Extra Space Storage Inc (NYSE:EXR) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Extra Space Storage by 1.1% in the first quarter, owning approximately 170,241 shares valued at $25.3 million.
• CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage, reducing his stake by 21.58%, now holding about 27,260 shares worth approximately $4.1 million.
• Extra Space Storage recently announced quarterly dividends of $1.62 per share, yielding 4.26%, though its payout ratio stands at 150.35%.

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Extra Space Storage Inc (NYSE:EXR - Free Report) by 1.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 170,241 shares of the real estate investment trust's stock after acquiring an additional 1,903 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.08% of Extra Space Storage worth $25,279,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP increased its position in 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 buying an additional 217 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of 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 acquiring an additional 241 shares during the last quarter. Parvin Asset Management LLC bought a new stake in shares of Extra Space Storage in the 4th quarter valued at about $62,000. Wayfinding Financial LLC bought a new stake in shares of Extra Space Storage in the 1st quarter valued at about $76,000. Finally, Global X Japan Co. Ltd. raised its position in Extra Space Storage by 24.8% during the 1st quarter. Global X Japan Co. Ltd. now owns 558 shares of the real estate investment trust's stock valued at $83,000 after purchasing an additional 111 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Benchmark lowered their price target on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. BNP Paribas raised Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Mizuho raised their target price on Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Bank of America raised their price target on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Finally, Evercore ISI raised their price target on Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a report on Thursday, May 1st. Nine research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $157.69.

Extra Space Storage Trading Up 3.5%

NYSE EXR traded up $4.65 during trading on Friday, hitting $139.01. The stock had a trading volume of 1,608,521 shares, compared to its average volume of 1,191,784. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.33 and a current ratio of 0.33. The stock has a market capitalization of $29.50 billion, a price-to-earnings ratio of 30.14, a P/E/G ratio of 3.62 and a beta of 1.10. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $184.87. The stock has a 50 day simple moving average of $148.91 and a 200 day simple moving average of $148.39.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.01). The company had revenue of $841.62 million for 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 6.67%. The business's revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $2.06 EPS. Sell-side analysts predict 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 declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Monday, June 16th. Extra Space Storage's payout ratio is currently 150.35%.

Insider Transactions at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the sale, the chief executive officer directly owned 27,260 shares of the company's stock, valued at $4,098,541. The trade was a 21.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.96% of the company's stock.

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.