Cibc World Markets Corp Raises Holdings in Extra Space Storage Inc (EXR)
Cibc World Markets Corp raised its position in shares of Extra Space Storage Inc (NYSE:EXR) by 35.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,788 shares of the real estate investment trust’s stock after purchasing an additional 4,644 shares during the quarter. Cibc World Markets Corp’s holdings in Extra Space Storage were worth $1,387,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Atria Investments LLC acquired a new position in shares of Extra Space Storage during the 2nd quarter valued at $213,000. Federated Investors Inc. PA bought a new stake in shares of Extra Space Storage in the 2nd quarter worth $218,000. Pacer Advisors Inc. raised its stake in shares of Extra Space Storage by 3.2% in the 1st quarter. Pacer Advisors Inc. now owns 2,810 shares of the real estate investment trust’s stock worth $209,000 after buying an additional 88 shares in the last quarter. Global X Management Co. LLC raised its stake in shares of Extra Space Storage by 42.4% in the 1st quarter. Global X Management Co. LLC now owns 2,830 shares of the real estate investment trust’s stock worth $211,000 after buying an additional 842 shares in the last quarter. Finally, Achmea Investment Management B.V. bought a new stake in shares of Extra Space Storage in the 1st quarter worth $216,000.
Shares of Extra Space Storage Inc (NYSE EXR) opened at 79.92 on Monday. The stock’s 50 day moving average price is $77.77 and its 200 day moving average price is $76.89. Extra Space Storage Inc has a one year low of $68.09 and a one year high of $83.23. The stock has a market capitalization of $10.07 billion, a P/E ratio of 27.31 and a beta of 0.36.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.04. Extra Space Storage had a net margin of 36.35% and a return on equity of 15.20%. The business had revenue of $276.00 million for the quarter, compared to analyst estimates of $239.89 million. During the same period in the prior year, the business posted $0.94 earnings per share. Extra Space Storage’s revenue was up 13.0% compared to the same quarter last year. On average, analysts forecast that Extra Space Storage Inc will post $2.76 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date of this dividend was Thursday, September 14th. Extra Space Storage’s dividend payout ratio is presently 107.22%.
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In other news, EVP James Overturf sold 1,300 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $78.49, for a total value of $102,037.00. Following the transaction, the executive vice president now owns 84,975 shares of the company’s stock, valued at approximately $6,669,687.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Spencer Kirk sold 20,000 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $79.09, for a total value of $1,581,800.00. Following the completion of the transaction, the director now directly owns 665,748 shares in the company, valued at approximately $52,654,009.32. The disclosure for this sale can be found here. Insiders have sold a total of 43,900 shares of company stock valued at $3,444,838 in the last ninety days. Company insiders own 3.72% of the company’s stock.
Several research analysts recently weighed in on the company. BMO Capital Markets assumed coverage on Extra Space Storage in a research note on Monday, September 11th. They set a “market perform” rating and a $78.00 target price for the company. Bank of America Corporation cut shares of Extra Space Storage from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $83.00 to $81.00 in a research report on Thursday, July 20th. BidaskClub upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. Evercore ISI reiterated an “in-line” rating and issued a $80.00 price target (up from $78.00) on shares of Extra Space Storage in a research report on Thursday, September 14th. Finally, Cantor Fitzgerald reissued a “hold” rating and issued a $77.00 price target on shares of Extra Space Storage in a report on Friday, September 1st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $81.78.
Extra Space Storage Company Profile
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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