NorthCoast Asset Management LLC increased its holdings in Extra Space Storage Inc. (NYSE:EXR) by 21.6% in the second quarter, HoldingsChannel.com reports. The fund owned 6,310 shares of the real estate investment trust’s stock after acquiring an additional 1,120 shares during the period. NorthCoast Asset Management LLC’s holdings in Extra Space Storage were worth $1,037,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. E Fund Management Co. Ltd. purchased a new stake in Extra Space Storage in the first quarter worth $31,000. Ameritas Investment Company LLC purchased a new stake in Extra Space Storage in the first quarter worth $31,000. O Shaughnessy Asset Management LLC lifted its stake in Extra Space Storage by 89.7% in the first quarter. O Shaughnessy Asset Management LLC now owns 239 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 113 shares during the period. CX Institutional lifted its stake in Extra Space Storage by 29.4% in the second quarter. CX Institutional now owns 255 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 58 shares during the period. Finally, Parallel Advisors LLC lifted its stake in Extra Space Storage by 18.3% in the second quarter. Parallel Advisors LLC now owns 608 shares of the real estate investment trust’s stock worth $100,000 after acquiring an additional 94 shares during the period. 96.43% of the stock is owned by institutional investors.
In other news, COO Samrat Sondhi sold 11,140 shares of Extra Space Storage stock in a transaction dated Thursday, July 29th. The stock was sold at an average price of $173.83, for a total transaction of $1,936,466.20. Following the transaction, the chief operating officer now directly owns 82,260 shares of the company’s stock, valued at approximately $14,299,255.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 3,750 shares of Extra Space Storage stock in a transaction dated Thursday, July 1st. The shares were sold at an average price of $164.89, for a total value of $618,337.50. Following the transaction, the chief executive officer now directly owns 52,492 shares in the company, valued at $8,655,405.88. The disclosure for this sale can be found here. Insiders sold 17,390 shares of company stock worth $2,990,854 over the last three months. Insiders own 2.20% of the company’s stock.
Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, July 27th. The real estate investment trust reported $1.25 EPS for the quarter, missing the consensus estimate of $1.56 by ($0.31). Extra Space Storage had a return on equity of 21.51% and a net margin of 46.33%. The business had revenue of $378.60 million during the quarter, compared to the consensus estimate of $318.63 million. During the same quarter in the previous year, the business posted $1.23 earnings per share. Extra Space Storage’s quarterly revenue was up 35.6% compared to the same quarter last year. On average, equities analysts predict that Extra Space Storage Inc. will post 6.57 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Wednesday, September 15th will be given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.78%. This is a boost from Extra Space Storage’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, September 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 94.70%.
A number of brokerages recently commented on EXR. Morgan Stanley raised their price target on Extra Space Storage from $146.00 to $157.00 and gave the stock an “underweight” rating in a research note on Monday, August 16th. UBS Group started coverage on Extra Space Storage in a research report on Thursday, June 3rd. They set a “buy” rating and a $168.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on Extra Space Storage from $140.00 to $171.00 and gave the company an “overweight” rating in a research report on Wednesday, June 30th. Wells Fargo & Company raised their price objective on Extra Space Storage from $147.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, May 28th. Finally, Wolfe Research started coverage on Extra Space Storage in a research report on Monday, June 14th. They set an “outperform” rating and a $189.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $170.15.
About Extra Space Storage
Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.
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