Extra Space Storage Inc $EXR Stake Cut by Swedbank AB

Key Points

• Swedbank AB reduced its holdings in Extra Space Storage Inc (NYSE:EXR) by 6.4% during the first quarter, selling nearly 12,000 shares and now owning approximately 0.08% of the company's stock valued at around $25.9 million.
• Analysts have adjusted price targets for EXR, with Barclays lowering it from $178 to $169, while Wells Fargo increased it from $160 to $162; the consensus rating remains a "Hold."
• Extra Space Storage announced a quarterly dividend of $1.62 per share, with a pay date set for September 30, resulting in an annualized dividend yield of 4.4%.

Swedbank AB decreased its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 6.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 174,724 shares of the real estate investment trust's stock after selling 11,984 shares during the period. Swedbank AB owned approximately 0.08% of Extra Space Storage worth $25,945,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Siemens Fonds Invest GmbH boosted its stake in shares of Extra Space Storage by 3.0% during the fourth quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust's stock worth $342,000 after buying an additional 68 shares during the period. Exchange Traded Concepts LLC raised its holdings in Extra Space Storage by 8.5% during the first quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust's stock worth $139,000 after purchasing an additional 73 shares in the last quarter. Naviter Wealth LLC raised its holdings in Extra Space Storage by 0.6% during the first quarter. Naviter Wealth LLC now owns 13,645 shares of the real estate investment trust's stock worth $2,007,000 after purchasing an additional 82 shares in the last quarter. Mackenzie Financial Corp raised its holdings in Extra Space Storage by 0.5% during the fourth quarter. Mackenzie Financial Corp now owns 18,363 shares of the real estate investment trust's stock worth $2,747,000 after purchasing an additional 90 shares in the last quarter. Finally, Taylor Frigon Capital Management LLC raised its holdings in Extra Space Storage by 0.8% during the first quarter. Taylor Frigon Capital Management LLC now owns 12,248 shares of the real estate investment trust's stock worth $1,819,000 after purchasing an additional 93 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. 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 for the company in a report on Monday, August 4th. JPMorgan Chase & Co. upped their target price on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research report on Friday, June 13th. BNP Paribas upgraded shares of Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. Scotiabank lowered their target price on shares of Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating on the stock in a research report on Thursday, August 28th. Finally, Wall Street Zen raised shares of Extra Space Storage from a "sell" rating to a "hold" rating in a report on Tuesday, September 9th. Six investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $151.64.

Extra Space Storage Trading Down 2.3%

Shares of NYSE:EXR traded down $3.37 during trading on Monday, reaching $143.78. The stock had a trading volume of 892,918 shares, compared to its average volume of 991,472. The business has a fifty day moving average price of $143.79 and a 200-day moving average price of $145.41. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. The stock has a market cap of $30.52 billion, a P/E ratio of 31.19, a PEG ratio of 3.56 and a beta of 1.09. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted 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). The firm had revenue of $841.62 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm earned $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, analysts anticipate that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 dividend yield of 4.5%. The ex-dividend date is Monday, September 15th. Extra Space Storage's dividend payout ratio is presently 140.56%.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business's 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 completion of the sale, the chief executive officer directly owned 27,260 shares in the company, valued at approximately $4,098,541. The trade was a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.36% of the company's stock.

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.