State Street Corp cut its position in Extra Space Storage Inc. (NYSE:EXR) by 8.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,631,404 shares of the real estate investment trust’s stock after selling 682,432 shares during the quarter. State Street Corp owned approximately 5.91% of Extra Space Storage worth $816,484,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in EXR. First Trust Advisors LP raised its holdings in Extra Space Storage by 261.7% in the second quarter. First Trust Advisors LP now owns 108,324 shares of the real estate investment trust’s stock worth $10,006,000 after purchasing an additional 78,376 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Extra Space Storage during the second quarter worth $276,000. Creative Planning grew its holdings in Extra Space Storage by 5.0% during the second quarter. Creative Planning now owns 5,111 shares of the real estate investment trust’s stock worth $472,000 after acquiring an additional 244 shares during the period. Strs Ohio grew its holdings in Extra Space Storage by 2.9% during the second quarter. Strs Ohio now owns 171,390 shares of the real estate investment trust’s stock worth $15,831,000 after acquiring an additional 4,871 shares during the period. Finally, Gulf International Bank UK Ltd grew its holdings in Extra Space Storage by 1.2% during the second quarter. Gulf International Bank UK Ltd now owns 33,027 shares of the real estate investment trust’s stock worth $3,050,000 after acquiring an additional 401 shares during the period. Institutional investors and hedge funds own 98.88% of the company’s stock.
A number of analysts have commented on the company. Morgan Stanley boosted their target price on Extra Space Storage from $83.00 to $94.00 and gave the stock an “underweight” rating in a research report on Monday, September 21st. Citigroup downgraded Extra Space Storage from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $105.00 to $112.00 in a research report on Monday, September 21st. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and boosted their target price for the stock from $121.00 to $135.00 in a research report on Tuesday, October 13th. Stifel Nicolaus boosted their target price on Extra Space Storage from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Raymond James upgraded Extra Space Storage from an “underperform” rating to a “market perform” rating in a research report on Tuesday, October 6th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $110.80.
Extra Space Storage stock opened at $112.69 on Friday. The firm has a market capitalization of $14.56 billion, a P/E ratio of 33.44, a PEG ratio of 14.99 and a beta of 0.20. The stock has a fifty day moving average price of $114.84 and a 200 day moving average price of $103.17. Extra Space Storage Inc. has a 52 week low of $72.70 and a 52 week high of $121.07. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.85.
Extra Space Storage (NYSE:EXR) last released its earnings results on Wednesday, November 4th. The real estate investment trust reported $0.88 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.24 by ($0.36). The business had revenue of $290.42 million during the quarter, compared to analyst estimates of $286.55 million. Extra Space Storage had a net margin of 34.54% and a return on equity of 16.47%. The business’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.79 earnings per share. As a group, equities analysts predict that Extra Space Storage Inc. will post 4.98 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Monday, December 14th. This represents a $3.60 annualized dividend and a yield of 3.19%. Extra Space Storage’s payout ratio is currently 73.77%.
In other Extra Space Storage news, CFO P Scott Stubbs sold 7,100 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $106.67, for a total transaction of $757,357.00. Following the completion of the sale, the chief financial officer now directly owns 151,888 shares in the company, valued at $16,201,892.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP William N. Springer sold 812 shares of the company’s stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $117.30, for a total value of $95,247.60. Following the sale, the executive vice president now owns 2,722 shares of the company’s stock, valued at $319,290.60. The disclosure for this sale can be found here. Insiders sold 134,632 shares of company stock valued at $14,690,110 over the last quarter. Insiders own 2.64% 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 September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space.
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