PNC Financial Services Group Inc. Trims Holdings in Extra Space Storage Inc (NYSE:EXR)

Key Points

• PNC Financial Services reduced its stake in Extra Space Storage Inc by 38.5%, selling 128,798 shares to end up owning approximately $30.5 million worth of the stock.
• Extra Space Storage's latest earnings report showed a miss on EPS estimates, with earnings per share of $2.05, slightly below the consensus of $2.06, despite a year-over-year revenue increase of 3.8%.
• The company announced a quarterly dividend of $1.62 per share, representing a 4.7% yield, and has a dividend payout ratio of 140.56%.

PNC Financial Services Group Inc. lessened its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 38.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 205,381 shares of the real estate investment trust's stock after selling 128,798 shares during the period. PNC Financial Services Group Inc. owned approximately 0.10% of Extra Space Storage worth $30,497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in EXR. Quarry LP raised its stake in shares of Extra Space Storage by 156.1% during the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after buying an additional 217 shares during the period. Golden State Wealth Management LLC increased 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. Parvin Asset Management LLC purchased a new stake in shares of Extra Space Storage during the fourth quarter worth about $62,000. Wayfinding Financial LLC purchased a new stake in shares of Extra Space Storage during the first quarter worth about $76,000. Finally, Global X Japan Co. Ltd. increased its stake in shares of Extra Space Storage by 24.8% during the first quarter. Global X Japan Co. Ltd. now owns 558 shares of the real estate investment trust's stock worth $83,000 after purchasing an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

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 dated 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 sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.96% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Scotiabank increased their price objective on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Wells Fargo & Company cut their target price on Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 23rd. Mizuho raised their target price on Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 28th. JPMorgan Chase & Co. boosted their target price on shares of Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a report on Friday, June 13th. Finally, Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $156.54.

Extra Space Storage Stock Up 0.2%

Shares of NYSE EXR traded up $0.27 during mid-day trading on Thursday, reaching $138.32. 826,318 shares of the company traded hands, compared to its average volume of 1,200,505. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.33 and a current ratio of 0.29. The stock has a market cap of $29.36 billion, a PE ratio of 30.00, a price-to-earnings-growth ratio of 3.36 and a beta of 1.07. The company's fifty day moving average is $148.44 and its two-hundred day moving average is $148.14. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data 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 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 revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.06 EPS. On average, analysts expect that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $1.62 per share. The ex-dividend date of this dividend 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 is currently 140.56%.

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.