Taylor Frigon Capital Management LLC Cuts Stake in Extra Space Storage Inc $EXR

Taylor Frigon Capital Management LLC reduced its holdings in shares of Extra Space Storage Inc (NYSE:EXR) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,085 shares of the real estate investment trust’s stock after selling 163 shares during the period. Taylor Frigon Capital Management LLC’s holdings in Extra Space Storage were worth $1,782,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. GKV Capital Management Co. Inc. purchased a new position in Extra Space Storage in the 1st quarter worth $29,000. Zions Bancorporation National Association UT bought a new position in shares of Extra Space Storage during the first quarter valued at about $50,000. Golden State Wealth Management LLC lifted its stake 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 valued at $60,000 after acquiring an additional 241 shares during the last quarter. Wayfinding Financial LLC bought a new stake in shares of Extra Space Storage in the 1st quarter valued at about $76,000. Finally, Avalon Trust Co purchased a new stake in Extra Space Storage during the 1st quarter valued at about $79,000. 99.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Royal Bank Of Canada decreased their price target on Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating on the stock in a research note on Monday, August 4th. Scotiabank decreased their target price on shares of Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 28th. The Goldman Sachs Group reiterated a “neutral” rating and set a $146.00 price target (down from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. Truist Financial cut their price target on shares of Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a report on Tuesday, August 19th. Finally, BNP Paribas Exane initiated coverage on shares of Extra Space Storage in a research note on Tuesday, June 24th. They set a “neutral” rating and a $156.00 price objective for the company. Six analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Extra Space Storage has an average rating of “Hold” and an average target price of $148.50.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.36% of the company’s stock.

Extra Space Storage Stock Up 1.7%

Shares of Extra Space Storage stock opened at $140.07 on Monday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. Extra Space Storage Inc has a 12-month low of $121.03 and a 12-month high of $181.42. The company has a market cap of $29.73 billion, a P/E ratio of 30.38, a PEG ratio of 3.39 and a beta of 1.09. The company’s fifty day simple moving average is $142.22 and its two-hundred day simple moving average is $144.59.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.01). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.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 revenue for the quarter was up 3.8% on a year-over-year basis. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Research analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $1.62 per share. The ex-dividend date is Monday, September 15th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.6%. Extra Space Storage’s dividend payout ratio is 140.56%.

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.