Vestcor Inc Purchases 19,259 Shares of Extra Space Storage Inc (NYSE:EXR)

Key Points

• Vestcor Inc has increased its stake in Extra Space Storage Inc by 173.8% during the first quarter, now holding 30,341 shares valued at $4.5 million.
• Extra Space Storage reported a quarterly EPS of $2.05, slightly missing estimates, but had a revenue of $841.62 million, exceeding expectations of $719.43 million.
• The company declared a quarterly dividend of $1.62 per share, translating to an annualized dividend yield of 4.33%, with a current payout ratio of 150.35%.

Vestcor Inc grew its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 173.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,341 shares of the real estate investment trust's stock after acquiring an additional 19,259 shares during the period. Vestcor Inc's holdings in Extra Space Storage were worth $4,505,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Aptus Capital Advisors LLC lifted its position in shares of Extra Space Storage by 4.3% in the fourth quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust's stock valued at $245,000 after acquiring an additional 68 shares in the last quarter. Siemens Fonds Invest GmbH lifted its position in shares of Extra Space Storage by 3.0% in the fourth quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust's stock valued at $342,000 after acquiring an additional 68 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of Extra Space Storage by 5.8% in the fourth quarter. Quadrant Capital Group LLC now owns 1,327 shares of the real estate investment trust's stock worth $199,000 after buying an additional 73 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of 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 buying an additional 73 shares in the last quarter. Finally, Naviter Wealth LLC lifted its position in shares of Extra Space Storage by 0.6% in the first quarter. Naviter Wealth LLC now owns 13,645 shares of the real estate investment trust's stock worth $2,007,000 after buying an additional 82 shares in the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total value of $1,127,625.00. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on EXR shares. BNP Paribas upgraded Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. Benchmark decreased their target price on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. Bank of America boosted their target price on Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Barclays decreased their target price on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Finally, Evercore ISI boosted their target price on Extra Space Storage from $144.00 to $149.00 and gave the stock an "in-line" rating in a research report on Thursday, May 1st. Nine analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Extra Space Storage presently has an average rating of "Hold" and an average price target of $157.69.

Extra Space Storage Trading Up 3.7%

Shares of NYSE EXR traded up $4.94 during midday trading on Friday, hitting $139.30. The company's stock had a trading volume of 3,193,447 shares, compared to its average volume of 1,158,568. The company has a current ratio of 0.29, a quick ratio of 0.33 and a debt-to-equity ratio of 0.88. The business's 50 day moving average is $148.91 and its two-hundred day moving average is $148.39. Extra Space Storage Inc has a 12-month low of $121.03 and a 12-month high of $184.87. The firm has a market cap of $29.56 billion, a P/E ratio of 30.22, a price-to-earnings-growth ratio of 3.26 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 the consensus estimate 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 during the quarter, compared to analysts' expectations of $719.43 million. During the same quarter in the previous year, the company posted $2.06 earnings per share. The company's quarterly revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts expect 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. Stockholders of record on Monday, June 16th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Monday, June 16th. Extra Space Storage's dividend payout ratio is presently 150.35%.

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.