Chevy Chase Trust Holdings Inc. Has $8.78 Million Position in Extra Space Storage Inc (EXR)
Chevy Chase Trust Holdings Inc. increased its stake in Extra Space Storage Inc (NYSE:EXR) by 1.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 109,817 shares of the real estate investment trust’s stock after purchasing an additional 1,344 shares during the quarter. Chevy Chase Trust Holdings Inc. owned approximately 0.09% of Extra Space Storage worth $8,777,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Penserra Capital Management LLC purchased a new position in Extra Space Storage during the 3rd quarter valued at about $131,000. Federated Investors Inc. PA purchased a new position in Extra Space Storage during the 2nd quarter valued at about $218,000. Pacer Advisors Inc. grew its stake in Extra Space Storage by 8.3% during the 2nd quarter. Pacer Advisors Inc. now owns 3,042 shares of the real estate investment trust’s stock valued at $237,000 after acquiring an additional 232 shares in the last quarter. Mackenzie Financial Corp purchased a new position in Extra Space Storage during the 3rd quarter valued at about $237,000. Finally, Commonwealth Equity Services Inc purchased a new position in Extra Space Storage during the 3rd quarter valued at about $245,000.
In related news, EVP James Overturf sold 1,300 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $86.55, for a total value of $112,515.00. Following the completion of the sale, the executive vice president now directly owns 82,375 shares in the company, valued at approximately $7,129,556.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Spencer Kirk sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $85.24, for a total value of $1,704,800.00. Following the transaction, the director now owns 578,748 shares of the company’s stock, valued at $49,332,479.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,950 shares of company stock valued at $5,174,733. Corporate insiders own 3.72% of the company’s stock.
Several equities analysts have weighed in on EXR shares. BMO Capital Markets reaffirmed a “hold” rating and set a $78.00 target price on shares of Extra Space Storage in a research note on Thursday, November 2nd. Cantor Fitzgerald reiterated a “hold” rating and set a $77.00 price target on shares of Extra Space Storage in a report on Wednesday, November 1st. Jefferies Group reiterated a “hold” rating and set a $80.00 price target on shares of Extra Space Storage in a report on Tuesday, October 24th. Morgan Stanley upgraded Extra Space Storage from an “underweight” rating to an “equal weight” rating and set a $83.00 price target for the company in a report on Wednesday. Finally, Evercore ISI reiterated an “in-line” rating and set a $80.00 price target (up from $78.00) on shares of Extra Space Storage in a report on Thursday, September 14th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Extra Space Storage has an average rating of “Hold” and a consensus price target of $86.42.
Shares of Extra Space Storage Inc (NYSE EXR) traded down $0.22 during trading on Friday, hitting $86.60. The stock had a trading volume of 906,300 shares, compared to its average volume of 1,010,877. The firm has a market cap of $11,038.28, a price-to-earnings ratio of 20.47, a price-to-earnings-growth ratio of 3.37 and a beta of 0.39. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 1.68. Extra Space Storage Inc has a fifty-two week low of $71.34 and a fifty-two week high of $88.56.
Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.03. Extra Space Storage had a return on equity of 14.41% and a net margin of 33.21%. The firm had revenue of $284.16 million during the quarter, compared to analyst estimates of $246.85 million. During the same period in the previous year, the company earned $1.02 EPS. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. equities research analysts predict that Extra Space Storage Inc will post 4.34 EPS for the current year.
Extra Space Storage declared that its Board of Directors has approved a share repurchase program on Monday, November 13th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $3.12 annualized dividend and a yield of 3.60%. Extra Space Storage’s dividend payout ratio (DPR) is currently 114.71%.
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About Extra Space Storage
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.
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