Resona Asset Management Co. Ltd. Has $18.39 Million Position in Extra Space Storage Inc (NYSE:EXR)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Extra Space Storage Inc by 5.4%, owning approximately 0.06% of the company worth $18.39 million after acquiring additional shares.
• CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage, reducing his ownership by 21.58% to approximately $4.1 million in value.
• Extra Space Storage's recent earnings report showed an EPS of $2.05, slightly missing analysts' estimates, while the company also declared a $1.62 quarterly dividend with a yield of 4.8%.

Resona Asset Management Co. Ltd. raised its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 5.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 125,791 shares of the real estate investment trust's stock after purchasing an additional 6,494 shares during the quarter. Resona Asset Management Co. Ltd. owned 0.06% of Extra Space Storage worth $18,393,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Extra Space Storage by 0.9% in the first quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust's stock worth $5,044,129,000 after acquiring an additional 295,556 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Extra Space Storage by 205.7% in the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust's stock worth $608,001,000 after acquiring an additional 2,755,265 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Extra Space Storage by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust's stock worth $469,229,000 after acquiring an additional 24,533 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Extra Space Storage by 0.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,077,577 shares of the real estate investment trust's stock worth $456,989,000 after acquiring an additional 12,607 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Extra Space Storage by 18.7% in the first quarter. Invesco Ltd. now owns 3,056,384 shares of the real estate investment trust's stock worth $453,843,000 after acquiring an additional 480,642 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on EXR. Wall Street Zen downgraded shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Saturday. BNP Paribas Exane began coverage on shares of Extra Space Storage in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price target on the stock. Evercore ISI dropped their price target on shares of Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a research note on Monday, August 4th. Benchmark dropped their price target on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a report on Friday, June 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $155.85.

Extra Space Storage Stock Performance

EXR stock traded up $0.38 during mid-day trading on Friday, reaching $137.01. 1,194,960 shares of the stock traded hands, compared to its average volume of 1,345,268. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. Extra Space Storage Inc has a 52 week low of $121.03 and a 52 week high of $184.87. The business has a 50-day moving average of $146.30 and a two-hundred day moving average of $147.31. The firm has a market capitalization of $29.08 billion, a PE ratio of 29.72, a P/E/G ratio of 3.31 and a beta of 1.07.

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 (EPS) for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The firm had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. During the same quarter last year, the company earned $2.06 earnings per share. The firm's revenue was up 3.8% on a year-over-year basis. As a group, equities analysts predict that Extra Space Storage Inc will post 8.1 EPS 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. Shareholders of record on Monday, June 16th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date was Monday, June 16th. Extra Space Storage's dividend payout ratio is 140.56%.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.96% of the stock is owned by company 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.