Traders Buy Extra Space Storage Inc. (EXR) on Weakness
Traders purchased shares of Extra Space Storage Inc. (NYSE:EXR) on weakness during trading hours on Monday. $39.44 million flowed into the stock on the tick-up and $11.64 million flowed out of the stock on the tick-down, for a money net flow of $27.80 million into the stock. Of all stocks tracked, Extra Space Storage had the 9th highest net in-flow for the day. Extra Space Storage traded down ($0.34) for the day and closed at $92.37
EXR has been the subject of several recent research reports. Zacks Investment Research lowered Extra Space Storage from a “buy” rating to a “hold” rating in a report on Monday, March 28th. Evercore ISI lifted their price objective on Extra Space Storage to $88.00 in a report on Monday, March 21st. BMO Capital Markets reissued a “buy” rating on shares of Extra Space Storage in a report on Tuesday, May 17th. Jefferies Group reissued a “buy” rating on shares of Extra Space Storage in a report on Wednesday, July 6th. Finally, DA Davidson initiated coverage on Extra Space Storage in a report on Friday, June 24th. They issued a “neutral” rating and a $95.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Extra Space Storage currently has an average rating of “Buy” and an average target price of $89.09.
The stock has a market capitalization of $11.57 billion and a P/E ratio of 52.13. The firm has a 50 day moving average price of $90.77 and a 200-day moving average price of $89.00.
Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Monday, May 2nd. The real estate investment trust reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.01. The firm had revenue of $229.40 million for the quarter, compared to analysts’ expectations of $204.78 million. During the same quarter last year, the company posted $0.69 EPS. The firm’s revenue was up 32.4% compared to the same quarter last year. Analysts expect that Extra Space Storage Inc. will post $3.74 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 15th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend was Monday, June 13th. This is an increase from Extra Space Storage’s previous quarterly dividend of $0.59.
In related news, EVP Gwyn Goodson Mcneal sold 500 shares of the company’s stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $93.50, for a total transaction of $46,750.00. Following the completion of the sale, the executive vice president now owns 14,484 shares in the company, valued at $1,354,254. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Spencer Kirk sold 20,000 shares of the company’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $86.06, for a total value of $1,721,200.00. Following the sale, the chief executive officer now owns 734,430 shares of the company’s stock, valued at approximately $63,205,045.80. The disclosure for this sale can be found here.
Other hedge funds recently modified their holdings of the company. Ameritas Investment Partners Inc. boosted its stake in shares of Extra Space Storage by 1.1% in the fourth quarter. Ameritas Investment Partners Inc. now owns 18,633 shares of the real estate investment trust’s stock worth $1,644,000 after buying an additional 211 shares during the last quarter. Quantitative Investment Management LLC boosted its stake in shares of Extra Space Storage by 29.9% in the fourth quarter. Quantitative Investment Management LLC now owns 19,100 shares of the real estate investment trust’s stock worth $1,684,000 after buying an additional 4,400 shares during the last quarter. Ashford Investment Management LLC bought a new stake in shares of Extra Space Storage during the fourth quarter worth approximately $2,435,000. Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted its stake in shares of Extra Space Storage by 7.0% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 31,138 shares of the real estate investment trust’s stock worth $2,747,000 after buying an additional 2,040 shares during the last quarter. Finally, Gulf International Bank UK Ltd boosted its stake in shares of Extra Space Storage by 9.0% in the fourth quarter. Gulf International Bank UK Ltd now owns 35,760 shares of the real estate investment trust’s stock worth $3,154,000 after buying an additional 2,940 shares during the last quarter.
Extra Space Storage Inc is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops professionally managed self-storage properties (stores). The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.
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