Invesco Ltd. Acquires 342,708 Shares of Extra Space Storage Inc $EXR

Invesco Ltd. raised its holdings in Extra Space Storage Inc (NYSE:EXR) by 11.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,399,092 shares of the real estate investment trust’s stock after purchasing an additional 342,708 shares during the quarter. Invesco Ltd. owned 1.60% of Extra Space Storage worth $501,162,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of EXR. Federated Hermes Inc. raised its stake in Extra Space Storage by 74.8% during the first quarter. Federated Hermes Inc. now owns 1,932 shares of the real estate investment trust’s stock worth $287,000 after acquiring an additional 827 shares in the last quarter. Blair William & Co. IL grew its holdings in shares of Extra Space Storage by 4.1% during the 1st quarter. Blair William & Co. IL now owns 2,693 shares of the real estate investment trust’s stock valued at $400,000 after purchasing an additional 105 shares during the last quarter. Vanguard Group Inc. increased its position in Extra Space Storage by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust’s stock worth $5,044,129,000 after purchasing an additional 295,556 shares in the last quarter. ASR Vermogensbeheer N.V. bought a new position in Extra Space Storage in the 1st quarter valued at approximately $985,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Extra Space Storage by 1.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,435,928 shares of the real estate investment trust’s stock valued at $361,711,000 after buying an additional 26,598 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

EXR has been the subject of several research analyst reports. UBS Group lowered their price target on shares of Extra Space Storage from $169.00 to $160.00 and set a “buy” rating for the company in a report on Tuesday, September 16th. Wall Street Zen cut Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Royal Bank Of Canada dropped their target price on Extra Space Storage from $148.00 to $146.00 and set a “sector perform” rating for the company in a research report on Friday, November 7th. Wells Fargo & Company upgraded Extra Space Storage from an “equal weight” rating to an “overweight” rating and set a $160.00 price target on the stock in a report on Tuesday, August 26th. Finally, Citigroup dropped their price objective on shares of Extra Space Storage from $165.00 to $150.00 and set a “neutral” rating for the company in a report on Friday, August 22nd. Six equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, Extra Space Storage has an average rating of “Hold” and an average price target of $148.36.

Extra Space Storage Trading Down 0.9%

Shares of EXR stock opened at $131.02 on Friday. The company has a market cap of $27.81 billion, a P/E ratio of 29.24, a PEG ratio of 2.52 and a beta of 1.27. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $165.54. The stock has a 50 day simple moving average of $138.62 and a two-hundred day simple moving average of $143.10. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.24 and a current ratio of 0.24.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $2.08 EPS for the quarter, topping the consensus estimate of $2.06 by $0.02. Extra Space Storage had a net margin of 28.40% and a return on equity of 6.56%. The company had revenue of $858.46 million during the quarter, compared to the consensus estimate of $736.26 million. During the same quarter last year, the firm posted $2.07 EPS. The company’s quarterly revenue was up 4.1% on a year-over-year basis. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. Research analysts forecast that Extra Space Storage Inc will post 8.1 earnings per share for the current 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 dividend of $1.62 per share. 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 dividend payout ratio is currently 144.64%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was 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 in the company, valued at $2,794,261.60. This trade represents a 27.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.96% of the stock is owned by company insiders.

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.