Envestnet Portfolio Solutions Inc. Reduces Stock Position in Extra Space Storage Inc $EXR

Envestnet Portfolio Solutions Inc. reduced its position in shares of Extra Space Storage Inc (NYSE:EXR) by 19.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,367 shares of the real estate investment trust’s stock after selling 1,727 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Extra Space Storage were worth $1,086,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of EXR. JPMorgan Chase & Co. boosted its holdings in shares of 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 worth $608,001,000 after purchasing an additional 2,755,265 shares during the period. Nuveen LLC purchased a new stake in shares of Extra Space Storage during the first quarter worth about $257,917,000. AQR Capital Management LLC boosted its holdings in shares of 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 worth $166,180,000 after purchasing an additional 956,500 shares during the period. Resolution Capital Ltd boosted its holdings in shares of 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 worth $133,961,000 after purchasing an additional 650,957 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of 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 worth $453,843,000 after purchasing an additional 480,642 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the sale, the chief executive officer owned 19,760 shares in the company, valued at $2,794,261.60. This represents a 27.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.96% of the stock is currently owned by insiders.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $151.66 on Friday. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $175.57. The company has a 50 day simple moving average of $142.23 and a two-hundred day simple moving average of $144.41. The company has a market capitalization of $32.19 billion, a price-to-earnings 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.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. During the same period in the prior year, the business posted $2.06 EPS. Extra Space Storage’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. Analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms recently issued reports on EXR. Wall Street Zen raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Barclays decreased their price target on shares of Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. Scotiabank decreased their price target on shares of Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 28th. BNP Paribas raised shares of Extra Space Storage to a “hold” rating in a research note on Tuesday, June 24th. Finally, Evercore ISI increased their price target on shares of Extra Space Storage from $147.00 to $149.00 and gave the stock a “cautious” rating in a research note on Friday, October 3rd. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $148.64.

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.