Ontario Teachers Pension Plan Board Buys 10,107 Shares of Extra Space Storage Inc (NYSE:EXR)

Key Points

• The Ontario Teachers Pension Plan Board has increased its stake in Extra Space Storage Inc by 632.9%, acquiring an additional 10,107 shares to reach a total of 11,704 shares valued at approximately $1.74 million.
• Extra Space Storage reported $2.05 EPS in its latest earnings, missing analysts' estimates by $0.01, while revenues of $841.62 million exceeded expectations of $719.43 million.
• The company has declared a quarterly dividend of $1.62 per share, reflecting an annualized dividend of $6.48 with a yield of 4.7%, despite a dividend payout ratio of 140.56%.

Ontario Teachers Pension Plan Board boosted its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 632.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,704 shares of the real estate investment trust's stock after purchasing an additional 10,107 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Extra Space Storage were worth $1,738,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Quarry LP boosted its position in Extra Space Storage by 156.1% during the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 217 shares during the period. Golden State Wealth Management LLC boosted its position in Extra Space Storage by 147.0% during the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock worth $60,000 after purchasing an additional 241 shares during the period. Parvin Asset Management LLC bought a new stake in shares of Extra Space Storage in the fourth quarter valued at approximately $62,000. Wayfinding Financial LLC bought a new stake in shares of Extra Space Storage in the first quarter valued at approximately $76,000. Finally, Avalon Trust Co bought a new stake in shares of Extra Space Storage in the first quarter valued at approximately $79,000. Institutional investors own 99.11% of the company's stock.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $138.32 on Friday. The business has a fifty day simple moving average of $147.98 and a 200 day simple moving average of $147.99. The company has a current ratio of 0.29, a quick ratio of 0.33 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $29.36 billion, a price-to-earnings ratio of 30.00, a PEG ratio of 3.35 and a beta of 1.07. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its 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 firm had revenue of $841.62 million during the quarter, compared to analyst estimates of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.06 earnings per share. Sell-side analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.7%. The ex-dividend date was Monday, June 16th. 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 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 transaction, the chief executive officer directly owned 27,260 shares in the company, valued at $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 SEC, which can be accessed through this link. 0.96% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on EXR shares. Benchmark reduced their price objective on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Mizuho increased their price objective on Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research report on Wednesday, May 28th. Barclays reduced their price objective on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. JPMorgan Chase & Co. increased their price objective 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, BNP Paribas Exane started coverage on Extra Space Storage in a research report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $156.54.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.