Envestnet Asset Management Inc. Increases Stock Position in Extra Space Storage Inc $EXR

Envestnet Asset Management Inc. raised its stake in shares of Extra Space Storage Inc (NYSE:EXR) by 0.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 252,050 shares of the real estate investment trust’s stock after acquiring an additional 1,233 shares during the period. Envestnet Asset Management Inc.’s holdings in Extra Space Storage were worth $37,162,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of Extra Space Storage by 205.7% during 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 during the period. Nuveen LLC acquired a new position in Extra Space Storage during the first quarter worth $257,917,000. AQR Capital Management LLC boosted its position in shares of Extra Space Storage by 570.3% during the first quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust’s stock worth $166,180,000 after buying an additional 956,500 shares during the period. Resolution Capital Ltd grew its stake in shares of Extra Space Storage by 259.1% in the first quarter. Resolution Capital Ltd now owns 902,157 shares of the real estate investment trust’s stock valued at $133,961,000 after buying an additional 650,957 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of 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 valued at $453,843,000 after buying an additional 480,642 shares during the period. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of Extra Space Storage in a report on Wednesday, October 8th. Truist Financial reduced their price target on shares of 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. Barclays dropped 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 report on Friday, August 8th. Royal Bank Of Canada reduced their target price on shares of Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating on the stock in a report on Monday, August 4th. Finally, Evercore ISI raised their price target on shares of Extra Space Storage from $147.00 to $149.00 and gave the company a “cautious” rating in a research report on Friday, October 3rd. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $148.64.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the 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 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.96% of the company’s stock.

Extra Space Storage Stock Down 0.9%

Shares of Extra Space Storage stock opened at $133.65 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. Extra Space Storage Inc has a 52-week low of $121.03 and a 52-week high of $175.57. The company has a market capitalization of $28.37 billion, a P/E ratio of 29.83, a P/E/G ratio of 2.56 and a beta of 1.11. The company has a 50 day moving average of $143.87 and a 200 day moving average of $145.30.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.02. The business had revenue of $838.53 million for the quarter, compared to analyst estimates of $736.26 million. Extra Space Storage had a net margin of 28.40% and a return on equity of 6.53%. The company’s revenue was up 4.1% on a year-over-year basis. During the same period last year, the business earned $2.07 EPS. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. As a group, research analysts forecast that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend was Monday, September 15th. Extra Space Storage’s dividend payout ratio is currently 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.