UMB Bank n.a. Reduces Stock Position in Extra Space Storage Inc $EXR

UMB Bank n.a. trimmed its position in shares of Extra Space Storage Inc (NYSE:EXR) by 17.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 614 shares of the real estate investment trust’s stock after selling 128 shares during the quarter. UMB Bank n.a.’s holdings in Extra Space Storage were worth $91,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. GKV Capital Management Co. Inc. purchased a new stake in shares of Extra Space Storage in the 1st quarter worth $29,000. Zions Bancorporation National Association UT purchased a new stake in Extra Space Storage in the first quarter worth about $50,000. Golden State Wealth Management LLC raised its stake 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 bought a new position in shares of Extra Space Storage in the first quarter worth about $76,000. Finally, Avalon Trust Co purchased a new position in shares of Extra Space Storage during the 1st quarter valued at about $79,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Down 0.6%

Shares of EXR opened at $137.69 on Thursday. 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 $29.22 billion, a price-to-earnings ratio of 29.87, a price-to-earnings-growth ratio of 3.36 and a beta of 1.09. Extra Space Storage Inc has a 1 year low of $121.03 and a 1 year high of $182.89. The business’s 50 day simple moving average is $142.58 and its 200-day simple moving average is $144.83.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.01). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The business had revenue of $841.62 million during the quarter, compared to analysts’ expectations of $719.43 million. During the same period in the previous year, the business earned $2.06 earnings per share. The business’s quarterly revenue was up 3.8% on a year-over-year basis. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, equities analysts expect that Extra Space Storage Inc will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Monday, September 15th. Extra Space Storage’s payout ratio is presently 140.56%.

Wall Street Analyst Weigh In

A number of research firms have commented on EXR. Royal Bank Of Canada decreased 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 research note on Monday, August 4th. Scotiabank decreased their price objective on shares of Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 28th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $146.00 target price (down previously from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. 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 report on Tuesday, August 19th. Finally, Evercore ISI upped their price objective on Extra Space Storage from $146.00 to $147.00 and gave the stock an “in-line” rating in a research note on Monday, September 15th. Six investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, Extra Space Storage presently has an average rating of “Hold” and a consensus target price of $148.50.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares in the company, valued at approximately $4,098,541. This trade represents a 21.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.96% of the stock is owned by company insiders.

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.