28.99 billion, a P/E ratio of 29.63, a price-to-earnings-growth ratio of 3.28 and a beta of 1.07. The firm has a 50-day simple moving average of $146.81 and a 200-day simple moving average of $147.57. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. Extra Space Storage Inc has a 12-month low of $121.03 and a 12-month high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data 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). The business had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business's revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company earned $2.06 EPS. As a group, analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced 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. The ex-dividend date of this dividend was Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.7%. Extra Space Storage's 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.