Wealth Enhancement Advisory Services LLC Acquires 11,762 Shares of Extra Space Storage Inc $EXR

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Extra Space Storage Inc by 52.1%, acquiring an additional 11,762 shares, bringing its total to 34,355 shares valued at approximately $5.25 million.
• Extra Space Storage reported a quarterly earnings miss, with EPS of $2.05, just below analysts' expectations of $2.06, while its revenue was significantly above forecasts at $841.62 million.
• The company declared a quarterly dividend of $1.62 per share set to be paid on September 30th, representing an annualized yield of 4.7%.

Wealth Enhancement Advisory Services LLC raised its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 52.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 34,355 shares of the real estate investment trust's stock after acquiring an additional 11,762 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Extra Space Storage were worth $5,252,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of EXR. JPMorgan Chase & Co. grew its position in Extra Space Storage by 205.7% in the 1st quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust's stock valued at $608,001,000 after acquiring an additional 2,755,265 shares during the last quarter. Nuveen LLC bought a new position in shares of Extra Space Storage during the 1st quarter worth $257,917,000. AQR Capital Management LLC increased its stake in shares of Extra Space Storage by 570.3% during the first quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust's stock valued at $166,180,000 after buying an additional 956,500 shares during the period. Resolution Capital Ltd raised its holdings in shares of Extra Space Storage by 259.1% in the first quarter. Resolution Capital Ltd now owns 902,157 shares of the real estate investment trust's stock valued at $133,961,000 after acquiring an additional 650,957 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Extra Space Storage by 18.7% in the first quarter. Invesco Ltd. now owns 3,056,384 shares of the real estate investment trust's stock valued at $453,843,000 after acquiring an additional 480,642 shares in the last quarter. Institutional investors own 99.11% of the company's stock.

Extra Space Storage Trading Down 0.6%

Shares of NYSE EXR opened at $137.69 on Thursday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market capitalization of $29.22 billion, a P/E ratio of 29.87, a price-to-earnings-growth ratio of 3.36 and a beta of 1.09. Extra Space Storage Inc has a 1-year low of $121.03 and a 1-year high of $182.89. The business has a fifty day moving average price of $142.58 and a 200 day moving average price of $144.83.

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 for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The company 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 company's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter 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. Equities research analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $1.62 dividend. The ex-dividend date is Monday, 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 (DPR) is 140.56%.

Insider Buying and Selling

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 value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.96% of the company's stock.

Analyst Ratings Changes

EXR has been the subject of several recent research reports. Barclays decreased their price objective on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a report on Friday, August 8th. UBS Group decreased their price objective on Extra Space Storage from $169.00 to $160.00 and set a "buy" rating for the company in a report on Tuesday, September 16th. JPMorgan Chase & Co. lifted their price objective on Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a report on Friday, June 13th. Evercore ISI lifted their price objective on Extra Space Storage from $146.00 to $147.00 and gave the company an "in-line" rating in a report on Monday, September 15th. Finally, Mizuho lifted their price objective on Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a report on Wednesday, May 28th. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Extra Space Storage has an average rating of "Hold" and an average target price of $148.50.

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.

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