Extra Space Storage Inc (NYSE:EXR) Shares Purchased by Centersquare Investment Management LLC

Key Points

• Centersquare Investment Management LLC increased its stake in Extra Space Storage Inc by 10.6%, owning 2,645,359 shares valued at approximately $392.8 million.
• Extra Space Storage reported earnings of $2.05 per share for the last quarter, missing estimates by $0.01, but revenue rose by 3.8% year-over-year to $841.62 million.
• The company declared a quarterly dividend of $1.62 per share, representing an annualized dividend yield of 4.7% with a payout ratio of 140.56%.

Centersquare Investment Management LLC grew its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,645,359 shares of the real estate investment trust's stock after acquiring an additional 252,593 shares during the quarter. Extra Space Storage comprises about 4.1% of Centersquare Investment Management LLC's investment portfolio, making the stock its 6th largest holding. Centersquare Investment Management LLC owned about 1.25% of Extra Space Storage worth $392,809,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Northern Trust Corp grew its position 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 valued at $430,107,000 after buying an additional 941,212 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Extra Space Storage in the 4th quarter worth approximately $107,453,000. Cohen & Steers Inc. lifted its stake in shares of Extra Space Storage by 5.9% in the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock worth $1,383,094,000 after acquiring an additional 516,941 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Extra Space Storage in the fourth quarter valued at approximately $74,984,000. Finally, GAMMA Investing LLC increased its stake in shares of Extra Space Storage by 14,642.5% during the first quarter. GAMMA Investing LLC now owns 431,512 shares of the real estate investment trust's stock valued at $64,075,000 after acquiring an additional 428,585 shares during the period. Institutional investors own 99.11% of the company's stock.

Insider Buying and Selling

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total value of $1,127,625.00. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.96% of the company's stock.

Extra Space Storage Trading Down 1.4%

Shares of Extra Space Storage stock traded down $1.89 during trading on Friday, hitting $136.40. The stock had a trading volume of 839,458 shares, compared to its average volume of 1,200,453. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $184.87. The stock has a 50 day simple moving average of $147.69 and a 200 day simple moving average of $147.88. The company has a quick ratio of 0.33, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $28.95 billion, a PE ratio of 29.59, a P/E/G ratio of 3.35 and a beta of 1.07.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its 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 firm had revenue of $841.62 million for the quarter, compared to analyst estimates 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 period last year, the firm earned $2.06 earnings per share. On average, research analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed 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 was Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.8%. Extra Space Storage's dividend payout ratio (DPR) is presently 140.56%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on EXR shares. Evercore ISI cut their target price on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating for the company in a research report on Monday. Bank of America boosted their price objective on Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Barclays decreased their target price on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research note on Friday. Wells Fargo & Company dropped their price target 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. Finally, BNP Paribas raised shares of Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Extra Space Storage has an average rating of "Hold" and a consensus target price of $155.85.

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.