Extra Space Storage Inc (NYSE:EXR) Shares Acquired by National Bank of Canada FI

Key Points

• National Bank of Canada FI increased its holdings in Extra Space Storage Inc by 42.8%, owning 169,710 shares valued at approximately $25.2 million as of the latest SEC filing.
• CEO Joseph D. Margolis sold 7,500 shares at an average price of $150.35, reducing his ownership by 21.58%.
• Extra Space Storage announced a quarterly dividend of $1.62, representing an annualized yield of 4.8%, with a record date of June 16th.

National Bank of Canada FI lifted its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 42.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 169,710 shares of the real estate investment trust's stock after buying an additional 50,839 shares during the quarter. National Bank of Canada FI owned approximately 0.08% of Extra Space Storage worth $25,200,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Citigroup Inc. raised its holdings in shares of Extra Space Storage by 47.3% during the first quarter. Citigroup Inc. now owns 220,863 shares of the real estate investment trust's stock valued at $32,796,000 after acquiring an additional 70,898 shares during the last quarter. AlphaCore Capital LLC acquired a new position in shares of Extra Space Storage during the first quarter valued at approximately $491,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Extra Space Storage by 8.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 524,167 shares of the real estate investment trust's stock valued at $77,834,000 after acquiring an additional 42,005 shares during the last quarter. Y.D. More Investments Ltd acquired a new position in shares of Extra Space Storage during the first quarter valued at approximately $112,000. Finally, Headlands Technologies LLC acquired a new position in shares of Extra Space Storage during the first quarter valued at approximately $209,000. Institutional investors and hedge funds own 99.11% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on EXR. Benchmark reduced their target price on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Royal Bank Of Canada cut their price target on Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a report on Monday, August 4th. JPMorgan Chase & Co. increased their price target on Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a report on Friday, June 13th. Mizuho increased their price target on Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a report on Wednesday, May 28th. Finally, BNP Paribas Exane assumed coverage on Extra Space Storage in a report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price target for the company. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $155.85.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.96% of the company's stock.

Extra Space Storage Trading Down 1.2%

Shares of EXR traded down $1.63 during midday trading on Thursday, hitting $136.58. 1,095,747 shares of the stock were exchanged, compared to its average volume of 1,198,229. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $184.87. The stock has a fifty day simple moving average of $146.81 and a 200 day simple moving average of $147.57. The firm has a market cap of $28.99 billion, a P/E ratio of 29.63, a P/E/G ratio of 3.28 and a beta of 1.07. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29.

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 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.01). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The firm had revenue of $841.62 million for the quarter, compared to analysts' expectations of $719.43 million. During the same quarter in the prior year, the business earned $2.06 earnings per share. The company's quarterly revenue was up 3.8% on a year-over-year basis. On average, 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. Investors of record on Monday, June 16th were issued a $1.62 dividend. The ex-dividend date was Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.7%. Extra Space Storage's dividend payout ratio (DPR) is 140.56%.

Extra Space Storage Company 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.