Extra Space Storage Inc $EXR Stake Raised by Woodline Partners LP

Key Points

• Woodline Partners LP significantly increased its investment in Extra Space Storage Inc by 157.4%, now owning 389,716 shares worth about $57.87 million.
• Extra Space Storage has a 52-week stock price range between $121.03 and $184.87, with the current stock price at $147.03 after a 0.2% drop.
• The company declared a quarterly dividend of $1.62 per share, resulting in an annualized yield of 4.4%, with a high dividend payout ratio of 140.56%.

Woodline Partners LP boosted its position in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 157.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 389,716 shares of the real estate investment trust's stock after purchasing an additional 238,303 shares during the period. Woodline Partners LP owned approximately 0.18% of Extra Space Storage worth $57,869,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in EXR. Siemens Fonds Invest GmbH boosted its holdings in shares of Extra Space Storage by 3.0% in the 4th quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust's stock valued at $342,000 after buying an additional 68 shares during the period. Exchange Traded Concepts LLC lifted its holdings in 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 acquiring an additional 73 shares during the last quarter. Naviter Wealth LLC boosted its stake in 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 valued at $2,007,000 after acquiring an additional 82 shares during the period. Mackenzie Financial Corp grew its holdings in shares of Extra Space Storage by 0.5% during the fourth quarter. Mackenzie Financial Corp now owns 18,363 shares of the real estate investment trust's stock valued at $2,747,000 after purchasing an additional 90 shares during the last quarter. Finally, Taylor Frigon Capital Management LLC raised its position in shares of Extra Space Storage by 0.8% during the 1st quarter. Taylor Frigon Capital Management LLC now owns 12,248 shares of the real estate investment trust's stock worth $1,819,000 after purchasing an additional 93 shares during the period. Institutional investors and hedge funds own 99.11% of the company's stock.

Insider Buying and Selling

In other Extra Space Storage 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 completion of the sale, the chief executive officer directly owned 27,260 shares in the company, valued at $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 SEC, which is available at this hyperlink. 0.96% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

EXR has been the subject of a number of analyst reports. Mizuho boosted their price objective on Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a research report on Wednesday, May 28th. Wells Fargo & Company raised shares of Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 price target for the company in a report on Tuesday, August 26th. The Goldman Sachs Group restated a "neutral" rating and set a $146.00 price target (down previously from $169.00) on shares of Extra Space Storage in a research report on Thursday, August 21st. Citigroup cut their price objective on shares of Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating on the stock in a research report on Friday, August 22nd. Finally, Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Tuesday. Six analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $151.57.

Extra Space Storage Stock Performance

Shares of EXR traded up $3.46 during trading hours on Thursday, reaching $148.46. 959,038 shares of the company's stock traded hands, compared to its average volume of 1,018,218. The firm has a market capitalization of $31.51 billion, a price-to-earnings ratio of 32.20, a P/E/G ratio of 3.51 and a beta of 1.09. The business's fifty day simple moving average is $144.00 and its two-hundred day simple moving average is $145.68. Extra Space Storage Inc has a twelve month low of $121.03 and a twelve month high of $184.87. 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 announced 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). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The company had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. During the same quarter in the prior year, the company earned $2.06 EPS. The business's quarterly revenue was up 3.8% on a year-over-year basis. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Analysts predict that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Monday, September 15th. Extra Space Storage's dividend payout ratio (DPR) is currently 140.56%.

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.