Arrowstreet Capital Limited Partnership Grows Stock Position in Extra Space Storage Inc $EXR

Arrowstreet Capital Limited Partnership lifted its position in Extra Space Storage Inc (NYSE:EXR) by 38.2% during the second quarter, HoldingsChannel.com reports. The fund owned 149,850 shares of the real estate investment trust’s stock after acquiring an additional 41,413 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Extra Space Storage were worth $22,094,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. GKV Capital Management Co. Inc. acquired a new stake in Extra Space Storage during the 1st quarter worth $29,000. Chung Wu Investment Group LLC acquired a new stake in shares of Extra Space Storage in the second quarter valued at about $29,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Extra Space Storage in the second quarter worth about $37,000. MTM Investment Management LLC acquired a new position in Extra Space Storage during the second quarter worth about $38,000. Finally, Zions Bancorporation National Association UT acquired a new position in Extra Space Storage during the first quarter worth about $50,000. 99.11% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $141.41, for a total value of $1,060,575.00. Following the sale, the chief executive officer owned 19,760 shares of the company’s stock, valued at $2,794,261.60. The trade was a 27.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.36% of the company’s stock.

Analyst Ratings Changes

EXR has been the subject of a number of recent research reports. Scotiabank cut their price objective on shares of Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating for the company in a report on Thursday, August 28th. UBS Group dropped their price target on Extra Space Storage from $169.00 to $160.00 and set a “buy” rating for the company in a research report on Tuesday, September 16th. The Goldman Sachs Group reiterated a “neutral” rating and set a $146.00 price objective (down previously from $169.00) on shares of Extra Space Storage in a research report on Thursday, August 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Extra Space Storage in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company upgraded Extra Space Storage from an “equal weight” rating to an “overweight” rating and set a $160.00 target price for the company in a report on Tuesday, August 26th. Six research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $147.53.

Extra Space Storage Stock Down 1.3%

Shares of NYSE:EXR opened at $129.35 on Monday. The company has a market capitalization of $27.45 billion, a price-to-earnings ratio of 28.87, a PEG ratio of 2.47 and a beta of 1.26. Extra Space Storage Inc has a 12-month low of $121.03 and a 12-month high of $165.54. The business has a 50-day moving average price of $138.41 and a 200 day moving average price of $142.85. The company has a current ratio of 0.24, a quick ratio of 0.24 and a debt-to-equity ratio of 0.89.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Wednesday, October 29th. The real estate investment trust reported $2.08 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.02. Extra Space Storage had a net margin of 28.40% and a return on equity of 6.56%. The company had revenue of $858.46 million during the quarter, compared to analyst estimates of $736.26 million. During the same quarter last year, the firm posted $2.07 earnings per share. Extra Space Storage’s revenue was up 4.1% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. Sell-side analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 5.0%. The ex-dividend date is Monday, December 15th. Extra Space Storage’s dividend payout ratio (DPR) is 144.64%.

Extra Space Storage 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.