3,484 Shares in Extra Space Storage Inc $EXR Acquired by Magnetar Financial LLC

Key Points

• Magnetar Financial LLC has acquired 3,484 shares of Extra Space Storage Inc, amounting to approximately $517,000, during the first quarter, highlighting growing institutional interest in the company.
• Extra Space Storage's quarterly revenue increased by 3.8% year-over-year, reaching $841.62 million, although the company missed EPS estimates by a slight margin.
• The company announced a quarterly dividend of $1.62 per share, representing an annualized dividend yield of 4.5%, with a payout ratio currently at 140.56%.

Magnetar Financial LLC purchased a new position in Extra Space Storage Inc (NYSE:EXR - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,484 shares of the real estate investment trust's stock, valued at approximately $517,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Aptus Capital Advisors LLC grew its holdings in shares of Extra Space Storage by 4.3% in the fourth quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust's stock worth $245,000 after purchasing an additional 68 shares during the last quarter. Siemens Fonds Invest GmbH boosted its holdings in shares of Extra Space Storage by 3.0% in the fourth quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust's stock valued at $342,000 after purchasing an additional 68 shares during the period. Exchange Traded Concepts LLC boosted its holdings in shares of Extra Space Storage by 8.5% in the first quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust's stock valued at $139,000 after purchasing an additional 73 shares during the period. Naviter Wealth LLC boosted its holdings in shares of Extra Space Storage by 0.6% in the first quarter. Naviter Wealth LLC now owns 13,645 shares of the real estate investment trust's stock valued at $2,007,000 after purchasing an additional 82 shares during the period. Finally, Mackenzie Financial Corp boosted its holdings in shares of Extra Space Storage by 0.5% in the fourth quarter. Mackenzie Financial Corp now owns 18,363 shares of the real estate investment trust's stock valued at $2,747,000 after purchasing an additional 90 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Citigroup lowered their price target on Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. BNP Paribas upgraded Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. BNP Paribas Exane began coverage on shares of Extra Space Storage in a report on Tuesday, June 24th. They set a "neutral" rating and a $156.00 target price on the stock. Evercore ISI dropped their target price on shares of Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a report on Monday, August 4th. Finally, Truist Financial dropped their target price on shares of Extra Space Storage from $158.00 to $150.00 and set a "hold" rating on the stock in a report on Tuesday, August 19th. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $153.33.

Extra Space Storage Stock Up 0.5%

Shares of NYSE:EXR traded up $0.68 during trading on Thursday, reaching $143.88. The stock had a trading volume of 1,435,470 shares, compared to its average volume of 1,185,547. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $184.87. The company has a market capitalization of $30.54 billion, a P/E ratio of 31.21, a PEG ratio of 3.47 and a beta of 1.09. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. The firm's 50-day simple moving average is $144.36 and its 200 day simple moving average is $146.08.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. During the same quarter in the prior year, the business posted $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, research analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

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

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the 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 sale, the chief executive officer owned 27,260 shares in the company, valued at approximately $4,098,541. This represents a 21.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.36% of the company's stock.

About Extra Space Storage

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.