Extra Space Storage Inc $EXR Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC reduced its holdings in Extra Space Storage Inc by 17.1%, owning 23,113 shares valued at $3.43 million as of the end of the most recent quarter.
• Extra Space Storage recently declared a quarterly dividend of $1.62 per share, with an annualized yield of 4.5% and a payout ratio of 140.56%.
• Despite a slight miss on quarterly earnings expectations, the company reported revenue of $841.62 million, which is up 3.8% compared to the same quarter last year.

Rafferty Asset Management LLC lowered its position in Extra Space Storage Inc (NYSE:EXR - Free Report) by 17.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,113 shares of the real estate investment trust's stock after selling 4,782 shares during the quarter. Rafferty Asset Management LLC's holdings in Extra Space Storage were worth $3,432,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Extra Space Storage by 0.9% in the first quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust's stock valued at $5,044,129,000 after buying an additional 295,556 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Extra Space Storage by 205.7% in the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust's stock valued at $608,001,000 after buying an additional 2,755,265 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Extra Space Storage by 0.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,077,577 shares of the real estate investment trust's stock valued at $456,989,000 after buying an additional 12,607 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Extra Space Storage by 18.7% in the first quarter. Invesco Ltd. now owns 3,056,384 shares of the real estate investment trust's stock valued at $453,843,000 after purchasing an additional 480,642 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Extra Space Storage by 1.7% in the first quarter. Northern Trust Corp now owns 2,922,828 shares of the real estate investment trust's stock valued at $434,011,000 after purchasing an additional 47,779 shares during the period. Hedge funds and other institutional investors own 99.11% of the company's stock.

Extra Space Storage Price Performance

EXR stock traded up $0.68 on Thursday, reaching $143.88. 1,435,470 shares of the company's stock were exchanged, compared to its average volume of 966,863. The stock has a fifty day moving average of $144.31 and a 200-day moving average of $146.00. Extra Space Storage Inc has a twelve month low of $121.03 and a twelve month high of $184.87. The firm has a market cap of $30.54 billion, a PE ratio of 31.21, a P/E/G ratio of 3.47 and a beta of 1.09. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted 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). 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 firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the company posted $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, equities analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders 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 4.5%. Extra Space Storage's dividend payout ratio is 140.56%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on EXR shares. Wells Fargo & Company raised Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 target price on the stock in a report on Tuesday, August 26th. Benchmark dropped their target price on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Citigroup dropped their target price on Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating on the stock in a report on Friday, August 22nd. Evercore ISI dropped their target price on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a report on Monday, August 4th. Finally, The Goldman Sachs Group reissued a "neutral" rating and issued a $146.00 target price (down previously from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. Seven equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, Extra Space Storage presently has an average rating of "Hold" and an average price target of $153.33.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total value of $1,127,625.00. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.96% of the company's stock.

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.