Vert Asset Management LLC Decreases Position in Extra Space Storage Inc $EXR

Key Points

• Vert Asset Management LLC has reduced its stake in Extra Space Storage Inc by 5.9%, now owning 93,400 shares worth approximately $13.8 million, making it the firm's seventh largest holding.
• Several institutional investors have increased their positions in Extra Space Storage, with 99.11% of the stock now held by institutional investors.
• Extra Space Storage recently declared a quarterly dividend of $1.62 per share, representing a 4.6% annual yield, despite a payout ratio of 140.56%.

Vert Asset Management LLC trimmed its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 5.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 93,400 shares of the real estate investment trust's stock after selling 5,870 shares during the period. Extra Space Storage makes up approximately 5.0% of Vert Asset Management LLC's portfolio, making the stock its 7th biggest holding. Vert Asset Management LLC's holdings in Extra Space Storage were worth $13,771,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of EXR. Exchange Traded Concepts LLC lifted its stake in Extra Space Storage by 8.5% in the first quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust's stock worth $139,000 after acquiring an additional 73 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH raised its position in shares of Extra Space Storage by 4.6% in the 2nd quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 1,825 shares of the real estate investment trust's stock worth $269,000 after purchasing an additional 80 shares during the last quarter. Naviter Wealth LLC raised its position in shares of Extra Space Storage by 0.6% in the 1st 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 during the last quarter. Taylor Frigon Capital Management LLC raised its position in shares of Extra Space Storage by 0.8% in the 1st 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 during the last quarter. Finally, Farther Finance Advisors LLC raised its position in Extra Space Storage by 6.5% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,559 shares of the real estate investment trust's stock worth $230,000 after buying an additional 95 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Royal Bank Of Canada decreased their target price on Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a research report on Monday, August 4th. Citigroup cut their price objective on Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. BNP Paribas Exane started coverage on Extra Space Storage in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price target for the company. Wall Street Zen downgraded Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Friday, September 26th. Finally, Evercore ISI upped their price target on Extra Space Storage from $146.00 to $147.00 and gave the stock an "in-line" rating in a research note on Monday, September 15th. Six research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $148.50.

Extra Space Storage Stock Up 0.3%

Shares of EXR opened at $141.31 on Thursday. The stock has a market capitalization of $29.99 billion, a price-to-earnings ratio of 30.65, a price-to-earnings-growth ratio of 3.42 and a beta of 1.11. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $177.67. The business's 50 day simple moving average is $141.68 and its 200-day simple moving average is $144.52. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.01). The firm had revenue of $841.62 million for the quarter, compared to analysts' expectations of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The firm's revenue was up 3.8% on a year-over-year basis. During the same period last year, the company earned $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, equities analysts expect 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 declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.6%. The ex-dividend date was Monday, September 15th. Extra Space Storage's dividend payout ratio is presently 140.56%.

Extra Space Storage Company 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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