Hamlin Capital Management LLC Acquires 16,867 Shares of Extra Space Storage Inc $EXR

Key Points

• Hamlin Capital Management LLC has increased its holdings in Extra Space Storage Inc by 1.9%, acquiring an additional 16,867 shares, bringing their total to 900,022 shares.
• Extra Space Storage's recent quarterly earnings report revealed a slight miss in EPS expectations, reporting $2.05, but the company exceeded revenue forecasts with $841.62 million.
• The firm announced a quarterly dividend of $1.62 per share, yielding 4.3%, despite having a high dividend payout ratio of 140.56%.

Hamlin Capital Management LLC lifted its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 1.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 900,022 shares of the real estate investment trust's stock after acquiring an additional 16,867 shares during the period. Extra Space Storage accounts for approximately 3.1% of Hamlin Capital Management LLC's holdings, making the stock its 22nd biggest holding. Hamlin Capital Management LLC owned 0.42% of Extra Space Storage worth $132,699,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in EXR. JPMorgan Chase & Co. lifted its stake in 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 purchasing an additional 2,755,265 shares during the last quarter. Nuveen LLC bought a new stake in Extra Space Storage in the first quarter worth about $257,917,000. AQR Capital Management LLC lifted its stake in Extra Space Storage by 570.3% in the first quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust's stock worth $166,180,000 after purchasing an additional 956,500 shares during the last quarter. Resolution Capital Ltd lifted its stake in Extra Space Storage by 259.1% in the first quarter. Resolution Capital Ltd now owns 902,157 shares of the real estate investment trust's stock worth $133,961,000 after purchasing an additional 650,957 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in 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 purchasing an additional 480,642 shares during the last quarter. Institutional investors own 99.11% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Scotiabank decreased their price objective on shares of Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating for the company in a research note on Thursday, August 28th. BNP Paribas raised shares of Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. Wells Fargo & Company raised shares of Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 price objective for the company in a research note on Tuesday, August 26th. Royal Bank Of Canada reduced their target price on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating on the stock in a research report on Monday, August 4th. Finally, BNP Paribas Exane started coverage on shares of Extra Space Storage in a research report on Tuesday, June 24th. They set a "neutral" rating and a $156.00 target price on the stock. Six investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $148.64.

Extra Space Storage Stock Performance

Shares of EXR stock opened at $151.66 on Friday. The firm has a market cap of $32.19 billion, a price-to-earnings ratio of 32.90, a PEG ratio of 2.74 and a beta of 1.11. The company's 50 day moving average is $142.23 and its 200 day moving average is $144.44. 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 $175.57.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued 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). The business had revenue of $841.62 million for 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 quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, sell-side analysts anticipate 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 Tuesday, September 30th. Investors of record on Monday, September 15th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Monday, September 15th. Extra Space Storage's dividend payout ratio (DPR) is presently 140.56%.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the transaction, the chief executive officer directly owned 19,760 shares of the company's stock, valued at $2,794,261.60. This trade represents a 27.51% 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 currently owned by 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.

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