Extra Space Storage Inc (EXR) Stake Decreased by Riverhead Capital Management LLC
Riverhead Capital Management LLC lowered its position in Extra Space Storage Inc (NYSE:EXR) by 50.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,755 shares of the real estate investment trust’s stock after selling 7,014 shares during the quarter. Riverhead Capital Management LLC’s holdings in Extra Space Storage were worth $527,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in EXR. Janney Montgomery Scott LLC purchased a new stake in shares of Extra Space Storage in the first quarter valued at $204,000. Advisors Asset Management Inc. raised its stake in shares of Extra Space Storage by 22.6% in the first quarter. Advisors Asset Management Inc. now owns 4,442 shares of the real estate investment trust’s stock valued at $330,000 after acquiring an additional 820 shares during the period. Comerica Bank raised its stake in shares of Extra Space Storage by 5.7% in the first quarter. Comerica Bank now owns 40,906 shares of the real estate investment trust’s stock valued at $3,111,000 after acquiring an additional 2,194 shares during the period. UBS Asset Management Americas Inc. raised its stake in shares of Extra Space Storage by 14.0% in the first quarter. UBS Asset Management Americas Inc. now owns 475,354 shares of the real estate investment trust’s stock valued at $35,362,000 after acquiring an additional 58,244 shares during the period. Finally, Karp Capital Management Corp purchased a new stake in shares of Extra Space Storage in the first quarter valued at $2,537,000.
Several equities research analysts have recently weighed in on the stock. BidaskClub downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Cantor Fitzgerald reissued a “hold” rating and issued a $77.00 target price on shares of Extra Space Storage in a research note on Friday, September 1st. KeyCorp reissued a “buy” rating and issued a $82.00 target price on shares of Extra Space Storage in a research note on Friday, August 25th. Bank of America Corporation downgraded shares of Extra Space Storage from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $83.00 to $81.00 in a research note on Thursday, July 20th. Finally, Evercore ISI reaffirmed an “in-line” rating and issued a $80.00 price target (up previously from $78.00) on shares of Extra Space Storage in a research note on Thursday, September 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Extra Space Storage currently has an average rating of “Hold” and an average target price of $81.78.
In other news, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $78.31, for a total transaction of $1,566,200.00. Following the completion of the transaction, the director now directly owns 665,748 shares of the company’s stock, valued at $52,134,725.88. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP James Overturf sold 1,300 shares of the business’s stock in a transaction dated 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 directly owns 84,975 shares of the company’s stock, valued at $6,669,687.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,900 shares of company stock valued at $5,011,038. Corporate insiders own 3.72% of the company’s stock.
Shares of Extra Space Storage Inc (NYSE:EXR) opened at 79.46 on Thursday. The company has a market capitalization of $10.01 billion, a PE ratio of 27.16 and a beta of 0.35. Extra Space Storage Inc has a 12-month low of $68.09 and a 12-month high of $83.23. The stock has a 50 day moving average of $77.77 and a 200-day moving average of $76.89.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $1.09 EPS for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.04. Extra Space Storage had a return on equity of 15.20% and a net margin of 36.35%. The business had revenue of $276.00 million during the quarter, compared to the consensus estimate of $239.89 million. During the same period in the previous year, the company posted $0.94 earnings per share. The business’s revenue for the quarter was up 13.0% on a year-over-year basis. Analysts predict that Extra Space Storage Inc will post $2.76 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date is Thursday, September 14th. Extra Space Storage’s dividend payout ratio is presently 107.22%.
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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