Walleye Capital LLC Invests $1.77 Million in Extra Space Storage Inc $EXR

Key Points

• Walleye Capital LLC has acquired a new stake of approximately $1.77 million in Extra Space Storage Inc, adding 11,900 shares to its portfolio during the first quarter.
• Analysts have adjusted their price targets for Extra Space Storage, with Barclays lowering it to $169, while Wells Fargo upgraded the stock to an "overweight" rating with a target of $160.
• Extra Space Storage announced a quarterly dividend of $1.62 per share, leading to an annualized yield of 4.6%, despite having a payout ratio of 140.56%.

Walleye Capital LLC acquired a new position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 11,900 shares of the real estate investment trust's stock, valued at approximately $1,767,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. GKV Capital Management Co. Inc. acquired a new position in shares of Extra Space Storage in the 1st quarter valued at about $29,000. Zions Bancorporation National Association UT bought a new position in shares of Extra Space Storage in the first quarter valued at approximately $50,000. Quarry LP grew its stake in shares of Extra Space Storage by 156.1% in the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after acquiring an additional 217 shares during the last quarter. Golden State Wealth Management LLC grew its stake in shares of Extra Space Storage by 147.0% in the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock worth $60,000 after acquiring an additional 241 shares during the last quarter. Finally, Parvin Asset Management LLC acquired a new stake in shares of Extra Space Storage in the fourth quarter worth $62,000. Institutional investors and hedge funds own 99.11% of the company's stock.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business's 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 completion of the transaction, the chief executive officer directly owned 27,260 shares in the company, valued at approximately $4,098,541. The trade was a 21.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.36% of the company's stock.

Extra Space Storage Price Performance

Shares of NYSE EXR traded up $1.41 during midday trading on Friday, reaching $143.73. 857,281 shares of the company traded hands, compared to its average volume of 1,056,304. The stock's 50-day simple moving average is $144.67 and its 200-day simple moving average is $146.21. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. 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 $30.51 billion, a PE ratio of 31.18, a PEG ratio of 3.47 and a beta of 1.09.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The business had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm 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 anticipate that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $1.62 dividend. The ex-dividend date is Monday, September 15th. This represents a $6.48 annualized dividend and a dividend yield of 4.5%. Extra Space Storage's payout ratio is currently 140.56%.

Analyst Ratings Changes

Several brokerages have recently issued reports on EXR. Scotiabank lowered their price objective on shares of Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating on the stock in a research note on Thursday. Bank of America lifted 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. BNP Paribas upgraded shares of Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. The Goldman Sachs Group reiterated a "neutral" rating and set a $146.00 price target (down previously from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. Finally, Benchmark cut their price objective on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Seven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $153.33.

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.