Legal & General Group Plc Takes $299.75 Million Position in Extra Space Storage Inc $EXR

Key Points

• Legal & General Group acquired 2.06 million shares of Extra Space Storage worth approximately $299.75 million, representing about 0.98% of the self-storage REIT. Institutional investors collectively own 99.11% of the company.
• Extra Space Storage reported quarterly EPS of $1.25, exceeding analyst expectations of $1.16, while revenue rose 3.9% year over year to $874.15 million. Analysts forecast full-year EPS of approximately $8.32.
• The company declared a quarterly dividend of $1.62 per share, equal to an annualized $6.48 and a 4.5% yield. Despite several price-target increases, analysts maintain a consensus “Hold” rating with an average target of $148.53.

Legal & General Group Plc bought a new position in Extra Space Storage Inc (NYSE:EXR - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,062,947 shares of the real estate investment trust's stock, valued at approximately $299,746,000. Legal & General Group Plc owned approximately 0.98% of Extra Space Storage as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EXR. BlackRock Inc. bought a new stake in Extra Space Storage in the 2nd quarter valued at $3,334,263,000. Cohen & Steers Inc. grew its position in shares of Extra Space Storage by 13.4% during the fourth quarter. Cohen & Steers Inc. now owns 15,979,424 shares of the real estate investment trust's stock valued at $2,080,971,000 after purchasing an additional 1,888,763 shares in the last quarter. State Street Corp grew its position in shares of Extra Space Storage by 1.7% during the third quarter. State Street Corp now owns 13,910,878 shares of the real estate investment trust's stock valued at $1,960,599,000 after purchasing an additional 230,697 shares in the last quarter. Norges Bank bought a new stake in shares of Extra Space Storage in the fourth quarter worth about $1,219,606,000. Finally, Capital International Investors increased its holdings in shares of Extra Space Storage by 73.9% in the fourth quarter. Capital International Investors now owns 6,256,687 shares of the real estate investment trust's stock worth $814,746,000 after purchasing an additional 2,658,947 shares during the last quarter. Institutional investors own 99.11% of the company's stock.

Extra Space Storage Trading Down 0.9%

EXR stock opened at $144.94 on Wednesday. Extra Space Storage Inc has a twelve month low of $125.71 and a twelve month high of $158.88. The stock has a market capitalization of $30.62 billion, a price-to-earnings ratio of 32.00, a price-to-earnings-growth ratio of 4.21 and a beta of 1.18. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.96. The firm's fifty day simple moving average is $147.27 and its two-hundred day simple moving average is $143.90.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. Extra Space Storage had a net margin of 27.80% and a return on equity of 6.70%. The company had revenue of $874.15 million for the quarter, compared to the consensus estimate of $874.99 million. During the same period in the prior year, the firm posted $2.05 EPS. The firm's 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. As a group, analysts anticipate that Extra Space Storage Inc will post 8.32 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Tuesday, September 15th. Extra Space Storage's dividend payout ratio is 143.05%.

Insiders Place Their Bets

In other news, EVP Gwyn Goodson Mcneal sold 3,300 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $150.00, for a total value of $495,000.00. Following the transaction, the executive vice president directly owned 37,374 shares in the company, valued at approximately $5,606,100. This represents a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.96% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Bank of America upgraded Extra Space Storage from an "underperform" rating to a "neutral" rating and raised their price target for the company from $147.00 to $156.00 in a report on Tuesday, June 16th. Wall Street Zen raised shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Truist Financial increased their price objective on shares of Extra Space Storage from $140.00 to $148.00 and gave the company a "hold" rating in a research report on Wednesday, June 17th. Wells Fargo & Company lifted their price objective 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, Royal Bank Of Canada lifted their price objective on shares of Extra Space Storage from $153.00 to $157.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 30th. Six research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $148.53.

Extra Space Storage Company Profile

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.

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