Commerce Bank Increases Stock Position in Extra Space Storage Inc (NYSE:EXR)

Commerce Bank boosted its stake in Extra Space Storage Inc (NYSE:EXR) by 1.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,979 shares of the real estate investment trust’s stock after acquiring an additional 302 shares during the period. Commerce Bank’s holdings in Extra Space Storage were worth $2,373,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of EXR. Northern Trust Corp lifted its position 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 valued at $430,107,000 after acquiring an additional 941,212 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Extra Space Storage in the fourth quarter valued at about $107,453,000. Cohen & Steers Inc. raised its holdings in shares of Extra Space Storage by 5.9% in the fourth quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock valued at $1,383,094,000 after buying an additional 516,941 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Extra Space Storage in the fourth quarter valued at about $74,984,000. Finally, GAMMA Investing LLC raised its holdings in shares of Extra Space Storage by 14,642.5% in the first quarter. GAMMA Investing LLC now owns 431,512 shares of the real estate investment trust’s stock valued at $64,075,000 after buying an additional 428,585 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Trading Down 0.9%

Shares of Extra Space Storage stock opened at $138.01 on Tuesday. Extra Space Storage Inc has a 12-month low of $121.03 and a 12-month high of $184.87. The company has a current ratio of 0.29, a quick ratio of 0.33 and a debt-to-equity ratio of 0.88. The stock has a market cap of $29.29 billion, a PE ratio of 29.94, a price-to-earnings-growth ratio of 3.38 and a beta of 1.07. The company has a 50-day moving average of $148.62 and a two-hundred day moving average of $148.21.

Extra Space Storage (NYSE:EXR) last issued its earnings results 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 during the quarter, compared to analysts’ expectations of $719.43 million. During the same period last year, the business posted $2.06 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, research analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

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

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 27,260 shares of the company’s stock, valued at $4,098,541. This trade represents a 21.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.36% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

EXR has been the subject of a number of research reports. Wall Street Zen raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Wells Fargo & Company reduced their target price on shares of Extra Space Storage from $165.00 to $160.00 and set an “equal weight” rating for the company in a report on Wednesday, July 23rd. Evercore ISI reduced their target price on shares of Extra Space Storage from $148.00 to $146.00 and set an “in-line” rating for the company in a report on Monday. Royal Bank Of Canada reduced their target price on shares of Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating for the company in a report on Monday. Finally, Scotiabank boosted their price target on shares of Extra Space Storage from $149.00 to $166.00 and gave the stock a “sector outperform” rating in a research note on Monday, May 12th. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $156.54.

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.