Knights of Columbus Asset Advisors LLC Takes Position in Extra Space Storage Inc (NYSE:EXR)

Key Points

• Knights of Columbus Asset Advisors LLC acquired approximately $2.48 million worth of shares in Extra Space Storage Inc, buying 16,685 shares in the first quarter.
• Extra Space Storage reported $2.00 EPS for the last quarter, exceeding analysts' expectations, and the company's quarterly revenue rose by 2.6% year-over-year, totaling $820 million.
• The company declared a quarterly dividend of $1.62 per share, with an annualized yield of 4.30%, despite having a high dividend payout ratio of 150.35%.

Knights of Columbus Asset Advisors LLC purchased a new stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 16,685 shares of the real estate investment trust's stock, valued at approximately $2,478,000.

A number of other institutional investors have also recently added to or reduced their stakes in EXR. LPL Financial LLC grew its position in Extra Space Storage by 6.0% during the fourth quarter. LPL Financial LLC now owns 110,870 shares of the real estate investment trust's stock valued at $16,586,000 after acquiring an additional 6,305 shares during the period. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Extra Space Storage by 5.7% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,370 shares of the real estate investment trust's stock valued at $803,000 after buying an additional 290 shares in the last quarter. Korea Investment CORP grew its stake in shares of Extra Space Storage by 4.4% in the fourth quarter. Korea Investment CORP now owns 121,796 shares of the real estate investment trust's stock valued at $18,221,000 after buying an additional 5,098 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Extra Space Storage by 10.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 482,162 shares of the real estate investment trust's stock valued at $72,826,000 after buying an additional 44,382 shares during the period. Finally, Elo Mutual Pension Insurance Co lifted its position in Extra Space Storage by 14.2% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 21,351 shares of the real estate investment trust's stock worth $3,194,000 after acquiring an additional 2,661 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Extra Space Storage Trading Up 0.2%

NYSE:EXR opened at $150.83 on Friday. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.85. The business's 50 day moving average is $149.12 and its two-hundred day moving average is $148.43. Extra Space Storage Inc has a 52 week low of $121.03 and a 52 week high of $184.87. The company has a market cap of $32.01 billion, a PE ratio of 35.00, a P/E/G ratio of 3.65 and a beta of 1.10.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.96 by $0.04. Extra Space Storage had a return on equity of 6.11% and a net margin of 27.84%. The company had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. During the same quarter last year, the business posted $1.96 EPS. Extra Space Storage's quarterly revenue was up 2.6% compared to the same quarter last year. On average, analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders 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 yield of 4.30%. The ex-dividend date was Monday, June 16th. Extra Space Storage's dividend payout ratio is presently 150.35%.

Analyst Ratings Changes

A number of equities analysts have weighed in on EXR shares. Scotiabank upped their price target on Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. JPMorgan Chase & Co. upped their price target on Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a report on Friday, June 13th. Benchmark decreased their price target on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Barclays decreased their price target on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Finally, Evercore ISI upped their price target on Extra Space Storage from $144.00 to $149.00 and gave the stock an "in-line" rating in a report on Thursday, May 1st. Nine research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Extra Space Storage presently has a consensus rating of "Hold" and a consensus target price of $157.69.

Insider Buying and Selling

In other news, CEO Joseph D. Margolis sold 7,500 shares of the 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 sale, the chief executive officer directly owned 27,260 shares in the company, valued at approximately $4,098,541. This represents a 21.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.96% of the stock is currently owned by corporate insiders.

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.

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