37,200 Shares in Extra Space Storage Inc $EXR Acquired by Zimmer Partners LP

Key Points

• Zimmer Partners LP has invested $5.52 million in Extra Space Storage Inc, acquiring 37,200 shares during the 1st quarter.
• The CEO, Joseph D. Margolis, sold 7,500 shares of Extra Space Storage at a total value of over $1.12 million, reducing his ownership by 21.58%.
• Extra Space Storage recently announced a quarterly dividend of $1.62 per share, reflecting an annualized yield of 4.4% and a payout ratio of 140.56%.

Zimmer Partners LP purchased a new position in Extra Space Storage Inc (NYSE:EXR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 37,200 shares of the real estate investment trust's stock, valued at approximately $5,524,000.

Other institutional investors have also recently bought and sold shares of the company. GKV Capital Management Co. Inc. purchased a new position in Extra Space Storage in the 1st quarter worth about $29,000. Zions Bancorporation National Association UT purchased a new position in Extra Space Storage in the 1st quarter worth about $50,000. Golden State Wealth Management LLC increased its stake in Extra Space Storage by 147.0% in the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock worth $60,000 after purchasing an additional 241 shares in the last quarter. Wayfinding Financial LLC purchased a new position in Extra Space Storage in the 1st quarter worth about $76,000. Finally, Avalon Trust Co purchased a new position in Extra Space Storage in the 1st quarter worth about $79,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on EXR shares. The Goldman Sachs Group reissued a "neutral" rating and issued a $146.00 price target (down previously from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. Wall Street Zen raised Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Tuesday, September 9th. Royal Bank Of Canada lowered their target price on Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating on the stock in a research note on Monday, August 4th. Evercore ISI lowered their target price on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a research note on Monday, August 4th. Finally, Wells Fargo & Company raised Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 target price on the stock in a research note on Tuesday, August 26th. Six analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $151.57.

Extra Space Storage Stock Down 0.7%

Shares of Extra Space Storage stock traded down $1.01 during trading on Friday, hitting $147.30. 1,176,630 shares of the stock traded hands, compared to its average volume of 991,472. The stock has a market cap of $31.27 billion, a P/E ratio of 31.95, a PEG ratio of 3.56 and a beta of 1.09. 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 twelve month low of $121.03 and a twelve month high of $184.87. The company has a fifty day moving average price of $143.90 and a two-hundred day moving average price of $145.47.

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

Extra Space Storage Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Monday, September 15th. Extra Space Storage's payout ratio is currently 140.56%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total transaction 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. The trade was a 21.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.96% of the stock is currently owned by corporate insiders.

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.