Royal Bank of Canada Decreases Holdings in Extra Space Storage Inc $EXR

Key Points

• Royal Bank of Canada has reduced its stake in Extra Space Storage Inc by 4.0%, selling 14,058 shares, but still holds 338,436 shares worth approximately $50.25 million.
• Brokerages have adjusted their price targets for Extra Space Storage, with most analysts issuing a "Hold" rating and a consensus target price of $153.33.
• The company announced a quarterly dividend of $1.62 per share, with a yield of 4.4%, to be paid on September 30, 2023.

Royal Bank of Canada cut its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 4.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 338,436 shares of the real estate investment trust's stock after selling 14,058 shares during the period. Royal Bank of Canada owned about 0.16% of Extra Space Storage worth $50,253,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in Extra Space Storage by 205.7% during the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust's stock worth $608,001,000 after acquiring an additional 2,755,265 shares during the last quarter. Nuveen LLC purchased a new position in shares of Extra Space Storage in the 1st quarter worth approximately $257,917,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Extra Space Storage during the 4th quarter valued at approximately $74,984,000. Invesco Ltd. raised its holdings in Extra Space Storage by 18.7% during the 1st quarter. Invesco Ltd. now owns 3,056,384 shares of the real estate investment trust's stock valued at $453,843,000 after buying an additional 480,642 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Extra Space Storage by 14,642.5% during the 1st quarter. GAMMA Investing LLC now owns 431,512 shares of the real estate investment trust's stock valued at $64,075,000 after buying an additional 428,585 shares during the period. Institutional investors own 99.11% of the company's stock.

Analyst Ratings Changes

EXR has been the subject of several recent analyst reports. BNP Paribas raised shares of Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. Citigroup dropped their price target on shares of Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. Royal Bank Of Canada cut their price target on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating on the stock in a report on Monday, August 4th. Evercore ISI reduced their price objective on shares of Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a research report on Monday, August 4th. Finally, Wells Fargo & Company upgraded Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 target price for the company in a research report on Tuesday, August 26th. Six equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Extra Space Storage has an average rating of "Hold" and a consensus target price of $151.57.

Extra Space Storage Trading Up 2.4%

EXR stock traded up $3.46 during mid-day trading on Thursday, reaching $148.46. The company had a trading volume of 959,038 shares, compared to its average volume of 1,018,218. Extra Space Storage Inc has a 12 month low of $121.03 and a 12 month high of $184.87. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a 50 day moving average of $144.00 and a 200 day moving average of $145.68. The company has a market capitalization of $31.51 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 3.51 and a beta of 1.09.

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 EPS 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 for the quarter, compared to analysts' expectations of $719.43 million. During the same quarter in the prior year, the business posted $2.06 EPS. The business's quarterly 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. On average, equities analysts predict that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Monday, September 15th. Extra Space Storage's dividend payout ratio (DPR) is presently 140.56%.

Insider Buying and Selling

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 transaction of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares in the company, valued at $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.96% of the stock is owned by company insiders.

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.