Northern Trust Corp Raises Stake in Extra Space Storage Inc $EXR

Key Points

• Northern Trust Corp increased its stake in Extra Space Storage Inc by 1.7%, owning approximately 2.9 million shares valued at $434 million, according to their latest SEC filing.
• Extra Space Storage's recent earnings report showed $2.05 EPS, slightly missing expectations, but the company had a revenue of $841.62 million, exceeding analyst estimates of $719.43 million.
• The company's annual dividend of $6.48 represents a 4.6% yield, though its payout ratio stands at 140.56%, indicating potential concerns regarding sustainability.

Northern Trust Corp lifted its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 1.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,922,828 shares of the real estate investment trust's stock after buying an additional 47,779 shares during the quarter. Northern Trust Corp owned about 1.38% of Extra Space Storage worth $434,011,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of EXR. JPMorgan Chase & Co. lifted its stake in shares of 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 valued at $608,001,000 after buying an additional 2,755,265 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Extra Space Storage during the 1st quarter valued at approximately $257,917,000. Balyasny Asset Management L.P. purchased a new stake in shares of Extra Space Storage during the 4th quarter valued at approximately $107,453,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Extra Space Storage during the 4th quarter valued at approximately $74,984,000. Finally, Invesco Ltd. grew its holdings in 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 in the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Royal Bank Of Canada decreased their price target on Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating on the stock in a research report on Monday, August 4th. Evercore ISI decreased their price target on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a research report on Monday, August 4th. Bank of America upped their price target on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. JPMorgan Chase & Co. upped their price target 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, Scotiabank upped their price target on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Six investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, Extra Space Storage currently has an average rating of "Hold" and a consensus target price of $153.60.

Extra Space Storage Price Performance

Shares of NYSE:EXR traded down $1.6230 during trading on Monday, reaching $141.1270. The company had a trading volume of 84,408 shares, compared to its average volume of 1,187,850. The company has a fifty day moving average of $145.21 and a two-hundred day moving average of $146.72. The stock has a market capitalization of $29.95 billion, a P/E ratio of 30.61, a price-to-earnings-growth ratio of 3.46 and a beta of 1.07. Extra Space Storage Inc has a 12 month low of $121.03 and a 12 month high of $184.87. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings results 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). The company had revenue of $841.62 million during 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%.Extra Space Storage's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities research analysts forecast that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.6%. Extra Space Storage's dividend payout ratio is currently 140.56%.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer owned 27,260 shares of the company's stock, valued at $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.36% of the stock is currently owned by corporate insiders.

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.