Wellington Management Group LLP Has $10.66 Million Stock Position in Extra Space Storage Inc $EXR

Key Points

• Wellington Management Group LLP reduced its position in Extra Space Storage Inc by 22.3%, now holding 71,766 shares, valued at approximately $10.66 million.
• The company reported a quarterly dividend of $1.62 per share, with an annualized yield of 4.6% and a payout ratio of 140.56%.
• Extra Space Storage's recent earnings report showed an EPS of $2.05, slightly missing analysts' estimates, while revenue exceeded expectations at $841.62 million.

Wellington Management Group LLP cut its holdings in Extra Space Storage Inc (NYSE:EXR - Free Report) by 22.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 71,766 shares of the real estate investment trust's stock after selling 20,625 shares during the period. Wellington Management Group LLP's holdings in Extra Space Storage were worth $10,657,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in EXR. Integrated Wealth Concepts LLC acquired a new stake in Extra Space Storage in the 4th quarter valued at $215,000. Boothbay Fund Management LLC bought a new position in shares of Extra Space Storage in the 4th quarter valued at about $743,000. Quarry LP increased its position 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 valued at $53,000 after acquiring an additional 217 shares during the last quarter. Northern Trust Corp increased its position in shares of Extra Space Storage by 48.7% in the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock valued at $430,107,000 after acquiring an additional 941,212 shares during the last quarter. Finally, Lido Advisors LLC raised its holdings in Extra Space Storage by 112.8% during the fourth quarter. Lido Advisors LLC now owns 8,924 shares of the real estate investment trust's stock worth $1,335,000 after acquiring an additional 4,731 shares in the last quarter. Institutional investors own 99.11% of the company's stock.

Analyst Upgrades and Downgrades

EXR has been the subject of a number of analyst reports. Evercore ISI decreased their price target on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating for the company in a research note on Monday, August 4th. BNP Paribas Exane began coverage on Extra Space Storage in a report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price objective for the company. BNP Paribas raised shares of Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. JPMorgan Chase & Co. upped their price target on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research report on Friday, June 13th. Finally, Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Sunday. Seven equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $153.60.

Extra Space Storage Price Performance

NYSE:EXR opened at $141.70 on Thursday. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $184.87. The company has a market cap of $30.07 billion, a P/E ratio of 30.74, a P/E/G ratio of 3.40 and a beta of 1.07. The firm's fifty day moving average price is $144.80 and its two-hundred day moving average price is $146.53. 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 posted its 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 company had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The business's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities analysts expect that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Monday, September 15th. Extra Space Storage's payout ratio is currently 140.56%.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company'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 transaction, the chief executive officer owned 27,260 shares of the company's stock, valued at approximately $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.96% of the company's stock.

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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