VIRGINIA RETIREMENT SYSTEMS ET Al Acquires Shares of 38,097 Extra Space Storage Inc $EXR

Key Points

• Virginia Retirement Systems acquired 38,097 shares of Extra Space Storage worth approximately $5.5 million, while institutional investors collectively own 99.11% of the REIT.
• Analyst sentiment remains mixed but has improved, with recent upgrades from Bank of America and BMO Capital Markets. The stock carries an average “Hold” rating and a consensus price target of $148.93.
• Extra Space Storage beat quarterly EPS estimates ($1.25 versus $1.16) and reported 3.9% year-over-year revenue growth. It declared a quarterly dividend of $1.62, equivalent to a 4.7% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Extra Space Storage Inc (NYSE:EXR - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 38,097 shares of the real estate investment trust's stock, valued at approximately $5,535,000.

Several other institutional investors have also made changes to their positions in EXR. California State Teachers Retirement System lifted its position in shares of Extra Space Storage by 13,598.3% in the 2nd quarter. California State Teachers Retirement System now owns 40,299,246 shares of the real estate investment trust's stock valued at $5,855,480,000 after acquiring an additional 40,005,054 shares in the last quarter. BlackRock Inc. purchased a new position in Extra Space Storage during the 2nd quarter worth approximately $3,334,263,000. Cohen & Steers Inc. grew its position in Extra Space Storage by 13.4% during the 4th quarter. Cohen & Steers Inc. now owns 15,979,424 shares of the real estate investment trust's stock worth $2,080,971,000 after purchasing an additional 1,888,763 shares in the last quarter. State Street Corp raised its stake in Extra Space Storage by 1.7% during the 3rd quarter. State Street Corp now owns 13,910,878 shares of the real estate investment trust's stock valued at $1,960,599,000 after purchasing an additional 230,697 shares during the period. Finally, Norges Bank acquired a new stake in Extra Space Storage during the 4th quarter valued at $1,219,606,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Gwyn McNeal sold 3,300 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $150.00, for a total transaction of $495,000.00. Following the transaction, the executive vice president owned 37,374 shares of the company's stock, valued at approximately $5,606,100. This trade represents a 8.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Royal Bank Of Canada raised their target price on Extra Space Storage from $153.00 to $157.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 30th. Weiss Ratings raised Extra Space Storage from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, August 7th. Bank of America upgraded Extra Space Storage from an "underperform" rating to a "neutral" rating and raised their price objective for the stock from $147.00 to $156.00 in a research report on Tuesday, June 16th. Barclays lifted their target price on Extra Space Storage from $170.00 to $172.00 and gave the company an "overweight" rating in a research note on Friday, July 10th. Finally, BMO Capital Markets upgraded Extra Space Storage from a "market perform" rating to an "outperform" rating and upped their target price for the company from $160.00 to $170.00 in a report on Thursday, August 27th. Seven investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $148.93.

Extra Space Storage Price Performance

EXR opened at $139.23 on Wednesday. The stock has a market cap of $29.41 billion, a price-to-earnings ratio of 30.73, a PEG ratio of 4.00 and a beta of 1.16. Extra Space Storage Inc has a 1 year low of $125.71 and a 1 year high of $158.88. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.96. The stock has a fifty day moving average price of $146.18 and a 200 day moving average price of $143.74.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Tuesday, July 28th. The real estate investment trust reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.09. Extra Space Storage had a return on equity of 6.70% and a net margin of 27.80%.The firm had revenue of $874.15 million for the quarter, compared to the consensus estimate of $874.99 million. During the same quarter in the previous year, the company posted $2.05 earnings per share. The business's quarterly revenue was up 3.9% compared to the same quarter last year. Extra Space Storage has set its FY 2026 guidance at 8.250-8.400 EPS. Analysts forecast that Extra Space Storage Inc will post 8.33 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $1.62 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $6.48 dividend on an annualized basis and a yield of 4.7%. Extra Space Storage's dividend payout ratio is currently 143.05%.

Extra Space Storage Profile

Extra Space Storage NYSE: EXR is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.

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