Extra Space Storage Inc $EXR Shares Purchased by Pallas Capital Advisors LLC

Key Points

• Pallas Capital Advisors LLC increased its holdings in Extra Space Storage Inc by 31.7%, purchasing an additional 4,517 shares in the second quarter, bringing their total to 18,783 shares valued at approximately $2.77 million.
• The company recently declared a quarterly dividend of $1.62 per share, representing an annualized yield of 4.5%, with a dividend payout ratio of 140.56%.
• Analysts have mixed ratings on Extra Space Storage, with six giving it a Buy rating, while others have set a consensus price target of $148.50.

Pallas Capital Advisors LLC increased its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 31.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,783 shares of the real estate investment trust's stock after buying an additional 4,517 shares during the quarter. Pallas Capital Advisors LLC's holdings in Extra Space Storage were worth $2,769,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. GKV Capital Management Co. Inc. purchased a new stake in shares of Extra Space Storage in the first quarter valued at approximately $29,000. Zions Bancorporation National Association UT purchased a new stake in shares of Extra Space Storage in the first quarter valued at $50,000. Golden State Wealth Management LLC lifted its stake in shares of 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 in the last quarter. Wayfinding Financial LLC acquired a new position in shares of Extra Space Storage in the 1st quarter valued at approximately $76,000. Finally, Avalon Trust Co bought a new position in Extra Space Storage during the 1st quarter worth approximately $79,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Wall Street Analysts Forecast Growth

EXR has been the subject of a number of research reports. Evercore ISI lifted their price objective on Extra Space Storage from $146.00 to $147.00 and gave the company an "in-line" rating in a research report on Monday, September 15th. Scotiabank cut their price target on shares of Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 28th. JPMorgan Chase & Co. upped their target price 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. Wells Fargo & Company upgraded shares of Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 price objective for the company in a research note on Tuesday, August 26th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $146.00 price target (down previously from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. Six equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $148.50.

Insiders Place Their Bets

In other 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 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.96% of the company's stock.

Extra Space Storage Trading Down 2.3%

Extra Space Storage stock traded down $3.28 during mid-day trading on Friday, hitting $139.42. The company's stock had a trading volume of 2,182,091 shares, compared to its average volume of 968,832. The stock has a market cap of $29.59 billion, a price-to-earnings ratio of 30.24, a price-to-earnings-growth ratio of 3.38 and a beta of 1.09. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. Extra Space Storage Inc has a 12 month low of $121.03 and a 12 month high of $183.22. The business has a 50 day moving average price of $143.22 and a 200-day moving average price of $145.12.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The company had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. During the same quarter in the prior year, the firm posted $2.06 earnings per share. The business's revenue was up 3.8% on a year-over-year basis. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, analysts forecast that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued 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 (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.