Hsbc Holdings PLC Increases Stock Position in Extra Space Storage Inc $EXR

Key Points

• HSBC increased its Extra Space Storage stake by 3.5% in the second quarter, bringing its holdings to 902,368 shares valued at approximately $131.2 million. Institutional investors collectively own 99.11% of the REIT.
• Extra Space Storage beat quarterly earnings expectations, reporting EPS of $1.25 versus the $1.16 consensus estimate, while revenue rose 3.9% year over year to $874.15 million.
• The company declared a quarterly dividend of $1.62 per share, equating to an annualized $6.48 payout and a 4.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $148.93.

Hsbc Holdings PLC raised its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 3.5% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 902,368 shares of the real estate investment trust's stock after acquiring an additional 30,096 shares during the period. Hsbc Holdings PLC owned approximately 0.43% of Extra Space Storage worth $131,181,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Reflection Asset Management purchased a new stake in Extra Space Storage during the fourth quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Extra Space Storage during the 3rd quarter valued at $28,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Extra Space Storage during the 1st quarter valued at $30,000. CoreCap Advisors LLC increased its stake in shares of Extra Space Storage by 975.0% in the 2nd quarter. CoreCap Advisors LLC now owns 258 shares of the real estate investment trust's stock worth $37,000 after purchasing an additional 234 shares in the last quarter. Finally, DV Equities LLC bought a new position in Extra Space Storage in the 4th quarter worth $39,000. 99.11% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Extra Space Storage news, EVP Gwyn McNeal sold 3,300 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $150.00, for a total transaction of $495,000.00. Following the completion of the transaction, the executive vice president owned 37,374 shares in the company, valued at $5,606,100. This trade represents a 8.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.96% of the stock is owned by corporate insiders.

Extra Space Storage Stock Up 0.1%

NYSE EXR opened at $139.33 on Monday. The stock's 50 day moving average is $146.48 and its 200 day moving average is $143.84. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.96. Extra Space Storage Inc has a 12 month low of $125.71 and a 12 month high of $158.88. The stock has a market cap of $29.44 billion, a PE ratio of 30.76, a P/E/G ratio of 4.00 and a beta of 1.16.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. The firm had revenue of $874.15 million for the quarter, compared to analysts' expectations of $874.99 million. Extra Space Storage had a net margin of 27.80% and a return on equity of 6.70%. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.05 earnings per share. Extra Space Storage has set its FY 2026 guidance at 8.250-8.400 EPS. Research analysts predict that Extra Space Storage Inc will post 8.33 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $6.48 dividend on an annualized basis and a yield of 4.7%. Extra Space Storage's dividend payout ratio is presently 143.05%.

Analyst Ratings Changes

Several research analysts have recently commented on EXR shares. Raymond James Financial began coverage on Extra Space Storage in a research note on Thursday, July 16th. They issued an "outperform" rating and a $44.00 price objective on the stock. Scotiabank increased their target price on shares of Extra Space Storage from $157.00 to $158.00 and gave the stock a "sector perform" rating in a report on Tuesday, August 18th. Bank of America upgraded shares of Extra Space Storage from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $147.00 to $156.00 in a research note on Tuesday, June 16th. Truist Financial lifted their price target on shares of Extra Space Storage from $140.00 to $148.00 and gave the company a "hold" rating in a report on Wednesday, June 17th. Finally, Weiss Ratings upgraded shares of Extra Space Storage from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, August 7th. Seven analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, Extra Space Storage has an average rating of "Hold" and an average price target of $148.93.

About Extra Space Storage

Extra Space Storage NYSE: EXR is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.

Want to see what other hedge funds are holding EXR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Extra Space Storage Inc (NYSE:EXR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source