Swedbank AB Sells 3,282 Shares of Extra Space Storage Inc $EXR

Key Points

• Swedbank AB has reduced its stake in Extra Space Storage Inc (EXR) by 1.9%, now holding 171,442 shares valued at approximately $25.3 million.
• Extra Space Storage's stock fell 2.3%, with a current share price of $139.42, while the company's market cap stands at $29.59 billion.
• The firm recently announced a quarterly dividend of $1.62 per share, which represents an annual yield of 4.6%.

Swedbank AB reduced its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 1.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 171,442 shares of the real estate investment trust's stock after selling 3,282 shares during the period. Swedbank AB owned 0.08% of Extra Space Storage worth $25,277,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. GKV Capital Management Co. Inc. purchased a new position in Extra Space Storage during the 1st quarter valued at about $29,000. Zions Bancorporation National Association UT purchased a new position in Extra Space Storage in the first quarter worth about $50,000. Golden State Wealth Management LLC raised its holdings in Extra Space Storage by 147.0% in the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock worth $60,000 after buying an additional 241 shares during the last quarter. Wayfinding Financial LLC purchased a new position in Extra Space Storage in the first quarter worth about $76,000. Finally, Avalon Trust Co purchased a new position in Extra Space Storage in the first quarter worth about $79,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the transaction, the chief executive officer directly owned 27,260 shares in the company, valued at $4,098,541. This represents a 21.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.36% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Evercore ISI lifted their target price on shares of Extra Space Storage from $146.00 to $147.00 and gave the stock an "in-line" rating in a report on Monday, September 15th. Citigroup cut their target price on shares of Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a research report on Friday, August 22nd. Barclays cut their target price on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. BNP Paribas upgraded shares of Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $146.00 target price (down from $169.00) on shares of Extra Space Storage in a research report on Thursday, August 21st. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $148.50.

Extra Space Storage Trading Down 0.2%

Shares of EXR traded down $0.34 during midday trading on Monday, hitting $138.98. The stock had a trading volume of 396,266 shares, compared to its average volume of 1,178,605. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $183.22. The firm has a market cap of $29.50 billion, a PE ratio of 30.14, a price-to-earnings-growth ratio of 3.38 and a beta of 1.09. 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 stock's 50 day moving average is $143.22 and its 200 day moving average is $145.05.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced 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 analysts' expectations of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The company's revenue was up 3.8% compared to the same quarter last year. During the same period in the prior 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, analysts forecast that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm 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 dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.7%. The ex-dividend date is Monday, September 15th. Extra Space Storage's dividend payout ratio is presently 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.