IFP Advisors Inc Acquires 1,621 Shares of Extra Space Storage Inc $EXR

IFP Advisors Inc increased its holdings in shares of Extra Space Storage Inc (NYSE:EXR) by 95.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,319 shares of the real estate investment trust’s stock after buying an additional 1,621 shares during the quarter. IFP Advisors Inc’s holdings in Extra Space Storage were worth $489,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its holdings in Extra Space Storage by 0.9% in 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. JPMorgan Chase & Co. increased its holdings in Extra Space Storage by 205.7% in the 1st 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 in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Extra Space Storage by 0.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,077,577 shares of the real estate investment trust’s stock worth $456,989,000 after purchasing an additional 12,607 shares in the last quarter. Invesco Ltd. increased its holdings in Extra Space Storage by 18.7% in the 1st 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 in the last quarter. Finally, Northern Trust Corp increased its holdings in Extra Space Storage by 1.7% in the 1st quarter. Northern Trust Corp now owns 2,922,828 shares of the real estate investment trust’s stock worth $434,011,000 after purchasing an additional 47,779 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer owned 19,760 shares in the company, valued at approximately $2,794,261.60. This represents a 27.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Trading Up 2.0%

NYSE EXR opened at $147.98 on Wednesday. The business has a 50 day simple moving average of $141.43 and a 200 day simple moving average of $144.35. Extra Space Storage Inc has a one year low of $121.03 and a one year high of $175.57. The stock has a market capitalization of $31.41 billion, a P/E ratio of 32.10, a P/E/G ratio of 3.52 and a beta of 1.11. 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 (NYSE:EXR) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.01). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The business had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. During the same period in the prior year, the business earned $2.06 EPS. The company’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. Research analysts expect 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 announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.4%. Extra Space Storage’s dividend payout ratio (DPR) is currently 140.56%.

Analyst Ratings Changes

A number of brokerages have issued reports on EXR. Truist Financial lowered their target price on Extra Space Storage from $158.00 to $150.00 and set a “hold” rating for the company in a report on Tuesday, August 19th. BNP Paribas Exane began coverage on Extra Space Storage in a report on Tuesday, June 24th. They issued a “neutral” rating and a $156.00 target price for the company. Royal Bank Of Canada lowered their target price on Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating for the company in a report on Monday, August 4th. Scotiabank lowered their target price on Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating for the company in a report on Thursday, August 28th. Finally, Evercore ISI increased their price target on Extra Space Storage from $147.00 to $149.00 and gave the company a “cautious” rating in a research note on Friday, October 3rd. Six 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. According to MarketBeat.com, Extra Space Storage has a consensus rating of “Hold” and a consensus target price of $148.64.

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.