LPL Financial LLC Raises Position in Extra Space Storage Inc (NYSE:EXR)

LPL Financial LLC lifted its holdings in Extra Space Storage Inc (NYSE:EXR) by 2.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,046 shares of the real estate investment trust’s stock after purchasing an additional 3,176 shares during the quarter. LPL Financial LLC owned about 0.05% of Extra Space Storage worth $16,935,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EXR. Northern Trust Corp boosted its holdings in 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 worth $430,107,000 after acquiring an additional 941,212 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in Extra Space Storage in the 4th quarter worth approximately $107,453,000. Cohen & Steers Inc. boosted its stake in Extra Space Storage by 5.9% in the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock worth $1,383,094,000 after purchasing an additional 516,941 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Extra Space Storage during the 4th quarter worth approximately $74,984,000. Finally, GAMMA Investing LLC increased its stake in Extra Space Storage by 14,642.5% during the 1st quarter. GAMMA Investing LLC now owns 431,512 shares of the real estate investment trust’s stock valued at $64,075,000 after purchasing an additional 428,585 shares in the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

EXR has been the subject of several research reports. JPMorgan Chase & Co. lifted their price objective on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a “neutral” rating in a research note on Friday, June 13th. Wells Fargo & Company lowered their price target on Extra Space Storage from $165.00 to $160.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 23rd. Benchmark dropped their price target on Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, May 13th. BNP Paribas upgraded Extra Space Storage to a “hold” rating in a research note on Tuesday, June 24th. Finally, BNP Paribas Exane initiated coverage on Extra Space Storage in a research report on Tuesday, June 24th. They issued a “neutral” rating and a $156.00 target price on the stock. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $156.54.

Extra Space Storage Stock Performance

EXR opened at $138.66 on Wednesday. The firm’s fifty day simple moving average is $148.44 and its two-hundred day simple moving average is $148.14. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $184.87. The company has a market cap of $29.43 billion, a price-to-earnings ratio of 30.08, a PEG ratio of 3.35 and a beta of 1.07. The company has a quick ratio of 0.33, a current ratio of 0.29 and a debt-to-equity ratio of 0.88.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share 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 analysts’ expectations of $719.43 million. During the same period in the prior year, the business posted $2.06 earnings per share. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities analysts anticipate that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Monday, June 16th. Extra Space Storage’s payout ratio is presently 140.56%.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction 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 transaction, the chief executive officer directly owned 27,260 shares of the company’s stock, valued at approximately $4,098,541. This represents a 21.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.36% of the company’s stock.

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.