Extra Space Storage Inc $EXR Shares Bought by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC has raised its stake in Extra Space Storage Inc by 1.0%, owning approximately 663,885 shares valued at $98.4 million, according to its recent SEC filing.
• Recent analyst reports show varying ratings for Extra Space Storage, with Wells Fargo lowering its price target from $165 to $160, while JPMorgan raised it from $160 to $162, highlighting a mix of buy and hold sentiments.
• Extra Space Storage's quarterly earnings report revealed earnings per share of $2.05, slightly missing expectations, but the company reported a revenue increase of 3.8% year-over-year to $841.62 million.

Hsbc Holdings PLC lifted its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 1.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 663,885 shares of the real estate investment trust's stock after acquiring an additional 6,652 shares during the period. Hsbc Holdings PLC owned 0.31% of Extra Space Storage worth $98,432,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. D.A. Davidson & CO. grew its position in shares of Extra Space Storage by 7.2% during the first quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust's stock worth $281,000 after acquiring an additional 127 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Extra Space Storage by 1.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust's stock worth $3,285,000 after acquiring an additional 398 shares during the last quarter. QRG Capital Management Inc. grew its position in shares of Extra Space Storage by 21.4% during the first quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust's stock worth $399,000 after acquiring an additional 474 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Extra Space Storage by 24.3% during the first quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust's stock worth $216,000 after acquiring an additional 286 shares during the last quarter. Finally, IFP Advisors Inc grew its position in shares of Extra Space Storage by 1,376.5% during the first quarter. IFP Advisors Inc now owns 1,698 shares of the real estate investment trust's stock worth $252,000 after acquiring an additional 1,583 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction on 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 completion of the sale, the chief executive officer owned 27,260 shares of the company's stock, valued at approximately $4,098,541. This trade 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 can be accessed through the SEC website. Company insiders own 1.36% of the company's stock.

Extra Space Storage Stock Performance

NYSE:EXR traded up $0.04 during midday trading on Tuesday, reaching $140.23. The stock had a trading volume of 175,760 shares, compared to its average volume of 1,184,531. The firm has a fifty day simple moving average of $145.04 and a two-hundred day simple moving average of $146.61. Extra Space Storage Inc has a 12-month low of $121.03 and a 12-month 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. The stock has a market cap of $29.76 billion, a P/E ratio of 30.43, a P/E/G ratio of 3.46 and a beta of 1.07.

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 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 business had revenue of $841.62 million during the quarter, compared to analyst estimates of $719.43 million. During the same period last year, the business posted $2.06 EPS. Extra Space Storage's 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. On average, equities analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a $1.62 dividend. 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 4.6%. Extra Space Storage's dividend payout ratio (DPR) is 140.56%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Truist Financial lowered their target price on shares of Extra Space Storage from $158.00 to $150.00 and set a "hold" rating on the stock in a research report on Tuesday, August 19th. Wells Fargo & Company upgraded shares of Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 price objective on the stock in a research report on Tuesday. Mizuho lifted their price objective on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research report on Wednesday, May 28th. Benchmark lowered their price objective on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. Finally, Barclays lowered their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Seven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Extra Space Storage has a consensus rating of "Hold" and a consensus target price of $153.60.

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.