Landscape Capital Management L.L.C. Boosts Holdings in Extra Space Storage Inc $EXR

Key Points

• Landscape Capital Management L.L.C. significantly increased its stake in Extra Space Storage Inc by 136.6% in the first quarter, owning a total of 38,780 shares valued at approximately $5.76 million.
• Extra Space Storage recently announced a quarterly dividend of $1.62 per share, representing an annualized yield of 4.6%, with a payout ratio of 140.56%.
• Following mixed earnings results, analysts have downgraded their ratings for Extra Space Storage, with seven analysts rating it as a Buy and nine as a Hold, alongside a target price revision to $150.00.

Landscape Capital Management L.L.C. lifted its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 136.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,780 shares of the real estate investment trust's stock after purchasing an additional 22,389 shares during the quarter. Landscape Capital Management L.L.C.'s holdings in Extra Space Storage were worth $5,758,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of EXR. JPMorgan Chase & Co. increased its holdings in Extra Space Storage by 205.7% in the 1st quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust's stock worth $608,001,000 after buying an additional 2,755,265 shares in the last quarter. Nuveen LLC bought a new stake in Extra Space Storage in the 1st quarter worth about $257,917,000. Northern Trust Corp increased its holdings in Extra Space Storage by 48.7% in the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock worth $430,107,000 after buying an additional 941,212 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in Extra Space Storage in the 4th quarter worth about $107,453,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Extra Space Storage in the 4th quarter worth about $74,984,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Extra Space Storage Stock Performance

Shares of EXR stock traded up $1.41 during trading hours on Monday, reaching $143.73. 857,281 shares of the company traded hands, compared to its average volume of 1,056,304. Extra Space Storage Inc has a 12-month low of $121.03 and a 12-month high of $184.87. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. The company has a market cap of $30.51 billion, a P/E ratio of 31.18, a P/E/G ratio of 3.47 and a beta of 1.09. The firm has a 50-day moving average price of $144.67 and a 200 day moving average price of $146.21.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted 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 net margin of 29.51% and a return on equity of 6.69%. The company had revenue of $841.62 million for the quarter, compared to analysts' expectations of $719.43 million. During the same period in the previous year, the firm earned $2.06 earnings per share. The firm's quarterly revenue was up 3.8% on a year-over-year basis. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, sell-side analysts predict that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

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

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business'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 value of $1,127,625.00. Following the transaction, the chief executive officer directly owned 27,260 shares of the company's stock, valued at approximately $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 accessible through this link. Corporate insiders own 1.36% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Royal Bank Of Canada reduced their price objective on 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. The Goldman Sachs Group restated a "neutral" rating and set a $146.00 price target (down from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. Truist Financial cut their price target on Extra Space Storage from $158.00 to $150.00 and set a "hold" rating for the company in a research note on Tuesday, August 19th. Benchmark cut their price target on 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. Finally, 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 research note on Tuesday, August 26th. Seven equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target 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.