IFM Investors Pty Ltd Sells 6,289 Shares of Extra Space Storage Inc $EXR

Key Points

• IFM Investors Pty Ltd reduced its stakes in Extra Space Storage Inc by 7.2%, now holding 80,637 shares worth approximately $11.97 million.
• The company announced a quarterly dividend of $1.62 per share, which translates to a 4.5% dividend yield and will be paid on September 30th.
• Extra Space Storage reported a net margin of 29.51% with quarterly revenue of $841.62 million, exceeding analysts' expectations.

IFM Investors Pty Ltd cut its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 7.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,637 shares of the real estate investment trust's stock after selling 6,289 shares during the quarter. IFM Investors Pty Ltd's holdings in Extra Space Storage were worth $11,974,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in EXR. GKV Capital Management Co. Inc. acquired a new stake in Extra Space Storage in the first quarter valued at approximately $29,000. Zions Bancorporation National Association UT acquired a new stake in Extra Space Storage in the first quarter valued at approximately $50,000. Golden State Wealth Management LLC lifted its stake in Extra Space Storage by 147.0% in the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after acquiring an additional 241 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in Extra Space Storage in the first quarter valued at approximately $76,000. Finally, Avalon Trust Co acquired a new stake in Extra Space Storage in the first quarter valued at approximately $79,000. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on EXR shares. Barclays reduced their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Mizuho boosted their price objective on shares of Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 28th. JPMorgan Chase & Co. boosted their price objective on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research note on Friday, June 13th. Scotiabank reduced 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. 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. According to MarketBeat, Extra Space Storage presently has an average rating of "Hold" and an average target price of $151.57.

Extra Space Storage Price Performance

NYSE:EXR traded down $1.01 during mid-day trading on Friday, reaching $147.30. 1,176,630 shares of the company were exchanged, compared to its average volume of 992,388. Extra Space Storage Inc has a 12 month low of $121.03 and a 12 month high of $184.87. The company has a fifty day moving average of $143.90 and a 200 day moving average of $145.52. 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 $31.26 billion, a PE ratio of 31.95, a PEG ratio of 3.59 and a beta of 1.09.

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 (EPS) for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The business had revenue of $841.62 million for the quarter, compared to analyst estimates 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 for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, research analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Monday, September 15th. Extra Space Storage's dividend payout ratio (DPR) is currently 140.56%.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the sale, the chief executive officer directly owned 27,260 shares in the company, valued at $4,098,541. This trade represents a 21.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.96% of the stock is owned by corporate 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.