Sumitomo Mitsui Asset Management Company LTD raised its position in shares of Extra Space Storage Inc. (NYSE:EXR) by 25.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 21,936 shares of the real estate investment trust’s stock after buying an additional 4,466 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Extra Space Storage were worth $2,029,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Cypress Capital Management LLC WY acquired a new stake in Extra Space Storage during the second quarter worth approximately $143,000. Johanson Financial Advisors Inc. purchased a new stake in shares of Extra Space Storage during the second quarter valued at about $208,000. Concert Wealth Management Inc. purchased a new stake in shares of Extra Space Storage during the second quarter valued at about $221,000. Conning Inc. purchased a new stake in shares of Extra Space Storage during the second quarter valued at about $229,000. Finally, Boothbay Fund Management LLC purchased a new stake in shares of Extra Space Storage during the first quarter valued at about $240,000. 96.30% of the stock is currently owned by institutional investors and hedge funds.
Shares of Extra Space Storage Inc. (NYSE:EXR) traded up 0.47% on Monday, hitting $76.29. The company’s stock had a trading volume of 456,126 shares. The stock has a 50-day moving average price of $78.57 and a 200 day moving average price of $86.65. Extra Space Storage Inc. has a one year low of $73.02 and a one year high of $94.81. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of 38.77 and a beta of 0.64.
Extra Space Storage (NYSE:EXR) last issued its earnings results on Wednesday, July 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.01. The business had revenue of $244.30 million for the quarter, compared to the consensus estimate of $213.32 million. Extra Space Storage had a net margin of 27.43% and a return on equity of 13.27%. The business’s quarterly revenue was up 31.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.75 earnings per share. Equities research analysts predict that Extra Space Storage Inc. will post $3.76 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend was Tuesday, September 13th. Extra Space Storage’s payout ratio is 158.38%.
EXR has been the topic of several research reports. Cantor Fitzgerald reaffirmed a “hold” rating on shares of Extra Space Storage in a report on Friday, August 26th. Zacks Investment Research cut Extra Space Storage from a “buy” rating to a “hold” rating in a report on Wednesday, July 13th. Jefferies Group reaffirmed a “buy” rating on shares of Extra Space Storage in a report on Wednesday, July 6th. Raymond James Financial Inc. cut Extra Space Storage from a “strong-buy” rating to an “outperform” rating and lifted their target price for the stock from $95.00 to $106.00 in a report on Friday, August 12th. Finally, KeyCorp reduced their target price on Extra Space Storage from $98.00 to $89.00 and set an “overweight” rating on the stock in a report on Monday, September 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $92.96.
In other news, CEO Spencer Kirk sold 20,000 shares of Extra Space Storage stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $86.42, for a total value of $1,728,400.00. Following the sale, the chief executive officer now owns 734,430 shares of the company’s stock, valued at $63,469,440.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.13% of the stock is currently owned by insiders.
Extra Space Storage Company Profile
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development. The Company owns, operates, manages, acquires, develops and redevelops self-storage properties (stores).