Vanguard Group Inc. Has $5.04 Billion Stock Holdings in Extra Space Storage Inc (NYSE:EXR)

Key Points

• Vanguard Group Inc. has increased its holdings in Extra Space Storage by 0.9%, owning 33,969,485 shares valued at approximately $5.04 billion as of its latest SEC filing.
• Extra Space Storage reported earnings of $2.05 per share for the last quarter, missing expectations by $0.01, but its revenue increased by 3.8% year-over-year.
• The company recently declared a quarterly dividend of $1.62 per share, yielding 4.7%, with a payout ratio of 140.56%.

Vanguard Group Inc. boosted its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 0.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,969,485 shares of the real estate investment trust's stock after purchasing an additional 295,556 shares during the period. Vanguard Group Inc. owned about 16.01% of Extra Space Storage worth $5,044,129,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quarry LP lifted its stake in Extra Space Storage by 156.1% during the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 217 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in shares of Extra Space Storage by 147.0% in the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after acquiring an additional 241 shares during the last quarter. Parvin Asset Management LLC bought a new position in shares of Extra Space Storage in the 4th quarter valued at $62,000. Wayfinding Financial LLC bought a new position in shares of Extra Space Storage in the 1st quarter valued at $76,000. Finally, Avalon Trust Co bought a new position in shares of Extra Space Storage in the 1st quarter valued at $79,000. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Trading Down 1.4%

NYSE EXR traded down $1.89 on Friday, reaching $136.40. The company had a trading volume of 839,458 shares, compared to its average volume of 1,350,898. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.33. The business has a 50 day moving average of $147.69 and a two-hundred day moving average of $147.86. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The firm has a market cap of $28.95 billion, a price-to-earnings ratio of 29.59, a P/E/G ratio of 3.31 and a beta of 1.07.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings results 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). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The business had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. During the same quarter in the previous year, the business posted $2.06 earnings per share. The business's revenue was up 3.8% on a year-over-year basis. Analysts forecast that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date was Monday, June 16th. Extra Space Storage's dividend payout ratio (DPR) is presently 140.56%.

Insiders Place Their Bets

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 stock was 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 directly owned 27,260 shares in the company, valued at approximately $4,098,541. This trade represents a 21.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.96% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Wells Fargo & Company dropped their price target on Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 23rd. Barclays dropped their price target on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research note on Friday. Benchmark dropped their price target on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Evercore ISI dropped their price target on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating for the company in a research note on Monday, August 4th. Finally, BNP Paribas upgraded Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $155.85.

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.