Mitsubishi UFJ Asset Management Co. Ltd. Has $77.83 Million Stock Position in Extra Space Storage Inc (NYSE:EXR)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Extra Space Storage by 8.7%, acquiring an additional 42,005 shares, bringing its total ownership to 524,167 shares valued at approximately $77.8 million.
• CEO Joseph D. Margolis sold 7,500 shares at an average price of $150.35, reducing his ownership by 21.58%, resulting in a remaining total of around 27,260 shares.
• Extra Space Storage recently reported a quarterly earnings per share (EPS) of $2.05, slightly below analysts' expectations, while its revenue of $841.62 million exceeded estimates of $719.43 million.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 8.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 524,167 shares of the real estate investment trust's stock after acquiring an additional 42,005 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.25% of Extra Space Storage worth $77,834,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Extra Space Storage by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust's stock worth $5,044,129,000 after acquiring an additional 295,556 shares during the last quarter. Cohen & Steers Inc. grew its holdings in Extra Space Storage by 5.9% during the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock worth $1,383,094,000 after acquiring an additional 516,941 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Extra Space Storage by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust's stock worth $469,229,000 after acquiring an additional 24,533 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Extra Space Storage by 0.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,077,577 shares of the real estate investment trust's stock worth $456,989,000 after acquiring an additional 12,607 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Extra Space Storage by 48.7% during the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock worth $430,107,000 after acquiring an additional 941,212 shares during the last quarter. Institutional investors own 99.11% of the company's stock.

Extra Space Storage Trading Up 0.3%

Extra Space Storage stock traded up $0.36 during midday trading on Tuesday, hitting $135.59. 1,049,601 shares of the stock were exchanged, compared to its average volume of 1,200,258. The company has a fifty day simple moving average of $147.34 and a two-hundred day simple moving average of $147.72. Extra Space Storage Inc has a 52 week low of $121.03 and a 52 week high of $184.87. The stock has a market capitalization of $28.78 billion, a PE ratio of 29.41, a P/E/G ratio of 3.31 and a beta of 1.07. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88.

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 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.01). The firm had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The firm's revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.06 EPS. Equities research analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.8%. The ex-dividend date was Monday, June 16th. Extra Space Storage's dividend payout ratio (DPR) is 140.56%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a report on Friday, June 13th. BNP Paribas raised shares of Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. Royal Bank Of Canada reduced their target price on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating on the stock in a research note on Monday, August 4th. Barclays reduced their target price on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating on the stock in a research note on Friday. Finally, BNP Paribas Exane started coverage on shares of Extra Space Storage in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 target price on the stock. Nine research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Extra Space Storage currently has a consensus rating of "Hold" and an average target price of $155.85.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the sale, the chief executive officer directly owned 27,260 shares in the company, valued at approximately $4,098,541. This trade represents a 21.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.36% of the company's stock.

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.