LPL Financial LLC Purchases 3,176 Shares of Extra Space Storage Inc (NYSE:EXR)

Key Points

• LPL Financial LLC increased its stake in Extra Space Storage Inc by 2.9%, bringing its total holdings to approximately $16.9 million and illustrating growing institutional interest in the real estate investment trust.
• Equities analysts have cut their price targets for Extra Space Storage, with Barclays reducing its target to $178 and new coverage from BNP Paribas Exane assigning a target of $156, reflecting mixed sentiment on the stock.
• Extra Space Storage declared a quarterly dividend of $1.62 per share, which translates to an annualized yield of 4.7%, though its dividend payout ratio stands at a high 140.56%.

LPL Financial LLC raised its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 2.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,046 shares of the real estate investment trust's stock after buying an additional 3,176 shares during the period. LPL Financial LLC owned about 0.05% of Extra Space Storage worth $16,935,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in EXR. Quarry LP increased its position in Extra Space Storage by 156.1% in the 4th 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 period. Golden State Wealth Management LLC lifted its position in shares of Extra Space Storage by 147.0% in 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 in the last quarter. Parvin Asset Management LLC purchased a new stake in shares of Extra Space Storage in the fourth quarter valued at $62,000. Wayfinding Financial LLC acquired a new position in shares of Extra Space Storage in the 1st quarter valued at about $76,000. Finally, Global X Japan Co. Ltd. lifted its position in shares of Extra Space Storage by 24.8% during the first quarter. Global X Japan Co. Ltd. now owns 558 shares of the real estate investment trust's stock worth $83,000 after purchasing an additional 111 shares in the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction 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 completion of the transaction, the chief executive officer 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.96% of the company's stock.

Extra Space Storage Stock Up 0.2%

Shares of EXR traded up $0.27 on Thursday, hitting $138.32. The company's stock had a trading volume of 828,454 shares, compared to its average volume of 1,202,877. The company has a quick ratio of 0.33, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $29.36 billion, a price-to-earnings ratio of 30.00, a P/E/G ratio of 3.36 and a beta of 1.07. The firm's fifty day moving average price is $147.98 and its 200-day moving average price is $147.99. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87.

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 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $719.43 million. During the same period in the previous year, the company posted $2.06 EPS. The company's quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend was Monday, June 16th. Extra Space Storage's dividend payout ratio is 140.56%.

Analysts Set New Price Targets

Several research firms have recently commented on EXR. Mizuho upped their target price on Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a report on Wednesday, May 28th. Wall Street Zen raised Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Royal Bank Of Canada reduced their price objective on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a research note on Monday. Wells Fargo & Company reduced their price objective on Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 23rd. Finally, Benchmark lowered their price objective on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $156.54.

Extra Space Storage 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.