Korea Investment CORP Sells 14,050 Shares of Extra Space Storage Inc $EXR

Korea Investment CORP lessened its holdings in Extra Space Storage Inc (NYSE:EXR) by 10.6% during the second quarter, HoldingsChannel reports. The fund owned 118,531 shares of the real estate investment trust’s stock after selling 14,050 shares during the quarter. Korea Investment CORP’s holdings in Extra Space Storage were worth $17,476,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in EXR. GKV Capital Management Co. Inc. bought a new stake in Extra Space Storage during the 1st quarter worth approximately $29,000. Chung Wu Investment Group LLC bought a new position in shares of Extra Space Storage in the second quarter valued at approximately $29,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Extra Space Storage during the second quarter valued at approximately $37,000. MTM Investment Management LLC purchased a new position in shares of Extra Space Storage during the second quarter valued at approximately $38,000. Finally, Zions Bancorporation National Association UT bought a new stake in Extra Space Storage during the first quarter worth $50,000. Institutional investors own 99.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on EXR shares. Wall Street Zen cut Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Scotiabank lowered their target price on shares of 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. Weiss Ratings reissued a “hold (c)” rating on shares of Extra Space Storage in a research report on Wednesday, October 8th. Royal Bank Of Canada reduced their price objective on shares of Extra Space Storage from $148.00 to $146.00 and set a “sector perform” rating for the company in a research report on Friday, November 7th. Finally, Evercore ISI reiterated a “cautious” rating on shares of Extra Space Storage in a research note on Monday, November 3rd. Six investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, Extra Space Storage presently has a consensus rating of “Hold” and a consensus target price of $148.36.

Extra Space Storage Price Performance

EXR opened at $133.17 on Friday. Extra Space Storage Inc has a fifty-two week low of $121.03 and a fifty-two week high of $173.81. The firm has a 50-day moving average of $139.13 and a 200 day moving average of $143.53. 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 firm has a market cap of $28.27 billion, a P/E ratio of 29.73, a PEG ratio of 2.56 and a beta of 1.14.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $2.08 EPS for the quarter, topping the consensus estimate of $2.06 by $0.02. The business had revenue of $858.46 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 for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.07 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. On average, research analysts expect that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a $1.62 dividend. The ex-dividend date is Monday, December 15th. This represents a $6.48 annualized dividend and a yield of 4.9%. Extra Space Storage’s dividend payout ratio is presently 144.64%.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.96% of the company’s stock.

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.