Russell Investments Group Ltd. Acquires 229,470 Shares of Extra Space Storage Inc (NYSE:EXR)

Key Points

• Russell Investments Group Ltd. increased its holdings in Extra Space Storage Inc. by 42.3%, acquiring an additional 229,470 shares during the first quarter.
• Extra Space Storage reported quarterly earnings of $2.05 per share, slightly missing consensus estimates, but achieved a revenue of $841.62 million, exceeding expectations.
• The company declared a quarterly dividend of $1.62, reflecting an annualized payout of $6.48 and a yield of 4.8%.

Russell Investments Group Ltd. boosted its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 42.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 771,785 shares of the real estate investment trust's stock after purchasing an additional 229,470 shares during the quarter. Russell Investments Group Ltd. owned about 0.36% of Extra Space Storage worth $114,584,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. D.A. Davidson & CO. raised its holdings in Extra Space Storage by 7.2% in the 1st quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust's stock valued at $281,000 after buying an additional 127 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Extra Space Storage by 1.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust's stock worth $3,285,000 after acquiring an additional 398 shares during the last quarter. QRG Capital Management Inc. grew its holdings in Extra Space Storage by 21.4% during the 1st quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust's stock worth $399,000 after acquiring an additional 474 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Extra Space Storage by 24.3% during the 1st quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust's stock worth $216,000 after acquiring an additional 286 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in Extra Space Storage by 1,376.5% during the 1st quarter. IFP Advisors Inc now owns 1,698 shares of the real estate investment trust's stock worth $252,000 after acquiring an additional 1,583 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Royal Bank Of Canada cut their target price on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating on the stock in a research note on Monday, August 4th. Wall Street Zen upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. JPMorgan Chase & Co. upped their price target on Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a report on Friday, June 13th. BNP Paribas upgraded Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Finally, Bank of America upped their price target on Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $155.85.

Insider Transactions at Extra Space Storage

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 transaction, the chief executive officer owned 27,260 shares in the company, valued at $4,098,541. The trade was a 21.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.96% of the company's stock.

Extra Space Storage Trading Up 0.3%

Shares of EXR stock traded up $0.38 during trading hours on Friday, reaching $137.01. The company's stock had a trading volume of 1,194,960 shares, compared to its average volume of 1,201,891. The stock has a market capitalization of $29.08 billion, a P/E ratio of 29.72, a P/E/G ratio of 3.35 and a beta of 1.07. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $184.87. The firm's fifty day simple moving average is $146.30 and its 200 day simple moving average is $147.31. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The business 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 business posted $2.06 earnings per share. Extra Space Storage's quarterly revenue was up 3.8% compared to the same quarter last year. Equities research analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

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 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 presently 140.56%.

Extra Space Storage 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.