Westpac Banking Corp Sells 2,395 Shares of Extra Space Storage Inc (NYSE:EXR)

Key Points

• Westpac Banking Corp has reduced its stake in Extra Space Storage Inc by 5.3%, now holding 43,121 shares worth approximately $6.4 million.
• Extra Space Storage has announced a quarterly dividend of $1.62, resulting in an annualized yield of 4.8%, although the company's payout ratio is notably high at 140.56%.
• Despite posting a revenue increase to $841.62 million, the company missed the earnings estimate by $0.01, with a reported earnings per share of $2.05.

Westpac Banking Corp trimmed its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 5.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 43,121 shares of the real estate investment trust's stock after selling 2,395 shares during the period. Westpac Banking Corp's holdings in Extra Space Storage were worth $6,403,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. D.A. Davidson & CO. lifted its position in Extra Space Storage by 7.2% during the first quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust's stock valued at $281,000 after purchasing an additional 127 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Extra Space Storage by 1.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust's stock valued at $3,285,000 after buying an additional 398 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Extra Space Storage by 21.4% in the 1st quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust's stock valued at $399,000 after acquiring an additional 474 shares during the last quarter. Farther Finance Advisors LLC grew its position in Extra Space Storage by 24.3% in the first quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust's stock worth $216,000 after acquiring an additional 286 shares in the last quarter. Finally, IFP Advisors Inc grew its position in Extra Space Storage by 1,376.5% in the first quarter. IFP Advisors Inc now owns 1,698 shares of the real estate investment trust's stock worth $252,000 after acquiring an additional 1,583 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the 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 transaction, the chief executive officer owned 27,260 shares of the company's stock, valued at approximately $4,098,541. This represents a 21.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.96% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on EXR. Mizuho boosted their price objective on Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 28th. BNP Paribas upgraded Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Benchmark decreased their price target on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. JPMorgan Chase & Co. increased their price target on Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a report on Friday, June 13th. Finally, Evercore ISI decreased their price target 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. Nine research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $155.85.

Extra Space Storage Trading Down 1.2%

EXR stock traded down $1.63 during midday trading on Thursday, reaching $136.58. The company's stock had a trading volume of 1,475,633 shares, compared to its average volume of 1,201,936. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a fifty day simple moving average of $146.56 and a two-hundred day simple moving average of $147.44. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $184.87. The firm has a market capitalization of $28.99 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 3.28 and a beta of 1.07.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its 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). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The business had revenue of $841.62 million during the quarter, compared to analysts' expectations of $719.43 million. During the same quarter in the previous year, the business earned $2.06 EPS. The business's revenue for the quarter was up 3.8% on a year-over-year basis. On average, equities research 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 declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 dividend yield of 4.7%. Extra Space Storage's dividend payout ratio is presently 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.