Lazard Asset Management LLC Makes New $3.16 Million Investment in Extra Space Storage Inc $EXR

Key Points

• Lazard Asset Management initiated a $3.16 million position in Extra Space Storage, buying 24,098 shares during the first quarter. Institutional investors collectively own 99.11% of the company.
• Extra Space Storage exceeded quarterly EPS expectations, reporting $1.25 versus the $1.16 consensus estimate, while revenue rose 3.9% year over year to approximately $874.2 million.
• The REIT pays a quarterly dividend of $1.62, equivalent to an annualized $6.48 and a 4.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $147.73, below the reported $148.49 share price.

Lazard Asset Management LLC acquired a new stake in 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 institutional investor acquired 24,098 shares of the real estate investment trust's stock, valued at approximately $3,160,000.

Several other institutional investors have also recently made changes to their positions in the company. Cromwell Holdings LLC lifted its holdings in shares of Extra Space Storage by 14.6% in the 4th quarter. Cromwell Holdings LLC now owns 574 shares of the real estate investment trust's stock worth $75,000 after acquiring an additional 73 shares during the last quarter. Apollon Wealth Management LLC lifted its stake in Extra Space Storage by 1.9% during the 1st quarter. Apollon Wealth Management LLC now owns 3,986 shares of the real estate investment trust's stock worth $523,000 after acquiring an additional 75 shares in the last quarter. Brown Advisory Inc. boosted its holdings in Extra Space Storage by 1.8% during the 2nd quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust's stock valued at $653,000 after acquiring an additional 80 shares during the period. Manchester Capital Management LLC boosted its holdings in Extra Space Storage by 18.9% during the 4th quarter. Manchester Capital Management LLC now owns 540 shares of the real estate investment trust's stock valued at $70,000 after acquiring an additional 86 shares during the period. Finally, Angeles Wealth Management LLC grew its position in Extra Space Storage by 3.2% in the 1st quarter. Angeles Wealth Management LLC now owns 2,794 shares of the real estate investment trust's stock valued at $366,000 after acquiring an additional 87 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Extra Space Storage Price Performance

EXR stock opened at $148.49 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.56 and a quick ratio of 0.37. The firm has a market capitalization of $31.37 billion, a P/E ratio of 32.78, a P/E/G ratio of 4.56 and a beta of 1.19. The business's 50-day moving average is $146.52 and its two-hundred day moving average is $143.18. Extra Space Storage Inc has a 1 year low of $125.71 and a 1 year high of $158.88.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. Extra Space Storage had a return on equity of 6.70% and a net margin of 27.80%.The business had revenue of $874.15 million during the quarter, compared to analysts' expectations of $874.99 million. During the same quarter last year, the business posted $2.05 EPS. The business's quarterly revenue was up 3.9% compared to the same quarter last year. Extra Space Storage has set its FY 2026 guidance at 8.250-8.400 EPS. Analysts anticipate that Extra Space Storage Inc will post 8.29 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $1.62 dividend. The ex-dividend date was Monday, June 15th. This represents a $6.48 dividend on an annualized basis and a yield of 4.4%. Extra Space Storage's payout ratio is currently 143.05%.

Wall Street Analysts Forecast Growth

EXR has been the topic of a number of recent research reports. UBS Group boosted their price target on shares of Extra Space Storage from $158.00 to $163.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Raymond James Financial initiated coverage on shares of Extra Space Storage in a research note on Thursday, July 16th. They issued an "outperform" rating and a $44.00 price objective for the company. Royal Bank Of Canada lifted their price objective on shares of Extra Space Storage from $153.00 to $157.00 and gave the company a "sector perform" rating in a report on Thursday. Wells Fargo & Company upped their target price on shares of Extra Space Storage from $154.00 to $158.00 and gave the stock an "overweight" rating in a research note on Friday, July 24th. Finally, Bank of America upgraded shares of Extra Space Storage from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $147.00 to $156.00 in a report on Tuesday, June 16th. Six research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, Extra Space Storage presently has a consensus rating of "Hold" and an average target price of $147.73.

Insider Buying and Selling

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 3,300 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $150.00, for a total transaction of $495,000.00. Following the completion of the transaction, the executive vice president owned 37,374 shares in the company, valued at $5,606,100. The trade was a 8.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.96% of the stock is owned by company insiders.

About Extra Space Storage

Extra Space Storage NYSE: EXR is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.

Want to see what other hedge funds are holding EXR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Extra Space Storage Inc (NYSE:EXR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.