Chevy Chase Trust Holdings LLC Increases Holdings in Extra Space Storage Inc $EXR

Chevy Chase Trust Holdings LLC boosted its holdings in shares of Extra Space Storage Inc (NYSE:EXR) by 0.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 112,089 shares of the real estate investment trust’s stock after purchasing an additional 912 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.05% of Extra Space Storage worth $16,526,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. D.A. Davidson & CO. boosted its position in 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 valued at $281,000 after acquiring an additional 127 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Extra Space Storage by 1.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust’s stock valued at $3,285,000 after acquiring an additional 398 shares in the last quarter. QRG Capital Management Inc. boosted its position in Extra Space Storage by 21.4% during the 1st quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust’s stock valued at $399,000 after acquiring an additional 474 shares in the last quarter. IFP Advisors Inc boosted its position in Extra Space Storage by 1,376.5% during the 1st quarter. IFP Advisors Inc now owns 1,698 shares of the real estate investment trust’s stock valued at $252,000 after acquiring an additional 1,583 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Extra Space Storage by 44.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 22,593 shares of the real estate investment trust’s stock valued at $3,355,000 after acquiring an additional 6,964 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Extra Space Storage in a research report on Wednesday, October 8th. Evercore ISI lifted their price objective on Extra Space Storage from $147.00 to $149.00 and gave the company a “cautious” rating in a research report on Friday, October 3rd. Royal Bank Of Canada cut their price objective on Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating on the stock in a research report on Monday, August 4th. Scotiabank dropped their price target on Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 28th. Finally, Truist Financial dropped their price target on Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a research report on Tuesday, August 19th. Six research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $148.64.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s 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 directly owned 19,760 shares of the company’s stock, valued at approximately $2,794,261.60. This represents a 27.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.96% of the company’s stock.

Extra Space Storage Stock Performance

Shares of EXR opened at $151.66 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. The business’s 50 day moving average price is $142.23 and its 200-day moving average price is $144.41. Extra Space Storage Inc has a 52 week low of $121.03 and a 52 week high of $175.57. The stock has a market cap of $32.19 billion, a P/E ratio of 32.90, a P/E/G ratio of 2.73 and a beta of 1.11.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.01). The business had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company posted $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities research analysts anticipate that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a $1.62 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.3%. Extra Space Storage’s dividend payout ratio is 140.56%.

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.