Maryland State Retirement & Pension System Boosts Stock Position in Extra Space Storage Inc $EXR

Maryland State Retirement & Pension System raised its holdings in shares of Extra Space Storage Inc (NYSE:EXR) by 4.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,239 shares of the real estate investment trust’s stock after purchasing an additional 463 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Extra Space Storage were worth $1,510,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in EXR. Exchange Traded Concepts LLC increased its stake in Extra Space Storage by 8.5% during the first quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust’s stock worth $139,000 after acquiring an additional 73 shares during the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH boosted its holdings in shares of Extra Space Storage by 4.6% in the 2nd quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 1,825 shares of the real estate investment trust’s stock worth $269,000 after purchasing an additional 80 shares during the period. Naviter Wealth LLC boosted its holdings in shares of Extra Space Storage by 0.6% in the 1st quarter. Naviter Wealth LLC now owns 13,645 shares of the real estate investment trust’s stock worth $2,007,000 after purchasing an additional 82 shares during the period. Taylor Frigon Capital Management LLC boosted its holdings in shares of Extra Space Storage by 0.8% in the 1st quarter. Taylor Frigon Capital Management LLC now owns 12,248 shares of the real estate investment trust’s stock worth $1,819,000 after purchasing an additional 93 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in Extra Space Storage by 6.5% in the second quarter. Farther Finance Advisors LLC now owns 1,559 shares of the real estate investment trust’s stock worth $230,000 after buying an additional 95 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wells Fargo & Company upgraded Extra Space Storage from an “equal weight” rating to an “overweight” rating and set a $160.00 price target for the company in a research report on Tuesday, August 26th. Evercore ISI upped their price target on shares of Extra Space Storage from $147.00 to $149.00 and gave the company a “cautious” rating in a report on Friday, October 3rd. Citigroup cut 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. Barclays dropped their target price on Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. Finally, Truist Financial dropped their target price on Extra Space Storage from $158.00 to $150.00 and set a “hold” rating for the company in a research report on Tuesday, August 19th. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and an average target price of $148.64.

Extra Space Storage Price Performance

Extra Space Storage stock opened at $141.98 on Friday. The firm has a 50-day moving average of $141.10 and a two-hundred day moving average of $144.34. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $175.57. The stock has a market cap of $30.14 billion, a price-to-earnings ratio of 30.80, a price-to-earnings-growth ratio of 3.44 and a beta of 1.11.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.01). The company had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, research analysts forecast that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a $1.62 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $6.48 dividend on an annualized basis and a yield of 4.6%. Extra Space Storage’s dividend payout ratio is 140.56%.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated 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 directly owned 19,760 shares of the company’s stock, valued at $2,794,261.60. This represents a 27.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.96% of the stock is currently owned by company insiders.

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.