OP Asset Management Ltd Invests $2.91 Million in Extra Space Storage Inc $EXR

Key Points

• OP Asset Management opened a new position in Extra Space Storage, buying 22,217 shares valued at about $2.91 million in the first quarter.
• Wall Street sentiment is mixed but generally cautious: analysts have a consensus Hold rating on EXR, even as several firms recently raised price targets and kept Buy/Overweight ratings.
• Extra Space Storage reported Q1 EPS of $1.14, well below expectations, though revenue came in slightly ahead of estimates; the company also announced a $1.62 quarterly dividend with a 4.3% yield.

OP Asset Management Ltd acquired a new stake in Extra Space Storage Inc (NYSE:EXR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 22,217 shares of the real estate investment trust's stock, valued at approximately $2,913,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Pensionfund Sabic bought a new position in shares of Extra Space Storage in the 4th quarter valued at about $1,153,000. Nomura Asset Management Co. Ltd. lifted its stake in Extra Space Storage by 2.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 391,044 shares of the real estate investment trust's stock valued at $50,922,000 after purchasing an additional 9,492 shares during the last quarter. Bayhunt Capital LLC acquired a new stake in Extra Space Storage in the 4th quarter valued at about $14,650,000. Norges Bank bought a new position in Extra Space Storage during the fourth quarter worth about $1,219,606,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Extra Space Storage by 6.2% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 589,426 shares of the real estate investment trust's stock worth $83,074,000 after purchasing an additional 34,481 shares during the period. 99.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on EXR shares. Barclays upped their price objective on Extra Space Storage from $164.00 to $170.00 and gave the company an "overweight" rating in a research note on Thursday, March 5th. Wells Fargo & Company lifted their target price on Extra Space Storage from $148.00 to $154.00 and gave the stock an "overweight" rating in a research note on Monday, June 1st. Bank of America raised Extra Space Storage from an "underperform" rating to a "neutral" rating and boosted their target price for the stock from $147.00 to $156.00 in a report on Tuesday, June 16th. Mizuho raised their price target on Extra Space Storage from $150.00 to $155.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Finally, UBS Group lifted their price objective on shares of Extra Space Storage from $148.00 to $158.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Five investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $153.07.

Extra Space Storage Trading Up 1.4%

EXR stock opened at $149.18 on Friday. Extra Space Storage Inc has a 52 week low of $125.71 and a 52 week high of $155.19. The company has a market capitalization of $31.52 billion, a PE ratio of 33.45, a price-to-earnings-growth ratio of 4.62 and a beta of 1.20. The company's 50-day simple moving average is $144.11 and its 200 day simple moving average is $140.47. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.37 and a current ratio of 0.37.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $1.14 earnings per share for the quarter, missing the consensus estimate of $2.01 by ($0.87). The business had revenue of $856.03 million during the quarter, compared to analyst estimates of $851.35 million. Extra Space Storage had a return on equity of 6.65% and a net margin of 27.66%.Extra Space Storage's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.00 EPS. Extra Space Storage has set its FY 2026 guidance at 8.050-8.350 EPS. As a group, sell-side analysts anticipate that Extra Space Storage Inc will post 8.26 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Monday, June 15th. Extra Space Storage's payout ratio is presently 145.29%.

Insider Activity

In related news, EVP Gwyn Goodson Mcneal sold 3,300 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $150.00, for a total value of $495,000.00. Following the completion of the sale, the executive vice president directly owned 37,374 shares in the company, valued at approximately $5,606,100. The trade was a 8.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.96% of the company's stock.

Extra Space Storage Company Profile

Extra Space Storage NYSE: EXR is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.

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