UMB Bank n.a. Decreases Stake in Extra Space Storage Inc $EXR

UMB Bank n.a. lowered its stake in Extra Space Storage Inc (NYSE:EXR) by 17.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 614 shares of the real estate investment trust’s stock after selling 128 shares during the quarter. UMB Bank n.a.’s holdings in Extra Space Storage were worth $91,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Extra Space Storage by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust’s stock valued at $5,044,129,000 after buying an additional 295,556 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Extra Space Storage by 205.7% in the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust’s stock worth $608,001,000 after purchasing an additional 2,755,265 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Extra Space Storage by 0.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,077,577 shares of the real estate investment trust’s stock valued at $456,989,000 after purchasing an additional 12,607 shares during the period. Invesco Ltd. raised its position in Extra Space Storage by 18.7% during the 1st quarter. Invesco Ltd. now owns 3,056,384 shares of the real estate investment trust’s stock valued at $453,843,000 after purchasing an additional 480,642 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Extra Space Storage by 1.7% during the first quarter. Northern Trust Corp now owns 2,922,828 shares of the real estate investment trust’s stock valued at $434,011,000 after buying an additional 47,779 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, July 1st. The shares were 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. 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 accessible through this link. Company insiders own 0.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Mizuho upped their target price on Extra Space Storage from $141.00 to $153.00 and gave the company an “outperform” rating in a report on Wednesday, May 28th. Truist Financial decreased their price objective on shares of Extra Space Storage from $158.00 to $150.00 and set a “hold” rating for the company in a report on Tuesday, August 19th. Wall Street Zen raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, September 9th. JPMorgan Chase & Co. boosted their price target on shares of Extra Space Storage from $160.00 to $162.00 and gave the company a “neutral” rating in a research report on Friday, June 13th. Finally, BNP Paribas upgraded shares of Extra Space Storage to a “hold” rating in a report on Tuesday, June 24th. Six research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $148.50.

Extra Space Storage Price Performance

Shares of EXR opened at $137.69 on Thursday. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $182.89. The firm’s 50-day simple moving average is $142.58 and its two-hundred day simple moving average is $144.83. The stock has a market cap of $29.22 billion, a PE ratio of 29.87, a price-to-earnings-growth ratio of 3.36 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 (NYSE:EXR) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $719.43 million. During the same quarter in the previous year, the firm posted $2.06 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders 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 yield of 4.7%. The ex-dividend date is Monday, September 15th. Extra Space Storage’s dividend payout ratio (DPR) is currently 140.56%.

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.