AlphaStar Capital Management LLC Purchases Shares of 10,450 Extra Space Storage Inc $EXR

AlphaStar Capital Management LLC purchased a new stake in shares of Extra Space Storage Inc (NYSE:EXR) during the second quarter, HoldingsChannel reports. The institutional investor purchased 10,450 shares of the real estate investment trust’s stock, valued at approximately $1,541,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of EXR. JPMorgan Chase & Co. lifted its position in Extra Space Storage by 205.7% during the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust’s stock valued at $608,001,000 after buying an additional 2,755,265 shares in the last quarter. Nuveen LLC acquired a new position in Extra Space Storage during the first quarter valued at approximately $257,917,000. AQR Capital Management LLC lifted its position in Extra Space Storage by 570.3% during the first quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust’s stock valued at $166,180,000 after buying an additional 956,500 shares in the last quarter. Resolution Capital Ltd lifted its position in Extra Space Storage by 259.1% during the first quarter. Resolution Capital Ltd now owns 902,157 shares of the real estate investment trust’s stock valued at $133,961,000 after buying an additional 650,957 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Extra Space Storage by 18.7% during the first quarter. Invesco Ltd. now owns 3,056,384 shares of the real estate investment trust’s stock valued at $453,843,000 after buying an additional 480,642 shares in the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

Extra Space Storage Trading Down 0.9%

EXR opened at $133.65 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. The firm’s 50 day moving average is $143.87 and its 200-day moving average is $145.25. The firm has a market capitalization of $28.37 billion, a P/E ratio of 29.83, a P/E/G ratio of 2.56 and a beta of 1.11. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $175.57.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.02. The business had revenue of $838.53 million during the quarter, compared to analyst estimates of $736.26 million. Extra Space Storage had a net margin of 28.40% and a return on equity of 6.53%. The business’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.07 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. Analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Monday, September 15th. Extra Space Storage’s payout ratio is 140.56%.

Analyst Upgrades and Downgrades

EXR has been the topic of a number of recent research reports. Scotiabank reduced their price target on shares of Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 28th. Wells Fargo & Company raised shares of Extra Space Storage from an “equal weight” rating to an “overweight” rating and set a $160.00 price target on the stock in a research report on Tuesday, August 26th. Truist Financial dropped their price objective on shares of Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a research note on Tuesday, August 19th. Citigroup dropped their price objective on shares of Extra Space Storage from $165.00 to $150.00 and set a “neutral” rating on the stock in a research note on Friday, August 22nd. Finally, Evercore ISI lifted their price objective on shares of Extra Space Storage from $147.00 to $149.00 and gave the company a “cautious” rating in a research note on Friday, October 3rd. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $148.64.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total value of $1,060,575.00. Following the completion of the sale, the chief executive officer owned 19,760 shares in the company, valued at approximately $2,794,261.60. The trade was a 27.51% 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.

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.