Gotham Asset Management LLC Boosts Stake in Extra Space Storage Inc $EXR

Key Points

• Gotham Asset Management LLC has increased its stake in Extra Space Storage Inc by 29.3%, acquiring an additional 21,473 shares, bringing its total holdings to 94,869 shares valued at approximately $14.1 million.
• Extra Space Storage's quarterly revenue was reported at $841.62 million, exceeding analysts' expectations, although it reported earnings per share of $2.05, slightly missing the anticipated $2.06.
• The company announced a quarterly dividend of $1.62 per share, which represents a 4.4% yield, with the payout ratio standing at 140.56%.

Gotham Asset Management LLC lifted its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 29.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 94,869 shares of the real estate investment trust's stock after purchasing an additional 21,473 shares during the quarter. Gotham Asset Management LLC's holdings in Extra Space Storage were worth $14,087,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Extra Space Storage by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust's stock worth $5,044,129,000 after purchasing an additional 295,556 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Extra Space Storage by 205.7% during 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 acquiring an additional 2,755,265 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Extra Space Storage by 0.4% during the 1st 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. Invesco Ltd. lifted its stake in shares of Extra Space Storage by 18.7% during the 1st 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. Finally, Northern Trust Corp lifted its stake in shares of Extra Space Storage by 1.7% during the 1st quarter. Northern Trust Corp now owns 2,922,828 shares of the real estate investment trust's stock worth $434,011,000 after acquiring an additional 47,779 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage 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 transaction, the chief executive officer directly owned 27,260 shares of the company's stock, valued at $4,098,541. The trade was a 21.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.96% of the stock is owned by company insiders.

Extra Space Storage Price Performance

Shares of NYSE EXR traded down $0.72 during midday trading on Friday, hitting $147.59. The stock had a trading volume of 236,521 shares, compared to its average volume of 1,178,964. The company has a market capitalization of $31.33 billion, a PE ratio of 31.99, a P/E/G ratio of 3.51 and a beta of 1.09. The stock has a 50 day simple moving average of $144.00 and a 200-day simple moving average of $145.68. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $184.87. 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 (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 the consensus estimate of $2.06 by ($0.01). The firm 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%. The business's revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the business earned $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, sell-side analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $6.48 dividend on an annualized basis and a yield of 4.4%. Extra Space Storage's payout ratio is 140.56%.

Wall Street Analyst Weigh In

EXR has been the subject of a number of research analyst reports. Citigroup decreased their target price on Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a research report on Friday, August 22nd. Barclays decreased their target price on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Evercore ISI reduced their target price on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a research report on Monday, August 4th. Wells Fargo & Company raised Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 target price on the stock in a research report on Tuesday, August 26th. Finally, Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Tuesday. Six investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $151.57.

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.