Extra Space Storage Inc (NYSE:EXR) Stock Position Lowered by Mizuho Securities USA LLC

Key Points

• Mizuho Securities USA LLC reduced its stake in Extra Space Storage by 15.5%, now owning 16,974 shares valued at approximately $2.52 million.
• The company reported a Q2 EPS of $2.05, slightly missing the consensus estimate of $2.06, while revenue exceeded expectations at $841.62 million.
• Extra Space Storage pays a quarterly dividend of $1.62 per share, translating to an annual yield of 4.8%, with a payout ratio of 140.56%.

Mizuho Securities USA LLC lowered its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 15.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,974 shares of the real estate investment trust's stock after selling 3,117 shares during the quarter. Mizuho Securities USA LLC's holdings in Extra Space Storage were worth $2,520,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Zions Bancorporation National Association UT bought a new stake in shares of Extra Space Storage in the 1st quarter valued at approximately $50,000. Quarry LP increased its stake in Extra Space Storage by 156.1% in the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock valued at $53,000 after purchasing an additional 217 shares in the last quarter. Golden State Wealth Management LLC increased its stake in Extra Space Storage by 147.0% in the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after purchasing an additional 241 shares in the last quarter. Parvin Asset Management LLC bought a new stake in shares of Extra Space Storage during the fourth quarter worth $62,000. Finally, Wayfinding Financial LLC bought a new position in Extra Space Storage in the first quarter valued at $76,000. Institutional investors and hedge funds own 99.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on EXR. Benchmark cut their target price on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Wells Fargo & Company cut their target price on shares of Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. boosted their price target on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research report on Friday, June 13th. Mizuho increased their target price on Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Finally, Scotiabank upped their target price on shares of Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Nine analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $155.85.

Extra Space Storage Trading Down 1.2%

Extra Space Storage stock traded down $1.63 during trading on Thursday, reaching $136.58. 1,475,632 shares of the company were exchanged, compared to its average volume of 1,199,463. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $184.87. The company has a market capitalization of $28.99 billion, a P/E ratio of 29.63, a PEG ratio of 3.28 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. The stock's 50 day simple moving average is $146.81 and its two-hundred day simple moving average is $147.57.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The business had revenue of $841.62 million during the quarter, compared to analysts' expectations of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. Extra Space Storage's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.06 EPS. On average, equities research 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 company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued 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 currently 140.56%.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm's 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 sale, the chief executive officer owned 27,260 shares in the company, valued at $4,098,541. This trade represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.96% of the stock is currently 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.