State Street Corp Reduces Holdings in Extra Space Storage Inc $EXR

Key Points

• State Street reduced its Extra Space Storage stake by 1.0%, selling 135,081 shares during the second quarter. It still owned 13.56 million shares, representing approximately 6.42% of the REIT and valued at $1.97 billion.
• Institutional investors own 99.11% of Extra Space Storage, while analyst sentiment remains mixed: seven analysts rate the stock a Buy and nine rate it a Hold, producing a consensus Hold rating and a $149.47 target price.
• Extra Space Storage beat quarterly EPS expectations with $1.25 per share versus $1.16 forecast, while revenue rose 3.9% year over year. The company also declared a $1.62 quarterly dividend, equivalent to a 4.8% annualized yield.

State Street Corp reduced its stake in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,558,465 shares of the real estate investment trust's stock after selling 135,081 shares during the quarter. State Street Corp owned about 6.42% of Extra Space Storage worth $1,970,045,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Extra Space Storage during the second quarter worth about $3,334,263,000. Cohen & Steers Inc. boosted its position in shares of Extra Space Storage by 13.4% in the 4th quarter. Cohen & Steers Inc. now owns 15,979,424 shares of the real estate investment trust's stock valued at $2,080,971,000 after purchasing an additional 1,888,763 shares during the period. Norges Bank acquired a new stake in shares of Extra Space Storage in the 4th quarter valued at about $1,219,606,000. Capital International Investors grew its stake in Extra Space Storage by 73.9% during the 4th quarter. Capital International Investors now owns 6,256,687 shares of the real estate investment trust's stock worth $814,746,000 after buying an additional 2,658,947 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Extra Space Storage by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 5,945,315 shares of the real estate investment trust's stock worth $771,397,000 after buying an additional 56,118 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on EXR. The Goldman Sachs Group reiterated a "neutral" rating and issued a $160.00 price objective on shares of Extra Space Storage in a research note on Thursday, July 30th. UBS Group raised their target price on shares of Extra Space Storage from $158.00 to $163.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Royal Bank Of Canada upped their price target on shares of Extra Space Storage from $153.00 to $157.00 and gave the company a "sector perform" rating in a research report on Thursday, July 30th. Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Finally, BMO Capital Markets raised shares of Extra Space Storage from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $160.00 to $170.00 in a research report on Thursday, August 27th. Seven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Extra Space Storage has a consensus rating of "Hold" and a consensus target price of $149.47.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $134.90 on Wednesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a fifty day moving average price of $144.38 and a 200 day moving average price of $142.85. Extra Space Storage Inc has a 1-year low of $125.71 and a 1-year high of $158.88. The company has a market cap of $28.50 billion, a PE ratio of 29.78, a P/E/G ratio of 3.93 and a beta of 1.16.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. The company had revenue of $874.15 million for the quarter, compared to analysts' expectations of $874.99 million. Extra Space Storage had a net margin of 27.80% and a return on equity of 6.70%. Extra Space Storage's revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.05 EPS. Extra Space Storage has set its FY 2026 guidance at 8.250-8.400 EPS. Sell-side analysts forecast that Extra Space Storage Inc will post 8.36 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Tuesday, September 15th. Extra Space Storage's payout ratio is 143.05%.

Extra Space Storage Profile

Extra Space Storage Inc is a real estate investment trust (REIT) that owns, operates, manages and acquires self-storage facilities. Its properties provide individuals and businesses with rental storage units in a range of sizes, along with vehicle, boat and recreational vehicle storage at select locations.

The company also provides third-party management services for self-storage properties owned by other investors and operators. Its services generally include facility operations, marketing, customer support, revenue management and technology solutions.

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