BlackRock Inc. Has $2.46 Billion Stake in Extra Space Storage Inc. (NYSE:EXR)

BlackRock Inc. trimmed its position in Extra Space Storage Inc. (NYSE:EXR) by 0.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,010,938 shares of the real estate investment trust’s stock after selling 91,320 shares during the quarter. BlackRock Inc. owned 11.22% of Extra Space Storage worth $2,459,092,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. E Fund Management Co. Ltd. acquired a new position in shares of Extra Space Storage in the first quarter valued at $31,000. Ameritas Investment Company LLC acquired a new position in shares of Extra Space Storage in the first quarter valued at $31,000. O Shaughnessy Asset Management LLC raised its stake in shares of Extra Space Storage by 89.7% in the first quarter. O Shaughnessy Asset Management LLC now owns 239 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 113 shares in the last quarter. CX Institutional raised its stake in shares of Extra Space Storage by 29.4% in the second quarter. CX Institutional now owns 255 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 58 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake in shares of Extra Space Storage by 18.3% in the second quarter. Parallel Advisors LLC now owns 608 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 94 shares in the last quarter. Institutional investors and hedge funds own 96.43% of the company’s stock.

NYSE:EXR opened at $179.18 on Thursday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.40 and a current ratio of 0.40. The company has a market cap of $23.98 billion, a PE ratio of 36.94, a PEG ratio of 3.31 and a beta of 0.19. Extra Space Storage Inc. has a 52-week low of $102.74 and a 52-week high of $194.67. The stock has a 50-day simple moving average of $178.84 and a 200 day simple moving average of $158.87.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, July 27th. The real estate investment trust reported $1.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.56 by ($0.31). The firm had revenue of $378.60 million for the quarter, compared to the consensus estimate of $318.63 million. Extra Space Storage had a return on equity of 21.51% and a net margin of 46.33%. The firm’s quarterly revenue was up 35.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.23 earnings per share. On average, research analysts predict that Extra Space Storage Inc. will post 6.57 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Wednesday, September 15th will be issued a dividend of $1.25 per share. The ex-dividend date is Tuesday, September 14th. This is an increase from Extra Space Storage’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.79%. Extra Space Storage’s dividend payout ratio (DPR) is presently 94.70%.

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 29th. The stock was sold at an average price of $174.42, for a total value of $436,050.00. Following the completion of the transaction, the executive vice president now directly owns 26,050 shares in the company, valued at $4,543,641. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Samrat Sondhi sold 11,140 shares of the firm’s stock in a transaction that occurred on Thursday, July 29th. The shares were sold at an average price of $173.83, for a total value of $1,936,466.20. Following the completion of the transaction, the chief operating officer now owns 82,260 shares of the company’s stock, valued at $14,299,255.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,390 shares of company stock valued at $2,990,854. 2.20% of the stock is owned by corporate insiders.

EXR has been the subject of a number of recent research reports. KeyCorp upped their target price on Extra Space Storage from $180.00 to $194.00 and gave the company an “overweight” rating in a research note on Monday, August 23rd. Raymond James cut Extra Space Storage from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 10th. Truist upped their price target on Extra Space Storage from $176.00 to $188.00 and gave the company a “buy” rating in a research report on Monday, August 16th. They noted that the move was a valuation call. Citigroup upped their price target on Extra Space Storage from $151.00 to $175.00 and gave the company a “neutral” rating in a research report on Thursday, July 1st. Finally, UBS Group assumed coverage on Extra Space Storage in a report on Thursday, June 3rd. They set a “buy” rating and a $168.00 target price on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $170.15.

About Extra Space Storage

Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.

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Institutional Ownership by Quarter for Extra Space Storage (NYSE:EXR)

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