Chevy Chase Trust Holdings LLC Increases Holdings in Extra Space Storage Inc $EXR

Chevy Chase Trust Holdings LLC raised its stake in shares of Extra Space Storage Inc (NYSE:EXR) by 0.8% in the second quarter, Holdings Channel.com reports. The institutional investor owned 112,089 shares of the real estate investment trust’s stock after buying an additional 912 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Extra Space Storage were worth $16,526,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in EXR. JPMorgan Chase & Co. raised its stake 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 valued at $608,001,000 after buying an additional 2,755,265 shares during the last quarter. Nuveen LLC purchased a new stake in Extra Space Storage during the 1st quarter valued at $257,917,000. AQR Capital Management LLC raised its stake in Extra Space Storage by 570.3% during the 1st 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 during the last quarter. Resolution Capital Ltd raised its stake in Extra Space Storage by 259.1% during the 1st 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 during the last quarter. Finally, Invesco Ltd. raised its stake in Extra Space Storage by 18.7% during the 1st 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 during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s 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 transaction, the chief executive officer owned 19,760 shares of the company’s stock, valued at approximately $2,794,261.60. This represents a 27.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on EXR. UBS Group decreased their target price on shares of Extra Space Storage from $169.00 to $160.00 and set a “buy” rating for the company in a research note on Tuesday, September 16th. Wells Fargo & Company upgraded Extra Space Storage from an “equal weight” rating to an “overweight” rating and set a $160.00 price objective for the company in a research note on Tuesday, August 26th. Citigroup reduced their price objective on Extra Space Storage from $165.00 to $150.00 and set a “neutral” rating for the company in a research note on Friday, August 22nd. Royal Bank Of Canada reduced their price objective on Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating for the company in a research note on Monday, August 4th. Finally, BNP Paribas Exane began coverage on Extra Space Storage in a research note on Tuesday, June 24th. They issued a “neutral” rating and a $156.00 price objective for the company. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $148.64.

Extra Space Storage Trading Down 0.2%

Shares of Extra Space Storage stock opened at $151.66 on Friday. The company has a market capitalization of $32.19 billion, a P/E ratio of 32.90, a P/E/G ratio of 2.73 and a beta of 1.11. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. The company has a fifty day moving average of $142.23 and a 200 day moving average of $144.41. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $175.57.

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 for the quarter, missing the consensus estimate of $2.06 by ($0.01). The firm had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, sell-side analysts anticipate that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a $1.62 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.3%. Extra Space Storage’s dividend payout ratio is currently 140.56%.

Extra Space Storage Company 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.