Kayne Anderson Rudnick Investment Management LLC Boosts Stock Position in Extra Space Storage Inc $EXR

Key Points

• Kayne Anderson Rudnick Investment Management LLC increased its stake in Extra Space Storage Inc (NYSE:EXR) by 14.2%, acquiring an additional 2,158 shares, bringing its total holdings to 17,367 shares valued at approximately $2.58 million.
• Extra Space Storage reported Q2 earnings of $2.05 per share, slightly missing estimates, while its revenue increased by 3.8% year-over-year to $841.62 million.
• The company announced a quarterly dividend of $1.62 per share, reflecting an annual yield of 4.6%, despite a high dividend payout ratio of 140.56%.

Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 14.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,367 shares of the real estate investment trust's stock after buying an additional 2,158 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Extra Space Storage were worth $2,579,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of EXR. GKV Capital Management Co. Inc. acquired a new stake in shares of Extra Space Storage in the 1st quarter valued at about $29,000. Zions Bancorporation National Association UT acquired a new stake in shares of Extra Space Storage in the first quarter valued at about $50,000. Quarry LP increased its position 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 valued at $53,000 after acquiring an additional 217 shares during the last quarter. Golden State Wealth Management LLC increased its position 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 valued at $60,000 after acquiring an additional 241 shares during the last quarter. Finally, Parvin Asset Management LLC acquired a new stake in shares of Extra Space Storage in the fourth quarter valued at about $62,000. Institutional investors and hedge funds own 99.11% of the company's stock.

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 that occurred on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the completion of the transaction, the chief executive officer owned 27,260 shares in the company, valued at $4,098,541. This trade represents a 21.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.96% of the company's stock.

Extra Space Storage Price Performance

Shares of EXR traded up $1.41 during mid-day trading on Friday, reaching $143.73. 857,281 shares of the stock traded hands, compared to its average volume of 1,185,605. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $184.87. The firm has a fifty day moving average price of $144.72 and a 200 day moving average price of $146.43. The company has a market cap of $30.51 billion, a price-to-earnings ratio of 31.18, a price-to-earnings-growth ratio of 3.43 and a beta of 1.07. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.01). The business had revenue of $841.62 million during the quarter, compared to the consensus estimate 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 period in the prior year, the firm earned $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, equities research analysts predict that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Monday, September 15th. Extra Space Storage's dividend payout ratio is presently 140.56%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wells Fargo & Company upgraded Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 price target for the company in a report on Tuesday. Barclays cut their price target on 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. Evercore ISI lowered their price objective on shares of Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating for the company in a research report on Monday, August 4th. Royal Bank Of Canada lowered their price target on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a report on Monday, August 4th. Finally, Wall Street Zen upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a report on Sunday, August 24th. Seven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $153.33.

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.