Invesco Ltd. Raises Position in Extra Space Storage Inc (NYSE:EXR)

Key Points

• Invesco Ltd. increased its stake in Extra Space Storage Inc by 18.7%, owning 3,056,384 shares worth approximately $453.84 million as of the end of the first quarter.
• Extra Space Storage reported $2.05 earnings per share for the last quarter, missing the consensus estimate by $0.01, with year-over-year revenue growth of 3.8%.
• The company announced a quarterly dividend of $1.62 per share, reflecting an annualized dividend yield of 4.8%, despite a high payout ratio of 140.56%.

Invesco Ltd. boosted its position in Extra Space Storage Inc (NYSE:EXR - Free Report) by 18.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,056,384 shares of the real estate investment trust's stock after purchasing an additional 480,642 shares during the period. Invesco Ltd. owned about 1.44% of Extra Space Storage worth $453,843,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of EXR. Zions Bancorporation National Association UT bought a new position in shares of Extra Space Storage in the first quarter worth $50,000. Quarry LP increased its holdings in shares of Extra Space Storage by 156.1% in the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 217 shares during the period. Golden State Wealth Management LLC increased its holdings in shares of 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 worth $60,000 after purchasing an additional 241 shares during the period. Parvin Asset Management LLC bought a new position in shares of Extra Space Storage in the fourth quarter worth $62,000. Finally, Wayfinding Financial LLC bought a new position in shares of Extra Space Storage in the first quarter worth $76,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Extra Space Storage Trading Up 2.0%

Shares of Extra Space Storage stock traded up $2.67 during trading on Wednesday, reaching $138.21. 1,183,318 shares of the stock were exchanged, compared to its average volume of 1,325,936. 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's fifty day moving average is $146.81 and its 200 day moving average is $147.57. The firm has a market cap of $29.34 billion, a price-to-earnings ratio of 29.98, a price-to-earnings-growth ratio of 3.28 and a beta of 1.07. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The firm had revenue of $841.62 million for the quarter, compared to analysts' expectations of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The business's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.06 earnings per share. As a group, equities research 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 announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date was Monday, June 16th. Extra Space Storage's dividend payout ratio is currently 140.56%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction dated 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 completion of 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.96% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on EXR shares. JPMorgan Chase & Co. upped their price target on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a report on Friday, June 13th. BNP Paribas raised Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. Scotiabank increased their target price on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Royal Bank Of Canada reduced their target price on Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating on the stock in a research note on Monday, August 4th. Finally, Evercore ISI reduced their target price on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a research note on Monday, August 4th. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $155.85.

About Extra Space Storage

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.