Mackenzie Financial Corp Purchases 2,371 Shares of Extra Space Storage Inc (NYSE:EXR)

Key Points

• Mackenzie Financial Corp increased its stake in Extra Space Storage by 12.9%, acquiring an additional 2,371 shares to hold a total of 20,734 shares valued at approximately $3.08 million.
• Extra Space Storage reported earnings of $2.05 per share for the last quarter, slightly missing analysts' expectations, but achieved revenues of $841.62 million, exceeding estimates of $719.43 million.
• Multiple brokerages have adjusted their ratings for Extra Space Storage, with nine analysts recommending a "hold" and seven giving a buy rating; the stock holds a consensus price target of $157.69.

Mackenzie Financial Corp grew its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 12.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,734 shares of the real estate investment trust's stock after purchasing an additional 2,371 shares during the period. Mackenzie Financial Corp's holdings in Extra Space Storage were worth $3,079,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in EXR. Aptus Capital Advisors LLC lifted 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 valued at $245,000 after acquiring an additional 68 shares during the last quarter. Siemens Fonds Invest GmbH grew its holdings in shares of Extra Space Storage by 3.0% during 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. Quadrant Capital Group LLC grew its holdings in shares of Extra Space Storage by 5.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,327 shares of the real estate investment trust's stock worth $199,000 after purchasing an additional 73 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of Extra Space Storage by 8.5% during the first quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust's stock worth $139,000 after buying an additional 73 shares during the last quarter. Finally, Naviter Wealth LLC lifted its position 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 valued at $2,007,000 after purchasing an additional 82 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction that occurred on 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 $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.36% of the stock is currently owned by company insiders.

Analyst Ratings Changes

EXR has been the subject of a number of research reports. Mizuho lifted their price target on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research report on Wednesday, May 28th. Evercore ISI reduced their price target on shares of Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating for the company in a research report on Monday. BNP Paribas upgraded shares of Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. Royal Bank Of Canada set a $148.00 price target on shares of Extra Space Storage and gave the company a "sector perform" rating in a research report on Monday. Finally, Benchmark reduced their price target on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Nine investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $156.54.

Extra Space Storage Stock Down 0.3%

Shares of Extra Space Storage stock traded down $0.38 during midday trading on Wednesday, reaching $138.23. 425,190 shares of the company's stock traded hands, compared to its average volume of 1,200,449. The company has a market cap of $29.34 billion, a price-to-earnings ratio of 29.99, a price-to-earnings-growth ratio of 3.35 and a beta of 1.07. The company's 50 day simple moving average is $148.44 and its 200 day simple moving average is $148.14. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.33 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 return on equity of 6.69% and a net margin of 29.51%. The business's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.06 earnings per share. Equities analysts expect that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

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

About Extra Space Storage

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.