Alliancebernstein L.P. Raises Stock Holdings in Extra Space Storage Inc $EXR

Alliancebernstein L.P. lifted its holdings in Extra Space Storage Inc (NYSE:EXR) by 3.5% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 452,777 shares of the real estate investment trust’s stock after purchasing an additional 15,286 shares during the period. Alliancebernstein L.P.’s holdings in Extra Space Storage were worth $67,233,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares of the company’s stock, valued at approximately $4,098,541. The trade was a 21.58% decrease in their position. The sale 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 Up 2.3%

Extra Space Storage stock opened at $147.19 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market capitalization of $31.24 billion, a price-to-earnings ratio of 31.93, a PEG ratio of 3.56 and a beta of 1.09. Extra Space Storage Inc has a 1-year low of $121.03 and a 1-year high of $184.87. The business has a fifty day moving average price of $144.34 and a 200-day moving average price of $145.89.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data 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). The business had revenue of $841.62 million during the quarter, compared to analyst estimates of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities research analysts forecast that Extra Space Storage Inc will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $6.48 dividend on an annualized basis and a yield of 4.4%. Extra Space Storage’s payout ratio is currently 140.56%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on EXR shares. Evercore ISI reduced their price objective on 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. Royal Bank Of Canada reduced their price objective on 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. Barclays reduced their price objective on Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. BNP Paribas Exane began coverage on Extra Space Storage in a report on Tuesday, June 24th. They set a “neutral” rating and a $156.00 price objective on the stock. Finally, Benchmark dropped their target price on Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, May 13th. Seven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $153.33.

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.