Prudential PLC Sells 1,967 Shares of Extra Space Storage Inc $EXR

Key Points

• Prudential PLC reduced its stake in Extra Space Storage Inc by 49.2%, selling 1,967 shares and now holding a total of 2,031 shares valued at approximately $302,000.
• Extra Space Storage's recent earnings report showed an EPS of $2.05, slightly missing analysts' expectations of $2.06, despite a revenue increase to $841.62 million.
• The company declared a quarterly dividend of $1.62 per share, showcasing a high payout ratio of 140.56% and an annual yield of 4.7%.

Prudential PLC decreased its position in Extra Space Storage Inc (NYSE:EXR - Free Report) by 49.2% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,031 shares of the real estate investment trust's stock after selling 1,967 shares during the period. Prudential PLC's holdings in Extra Space Storage were worth $302,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in EXR. JPMorgan Chase & Co. boosted its stake in Extra Space Storage by 205.7% in the 1st quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust's stock worth $608,001,000 after purchasing an additional 2,755,265 shares during the period. Nuveen LLC acquired a new position in Extra Space Storage in the 1st quarter worth approximately $257,917,000. Northern Trust Corp boosted its stake in Extra Space Storage by 48.7% in the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock worth $430,107,000 after purchasing an additional 941,212 shares during the period. Balyasny Asset Management L.P. acquired a new position in Extra Space Storage in the 4th quarter worth approximately $107,453,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Extra Space Storage in the 4th quarter worth approximately $74,984,000. Institutional investors and hedge funds own 99.11% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EXR. Evercore ISI decreased their target price on shares of Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating for the company in a research note on Monday, August 4th. 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 note on Tuesday, May 13th. BNP Paribas Exane began coverage on shares of Extra Space Storage in a research note on Tuesday, June 24th. They set a "neutral" rating and a $156.00 target price for the company. Mizuho lifted their target price on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Finally, BNP Paribas raised shares of Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. Six analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $153.86.

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 shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following 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 Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.96% of the company's stock.

Extra Space Storage Stock Up 3.6%

Shares of Extra Space Storage stock traded up $4.98 during midday trading on Friday, reaching $144.01. 144,403 shares of the company's stock traded hands, compared to its average volume of 1,189,561. The company has a market cap of $30.57 billion, a price-to-earnings ratio of 31.23, a price-to-earnings-growth ratio of 3.38 and a beta of 1.07. The company's 50 day simple moving average is $145.34 and its 200 day simple moving average is $146.90. 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 released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The business had revenue of $841.62 million for 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 firm'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 business posted $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. 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 will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.5%. Extra Space Storage's dividend payout ratio is currently 140.56%.

Extra Space Storage 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.