Korea Investment CORP Purchases 10,785 Shares of Extra Space Storage Inc $EXR

Key Points

• Korea Investment CORP increased its stake in Extra Space Storage Inc by 8.9%, acquiring an additional 10,785 shares during Q1, bringing their total ownership to 132,581 shares valued at $19.69 million.
• CEO Joseph D. Margolis sold 7,500 shares at an average price of $150.35, marking a 21.58% decrease in his shareholding.
• Extra Space Storage's earnings report showed a slight miss on EPS, reporting $2.05 compared to analyst expectations of $2.06, while the company reported a revenue of $841.62 million, exceeding estimates.

Korea Investment CORP raised its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 8.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 132,581 shares of the real estate investment trust's stock after acquiring an additional 10,785 shares during the period. Korea Investment CORP owned approximately 0.06% of Extra Space Storage worth $19,687,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. GKV Capital Management Co. Inc. bought a new position in Extra Space Storage during the first quarter valued at $29,000. Zions Bancorporation National Association UT bought a new position in Extra Space Storage during the first quarter valued at $50,000. Quarry LP increased its position in Extra Space Storage by 156.1% during 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 Extra Space Storage by 147.0% during 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 bought a new position in Extra Space Storage during the fourth quarter valued at $62,000. Institutional investors own 99.11% of the company's stock.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company'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 of the company's stock, valued at $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.96% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Evercore ISI cut their price objective on shares of Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a research report on Monday, August 4th. Barclays lowered their target price 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. Wall Street Zen lowered shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Mizuho boosted their target price on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Finally, Benchmark lowered their target price on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $154.46.

Extra Space Storage Stock Up 0.2%

NYSE:EXR opened at $139.7040 on Thursday. Extra Space Storage Inc has a 1-year low of $121.03 and a 1-year high of $184.87. The company has a 50-day moving average of $145.57 and a 200 day moving average of $147.00. The firm has a market cap of $29.65 billion, a PE ratio of 30.30, a price-to-earnings-growth ratio of 3.38 and a beta of 1.07. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29.

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 analysts' consensus estimates of $2.06 by ($0.01). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The business had revenue of $841.62 million during the quarter, compared to analysts' expectations of $719.43 million. During the same period last year, the company earned $2.06 earnings per share. The firm's revenue was up 3.8% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, research analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

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.

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