Extra Space Storage Inc (NYSE:EXR) Shares Purchased by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in Extra Space Storage Inc by 243.2% during the first quarter, owning 482,362 shares valued at approximately $71.6 million.
• Extra Space Storage recently reported quarterly earnings of $2.05 per share, slightly missing estimates and achieving a revenue of $841.62 million, up 3.8% year-over-year.
• The company announced a quarterly dividend of $1.62, translating to an annualized dividend of $6.48 and a dividend yield of 4.8%.

Public Sector Pension Investment Board grew its position in Extra Space Storage Inc (NYSE:EXR - Free Report) by 243.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 482,362 shares of the real estate investment trust's stock after acquiring an additional 341,829 shares during the quarter. Public Sector Pension Investment Board owned about 0.23% of Extra Space Storage worth $71,626,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Zions Bancorporation National Association UT purchased a new position in Extra Space Storage during the 1st quarter worth $50,000. Quarry LP increased its stake in shares of Extra Space Storage by 156.1% during the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock valued at $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 valued at $60,000 after buying 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 about $62,000. Finally, Wayfinding Financial LLC purchased a new stake in Extra Space Storage in the first quarter worth about $76,000. Institutional investors own 99.11% of the company's stock.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were 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 approximately $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Evercore ISI lowered their target price on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating for the company in a report on Monday, August 4th. Barclays cut their price target on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Wells Fargo & Company decreased their price objective 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. Finally, BNP Paribas Exane assumed coverage on Extra Space Storage in a research report on Tuesday, June 24th. They set a "neutral" rating and a $156.00 price objective on the stock. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $155.85.

Extra Space Storage Price Performance

Shares of EXR stock traded down $1.63 on Thursday, reaching $136.58. 1,475,633 shares of the company were exchanged, compared to its average volume of 1,201,936. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $184.87. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. The business has a 50-day moving average price of $146.81 and a 200 day moving average price of $147.57. The company has a market cap of $28.99 billion, a price-to-earnings ratio of 29.63, a P/E/G ratio of 3.28 and a beta of 1.07.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $841.62 million during the quarter, compared to analysts' expectations of $719.43 million. During the same quarter last year, the business earned $2.06 EPS. The business's revenue was up 3.8% compared to the same quarter last year. Equities research analysts forecast that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

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. 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 payout ratio is 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.