Swiss National Bank Increases Stake in Extra Space Storage Inc $EXR

Swiss National Bank raised its holdings in shares of Extra Space Storage Inc (NYSE:EXR) by 7.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 642,427 shares of the real estate investment trust’s stock after purchasing an additional 44,500 shares during the quarter. Swiss National Bank owned approximately 0.30% of Extra Space Storage worth $94,719,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Extra Space Storage by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 34,269,652 shares of the real estate investment trust’s stock valued at $5,052,717,000 after acquiring an additional 300,167 shares during the period. Geode Capital Management LLC raised its stake in shares of Extra Space Storage by 1.8% during the 2nd quarter. Geode Capital Management LLC now owns 5,795,253 shares of the real estate investment trust’s stock valued at $851,070,000 after purchasing an additional 100,637 shares during the period. JPMorgan Chase & Co. lifted its holdings in Extra Space Storage by 205.7% during the 1st 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 in the last quarter. Invesco Ltd. boosted its stake in Extra Space Storage by 18.7% in the 1st quarter. Invesco Ltd. now owns 3,056,384 shares of the real estate investment trust’s stock worth $453,843,000 after purchasing an additional 480,642 shares during the period. Finally, Northern Trust Corp increased its position 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. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Wall Street Analyst Weigh In

EXR has been the subject of several recent analyst reports. Royal Bank Of Canada reduced their price objective on shares of Extra Space Storage from $148.00 to $146.00 and set a “sector perform” rating for the company in a research note on Friday, November 7th. Truist Financial cut their price target 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. Citigroup decreased their price target on shares of Extra Space Storage from $165.00 to $150.00 and set a “neutral” rating on the stock in a report on Friday, August 22nd. Scotiabank lowered their price objective on 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. Finally, Wall Street Zen downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Six equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $148.36.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the completion of the sale, the chief executive officer directly owned 19,760 shares in the company, valued at $2,794,261.60. This represents a 27.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.96% of the company’s stock.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $131.45 on Friday. The stock’s 50-day moving average is $140.13 and its 200 day moving average is $144.06. The stock has a market cap of $27.90 billion, a price-to-earnings ratio of 29.34, a P/E/G ratio of 2.56 and a beta of 1.14. Extra Space Storage Inc has a 1-year low of $121.03 and a 1-year high of $175.57. 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 (NYSE:EXR) last issued its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.02. The business had revenue of $858.46 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 4.1% on a year-over-year basis. During the same period last year, the business earned $2.07 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. On average, sell-side analysts anticipate that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be issued a $1.62 dividend. The ex-dividend date is Monday, December 15th. This represents a $6.48 annualized dividend and a dividend yield of 4.9%. Extra Space Storage’s payout ratio is currently 144.64%.

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.