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 cut its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 1.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 171,442 shares of the real estate investment trust's stock after selling 3,282 shares during the period. Swedbank AB owned approximately 0.08% of Extra Space Storage worth $25,277,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $146.00 price objective (down from $169.00) on shares of Extra Space Storage in a research report on Thursday, August 21st. Scotiabank reduced their price objective on shares of Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating for the company in a research report on Thursday, August 28th. Wall Street Zen raised shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Tuesday, September 9th. BNP Paribas Exane started coverage on shares of Extra Space Storage in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 target price on the stock. Finally, Royal Bank Of Canada dropped 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. Six equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $148.50.

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 that occurred on 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 sale, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Stock Performance

Shares of EXR stock traded up $0.39 during trading on Tuesday, reaching $138.99. 58,359 shares of the company's stock traded hands, compared to its average volume of 1,175,277. The company has a market capitalization of $29.50 billion, a P/E ratio of 30.12, a PEG ratio of 3.38 and a beta of 1.09. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. The firm's 50-day moving average is $142.99 and its 200 day moving average is $144.92. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $183.08.

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 analysts' consensus estimates of $2.06 by ($0.01). The business had revenue of $841.62 million for 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 business's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities research analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

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