Conning Inc. Invests $229,000 in Extra Space Storage Inc. (EXR)
Conning Inc. purchased a new stake in shares of Extra Space Storage Inc. (NYSE:EXR) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,470 shares of the real estate investment trust’s stock, valued at approximately $229,000.
Other institutional investors have also modified their holdings of the company. M&T Bank Corp boosted its stake in Extra Space Storage by 80.5% in the first quarter. M&T Bank Corp now owns 30,103 shares of the real estate investment trust’s stock valued at $2,812,000 after buying an additional 13,421 shares during the period. Menta Capital LLC purchased a new stake in Extra Space Storage during the first quarter valued at about $1,336,000. Landscape Capital Management L.L.C. boosted its stake in Extra Space Storage by 500.0% in the first quarter. Landscape Capital Management L.L.C. now owns 93,000 shares of the real estate investment trust’s stock valued at $8,692,000 after buying an additional 77,499 shares during the period. NN Investment Partners Holdings N.V. purchased a new stake in Extra Space Storage during the first quarter valued at about $48,409,000. Finally, Columbia Partners L L C Investment Management purchased a new stake in Extra Space Storage during the first quarter valued at about $745,000. 96.31% of the stock is owned by institutional investors.
Extra Space Storage Inc. (NYSE:EXR) traded down 0.03% on Thursday, reaching $74.11. 1,699,418 shares of the company’s stock were exchanged. Extra Space Storage Inc. has a 1-year low of $73.02 and a 1-year high of $94.81. The firm has a market capitalization of $9.32 billion, a price-to-earnings ratio of 37.66 and a beta of 0.64. The stock’s 50 day moving average price is $79.51 and its 200 day moving average price is $87.22.
Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.01. Extra Space Storage had a net margin of 27.43% and a return on equity of 13.27%. The company earned $244.30 million during the quarter, compared to analyst estimates of $213.32 million. During the same quarter in the prior year, the business earned $0.75 earnings per share. The business’s quarterly revenue was up 31.4% compared to the same quarter last year. On average, analysts expect that Extra Space Storage Inc. will post $3.76 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were paid a $0.78 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $3.12 annualized dividend and a dividend yield of 4.21%. Extra Space Storage’s dividend payout ratio (DPR) is presently 158.38%.
Several equities research analysts have recently issued reports on EXR shares. Jefferies Group reaffirmed a “buy” rating on shares of Extra Space Storage in a research report on Wednesday, July 6th. Zacks Investment Research raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a research report on Tuesday, July 5th. Cantor Fitzgerald reaffirmed a “hold” rating on shares of Extra Space Storage in a research report on Friday, August 26th. DA Davidson lifted their price objective on shares of Extra Space Storage from $90.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, July 29th. Finally, SunTrust Banks Inc. cut shares of Extra Space Storage from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $107.00 to $100.00 in a research report on Monday, July 25th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $92.96.
In other news, CEO Spencer Kirk sold 20,000 shares of the company’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $78.26, for a total value of $1,565,200.00. Following the completion of the transaction, the chief executive officer now directly owns 734,430 shares in the company, valued at $57,476,491.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.13% of the stock is currently owned by insiders.
Extra Space Storage Company Profile
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development. The Company owns, operates, manages, acquires, develops and redevelops self-storage properties (stores).
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