Kera Capital Partners Inc. Purchases New Position in Extra Space Storage Inc $EXR

Key Points

• Kera Capital Partners Inc. made a new investment in Extra Space Storage Inc., acquiring 1,855 shares valued at approximately $274,000 in the second quarter.
• Extra Space Storage recently reported a net revenue of $841.62 million for the quarter, exceeding the expected $719.43 million, although they reported a slight miss on EPS estimates.
• The company announced a quarterly dividend of $1.62 per share, representing an annualized dividend yield of 4.4% and a dividend payout ratio of 140.56%.

Kera Capital Partners Inc. bought a new position in Extra Space Storage Inc (NYSE:EXR - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,855 shares of the real estate investment trust's stock, valued at approximately $274,000.

Other hedge funds also recently bought and sold shares of the company. GKV Capital Management Co. Inc. acquired a new stake in Extra Space Storage in the first quarter worth $29,000. Zions Bancorporation National Association UT acquired a new stake in Extra Space Storage in the first quarter worth $50,000. Golden State Wealth Management LLC raised its holdings 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 worth $60,000 after purchasing an additional 241 shares during the period. Wayfinding Financial LLC acquired a new stake in Extra Space Storage in the first quarter worth $76,000. Finally, Avalon Trust Co acquired a new stake in Extra Space Storage in the first quarter worth $79,000. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

EXR has been the topic of several research reports. Evercore ISI boosted their price objective on shares of Extra Space Storage from $146.00 to $147.00 and gave the company an "in-line" rating in a research report on Monday. UBS Group cut their price objective on shares of Extra Space Storage from $169.00 to $160.00 and set a "buy" rating on the stock in a research report on Tuesday. Citigroup cut their price objective on shares of Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating on the stock in a research report on Friday, August 22nd. Wall Street Zen raised shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Tuesday, September 9th. Finally, Wells Fargo & Company raised 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, August 26th. Six equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Extra Space Storage presently has an average rating of "Hold" and an average target price of $148.50.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the transaction, the chief executive officer directly owned 27,260 shares in the company, valued at $4,098,541. The trade was a 21.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.96% of the stock is owned by corporate insiders.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock traded down $1.46 during trading on Friday, hitting $141.23. 495,976 shares of the stock were exchanged, compared to its average volume of 1,173,464. The stock has a market capitalization of $29.98 billion, a price-to-earnings ratio of 30.64, a price-to-earnings-growth ratio of 3.47 and a beta of 1.09. The company has a fifty day moving average price of $143.43 and a 200-day moving average price of $145.30. Extra Space Storage Inc has a 1-year low of $121.03 and a 1-year high of $183.22. 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 released its quarterly earnings data 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 firm had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter 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 analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $1.62 per share. The ex-dividend date is Monday, September 15th. This represents a $6.48 annualized dividend and a dividend yield of 4.6%. Extra Space Storage's payout ratio is currently 140.56%.

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.