OVERSEA CHINESE BANKING Corp Ltd Reduces Stock Holdings in Extra Space Storage Inc $EXR

OVERSEA CHINESE BANKING Corp Ltd lowered its position in Extra Space Storage Inc (NYSE:EXR) by 21.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,932 shares of the real estate investment trust’s stock after selling 12,794 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Extra Space Storage were worth $7,067,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in EXR. Janney Montgomery Scott LLC boosted its stake in shares of Extra Space Storage by 3.8% during the first quarter. Janney Montgomery Scott LLC now owns 5,952 shares of the real estate investment trust’s stock valued at $884,000 after acquiring an additional 219 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in shares of Extra Space Storage by 147.0% during the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust’s stock valued at $60,000 after acquiring an additional 241 shares during the last quarter. Achmea Investment Management B.V. boosted its stake in shares of Extra Space Storage by 40.5% during the first quarter. Achmea Investment Management B.V. now owns 10,506 shares of the real estate investment trust’s stock valued at $1,560,000 after acquiring an additional 3,026 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Extra Space Storage by 9.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,843 shares of the real estate investment trust’s stock valued at $5,505,000 after acquiring an additional 3,260 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of 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 valued at $3,285,000 after acquiring an additional 398 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on EXR. Scotiabank decreased their price objective on Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 28th. Evercore ISI raised 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 price target on Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating on the stock in a research note on Monday, August 4th. Wall Street Zen raised Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Finally, Truist Financial decreased their price target on Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a research note on Tuesday, August 19th. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and a consensus price target of $148.64.

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 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 $2,794,261.60. The trade was a 27.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Stock Performance

NYSE EXR opened at $150.46 on Monday. The firm has a market capitalization of $31.93 billion, a P/E ratio of 32.64, a P/E/G ratio of 2.71 and a beta of 1.11. Extra Space Storage Inc has a 1-year low of $121.03 and a 1-year high of $175.57. 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 business’s 50-day simple moving average is $143.69 and its 200-day simple moving average is $145.09.

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 for the quarter, missing the consensus estimate of $2.06 by ($0.01). The firm had revenue of $841.62 million during the quarter, compared to analyst estimates 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 for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities analysts predict that Extra Space Storage Inc will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

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

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.