Texas Yale Capital Corp. Buys 2,295 Shares of Extra Space Storage Inc (NYSE:EXR)

Key Points

• Texas Yale Capital Corp. increased its stake in Extra Space Storage Inc. by 10.6%, acquiring an additional 2,295 shares, bringing its total holdings to 23,977 shares worth approximately $3.56 million.
• The company reported earnings of $2.00 per share for the last quarter, exceeding analysts' expectations of $1.96 and posting a revenue of $820 million, which is significantly above the forecasted $705.12 million.
• Extra Space Storage announced a quarterly dividend of $1.62 per share on June 30, which equates to an annualized yield of 4.30%, despite a payout ratio of 150.35%.

Texas Yale Capital Corp. raised its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 10.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,977 shares of the real estate investment trust's stock after acquiring an additional 2,295 shares during the quarter. Texas Yale Capital Corp.'s holdings in Extra Space Storage were worth $3,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Extra Space Storage by 1.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 170,241 shares of the real estate investment trust's stock worth $25,279,000 after acquiring an additional 1,903 shares during the last quarter. HB Wealth Management LLC lifted its stake in shares of Extra Space Storage by 13.9% during the 1st quarter. HB Wealth Management LLC now owns 3,082 shares of the real estate investment trust's stock valued at $458,000 after buying an additional 376 shares in the last quarter. Applied Finance Capital Management LLC purchased a new position in shares of Extra Space Storage during the 1st quarter valued at $761,000. Knights of Columbus Asset Advisors LLC purchased a new position in shares of Extra Space Storage during the 1st quarter valued at $2,478,000. Finally, Assetmark Inc. lifted its stake in shares of Extra Space Storage by 7.1% during the 1st quarter. Assetmark Inc. now owns 6,775 shares of the real estate investment trust's stock valued at $1,006,000 after buying an additional 447 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Extra Space Storage Price Performance

Shares of EXR opened at $150.83 on Friday. The company has a 50 day moving average price of $149.12 and a 200-day moving average price of $148.43. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The stock has a market capitalization of $32.01 billion, a PE ratio of 35.00, a PEG ratio of 3.66 and a beta of 1.10. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.33 and a current ratio of 0.33.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.04. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The firm had revenue of $820.00 million during the quarter, compared to analysts' expectations of $705.12 million. During the same quarter in the prior year, the company earned $1.96 EPS. The company's revenue was up 2.6% compared to the same quarter last year. Equities analysts predict that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given 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 4.30%. Extra Space Storage's payout ratio is 150.35%.

Insider Buying and Selling

In related 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 transaction of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares of the company's stock, valued at $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.96% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on EXR. Mizuho lifted their target price on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Barclays decreased their price target on shares of Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Bank of America boosted their price target on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Finally, Wells Fargo & Company decreased their price target on shares of Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Nine equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $157.69.

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.

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