Millennium Management LLC Boosts Stock Holdings in Extra Space Storage Inc $EXR

Key Points

• Millennium Management LLC significantly increased its position in Extra Space Storage by 321.6%, owning 573,253 shares worth approximately $85.1 million after acquiring an additional 437,287 shares.
• The company has announced a quarterly dividend of $1.62 to be paid on September 30th, representing an annualized yield of 4.4%, although it has a high dividend payout ratio of 140.56%.
• Extra Space Storage reported earnings per share (EPS) of $2.05 for the last quarter, slightly missing analyst expectations, while revenue surged to $841.62 million, indicating a 3.8% year-over-year increase.

Millennium Management LLC increased its position in Extra Space Storage Inc (NYSE:EXR - Free Report) by 321.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 573,253 shares of the real estate investment trust's stock after acquiring an additional 437,287 shares during the period. Millennium Management LLC owned approximately 0.27% of Extra Space Storage worth $85,122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EXR. JPMorgan Chase & Co. grew its position in Extra Space Storage by 205.7% during 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 purchasing an additional 2,755,265 shares during the period. Nuveen LLC purchased a new position in shares of Extra Space Storage during the 1st quarter valued at about $257,917,000. AQR Capital Management LLC raised its stake in shares of Extra Space Storage by 570.3% during the 1st quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust's stock valued at $166,180,000 after buying an additional 956,500 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Extra Space Storage during the 4th quarter valued at about $74,984,000. Finally, Invesco Ltd. raised its stake in shares of Extra Space Storage by 18.7% during the 1st quarter. Invesco Ltd. now owns 3,056,384 shares of the real estate investment trust's stock valued at $453,843,000 after buying an additional 480,642 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company'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 sale, the chief executive officer owned 27,260 shares of the company's stock, valued at approximately $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.96% of the company's stock.

Extra Space Storage Trading Up 2.1%

EXR traded up $2.98 during trading hours on Thursday, reaching $147.98. The company's stock had a trading volume of 470,687 shares, compared to its average volume of 1,181,602. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The stock has a market cap of $31.41 billion, a PE ratio of 32.11, a P/E/G ratio of 3.51 and a beta of 1.09. The business's 50-day moving average is $144.09 and its 200-day moving average is $145.75. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29.

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 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 business had revenue of $841.62 million during the quarter, compared to analyst estimates of $719.43 million. During the same quarter in the prior year, the company posted $2.06 earnings per share. The company's 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, equities research 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Monday, September 15th. Extra Space Storage's dividend payout ratio is 140.56%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Wells Fargo & Company upgraded Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 price objective for the company in a research note on Tuesday, August 26th. 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 research note on Monday, August 4th. Barclays reduced their price objective on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. JPMorgan Chase & Co. raised their target price on Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a research report on Friday, June 13th. Finally, Citigroup cut their price target on Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. Six equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $151.57.

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.