Magnetar Financial LLC Takes $517,000 Position in Extra Space Storage Inc $EXR

Magnetar Financial LLC purchased a new stake in shares of Extra Space Storage Inc (NYSE:EXR) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,484 shares of the real estate investment trust’s stock, valued at approximately $517,000.

Several other institutional investors have also modified their holdings of EXR. GKV Capital Management Co. Inc. acquired a new position in Extra Space Storage during the first quarter worth about $29,000. Zions Bancorporation National Association UT acquired a new position in Extra Space Storage during the first quarter worth about $50,000. Golden State Wealth Management LLC grew its holdings in Extra Space Storage by 147.0% during the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust’s stock worth $60,000 after acquiring an additional 241 shares during the period. Wayfinding Financial LLC acquired a new position in Extra Space Storage during the first quarter worth about $76,000. Finally, Avalon Trust Co bought a new stake in shares of Extra Space Storage in the 1st quarter worth approximately $79,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Trading Up 1.0%

NYSE:EXR opened at $143.73 on Monday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. Extra Space Storage Inc has a 1-year low of $121.03 and a 1-year high of $184.87. The firm has a market capitalization of $30.51 billion, a price-to-earnings ratio of 31.18, a price-to-earnings-growth ratio of 3.47 and a beta of 1.09. The stock has a fifty day simple moving average of $144.67 and a 200 day simple moving average of $146.21.

Extra Space Storage (NYSE:EXR) last released its quarterly 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 company had revenue of $841.62 million during the quarter, compared to analyst estimates of $719.43 million. During the same quarter last year, the business earned $2.06 EPS. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Sell-side analysts forecast that Extra Space Storage Inc will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $1.62 dividend. The ex-dividend date is Monday, September 15th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.5%. Extra Space Storage’s dividend payout ratio is currently 140.56%.

Wall Street Analysts Forecast Growth

EXR has been the topic of a number of research reports. Evercore ISI dropped their target price on shares of Extra Space Storage from $148.00 to $146.00 and set an “in-line” rating on the stock in a report on Monday, August 4th. BNP Paribas Exane initiated coverage on shares of Extra Space Storage in a report on Tuesday, June 24th. They issued a “neutral” rating and a $156.00 target price on the stock. BNP Paribas upgraded shares of Extra Space Storage to a “hold” rating in a report on Tuesday, June 24th. Truist Financial dropped their target price on shares of Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a report on Tuesday, August 19th. Finally, Bank of America upped their target price on Extra Space Storage from $155.00 to $161.00 and gave the company a “neutral” rating in a report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Extra Space Storage presently has a consensus rating of “Hold” and an average price target of $153.33.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the sale, the chief executive officer directly owned 27,260 shares of the company’s stock, valued at $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.36% of the stock is owned by company insiders.

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.