Retirement Systems of Alabama Cuts Position in Extra Space Storage Inc $EXR

Retirement Systems of Alabama reduced its position in shares of Extra Space Storage Inc (NYSE:EXR) by 0.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 166,324 shares of the real estate investment trust’s stock after selling 1,223 shares during the quarter. Retirement Systems of Alabama’s holdings in Extra Space Storage were worth $24,523,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in Extra Space Storage by 1.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust’s stock worth $3,285,000 after buying an additional 398 shares in the last quarter. Mather Group LLC. increased its holdings in shares of Extra Space Storage by 3.0% in the first quarter. Mather Group LLC. now owns 3,594 shares of the real estate investment trust’s stock valued at $534,000 after buying an additional 105 shares in the last quarter. Keybank National Association OH lifted its position in shares of Extra Space Storage by 7.1% during the 1st quarter. Keybank National Association OH now owns 12,109 shares of the real estate investment trust’s stock valued at $1,798,000 after acquiring an additional 804 shares during the last quarter. D.A. Davidson & CO. boosted its stake in shares of Extra Space Storage by 7.2% during the 1st quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust’s stock worth $281,000 after acquiring an additional 127 shares in the last quarter. Finally, Checchi Capital Advisers LLC grew its holdings in shares of Extra Space Storage by 39.5% in the 1st quarter. Checchi Capital Advisers LLC now owns 4,813 shares of the real estate investment trust’s stock worth $715,000 after acquiring an additional 1,364 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Evercore ISI lifted their price target on Extra Space Storage from $147.00 to $149.00 and gave the stock a “cautious” rating in a research note on Friday, October 3rd. Royal Bank Of Canada decreased their target price on shares of 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. Wells Fargo & Company upgraded shares of 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. The Goldman Sachs Group restated a “neutral” rating and issued a $146.00 price target (down previously from $169.00) on shares of Extra Space Storage in a research report on Thursday, August 21st. Finally, Barclays decreased their price objective 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. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Extra Space Storage has a consensus rating of “Hold” and an average price target of $148.64.

Extra Space Storage Stock Performance

Shares of EXR opened at $134.93 on Friday. Extra Space Storage Inc has a 52 week low of $121.03 and a 52 week high of $175.57. 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 market capitalization of $28.64 billion, a PE ratio of 30.12, a PEG ratio of 2.56 and a beta of 1.11. The company’s 50 day moving average price is $144.05 and its 200 day moving average price is $145.28.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Wednesday, October 29th. The real estate investment trust reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.02. Extra Space Storage had a net margin of 28.40% and a return on equity of 6.53%. The company had revenue of $838.53 million during the quarter, compared to analyst estimates of $736.26 million. During the same quarter last year, the business posted $2.07 EPS. The company’s revenue for the quarter 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 expect that Extra Space Storage Inc will post 8.1 EPS 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. Shareholders of record on Monday, September 15th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Monday, September 15th. Extra Space Storage’s dividend payout ratio is presently 140.56%.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $141.41, for a total transaction 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. The trade was a 27.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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.