Extra Space Storage Inc $EXR Stake Boosted by Graham Capital Management L.P.

Key Points

• Graham Capital Management L.P. significantly increased its holdings in Extra Space Storage Inc by purchasing 14,441 shares, bringing its total to 26,820 shares valued at approximately $3.98 million.
• The CEO, Joseph D. Margolis, recently sold 7,500 shares of the company, reducing his stake by 21.58% and remaining with 27,260 shares valued at about $4.1 million.
• Extra Space Storage declared a quarterly dividend of $1.62 to be paid on September 30, 2023, translating to an annualized dividend of $6.48, which gives a yield of 4.5%.

Graham Capital Management L.P. raised its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 116.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,820 shares of the real estate investment trust's stock after acquiring an additional 14,441 shares during the period. Graham Capital Management L.P.'s holdings in Extra Space Storage were worth $3,983,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GKV Capital Management Co. Inc. acquired a new position in shares of Extra Space Storage during the first quarter worth about $29,000. Zions Bancorporation National Association UT acquired a new position in shares of Extra Space Storage during the first quarter worth about $50,000. Golden State Wealth Management LLC lifted its stake in shares of Extra Space Storage by 147.0% during the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock worth $60,000 after purchasing an additional 241 shares in the last quarter. Wayfinding Financial LLC acquired a new position in shares of Extra Space Storage during the first quarter worth about $76,000. Finally, Avalon Trust Co acquired a new position in shares of Extra Space Storage during the first quarter worth about $79,000. Institutional investors and hedge funds own 99.11% of the company's stock.

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 that occurred 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 sale, the chief executive officer 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 sale was disclosed in a filing with the SEC, which is available through this link. 0.96% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have commented on EXR shares. BNP Paribas upgraded Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. JPMorgan Chase & Co. boosted their price objective on Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research note on Friday, June 13th. Mizuho boosted their price target 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. Wall Street Zen cut Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Monday. Finally, Bank of America boosted their price target 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. Seven analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $153.33.

Extra Space Storage Stock Up 2.3%

NYSE EXR traded up $3.35 on Friday, hitting $147.19. 1,228,972 shares of the stock traded hands, compared to its average volume of 1,185,803. The stock has a 50-day moving average of $144.31 and a 200 day moving average of $146.00. Extra Space Storage Inc has a twelve month low of $121.03 and a twelve month high of $184.87. The company has a market capitalization of $31.24 billion, a P/E ratio of 31.93, a price-to-earnings-growth ratio of 3.47 and a beta of 1.09. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data 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). 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 analyst estimates of $719.43 million. During the same quarter in the previous year, the company earned $2.06 EPS. The company's quarterly revenue was up 3.8% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, analysts expect that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently disclosed 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 is Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.4%. Extra Space Storage's dividend payout ratio is presently 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.