Extra Space Storage Inc. (EXR) Stake Reduced by Retirement Systems of Alabama
Retirement Systems of Alabama lowered its stake in Extra Space Storage Inc. (NYSE:EXR) by 34.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,834 shares of the real estate investment trust’s stock after selling 33,126 shares during the period. Retirement Systems of Alabama’s holdings in Extra Space Storage were worth $5,907,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in EXR. Johanson Financial Advisors Inc. acquired a new stake in shares of Extra Space Storage during the second quarter valued at $208,000. Conning Inc. acquired a new stake in shares of Extra Space Storage during the second quarter valued at $229,000. Boothbay Fund Management LLC acquired a new stake in shares of Extra Space Storage during the first quarter valued at $240,000. Cleararc Capital Inc. acquired a new stake in shares of Extra Space Storage during the first quarter valued at $284,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Extra Space Storage during the second quarter valued at $324,000. 96.31% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Extra Space Storage Inc. (NYSE:EXR) traded up 1.12% during mid-day trading on Wednesday, reaching $75.76. 505,515 shares of the company were exchanged. The firm has a market capitalization of $9.53 billion, a price-to-earnings ratio of 38.50 and a beta of 0.64. Extra Space Storage Inc. has a 12 month low of $73.02 and a 12 month high of $94.81. The company’s 50-day moving average is $79.00 and its 200 day moving average is $86.91.
Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.01. The company had revenue of $244.30 million for the quarter, compared to analyst estimates of $213.32 million. Extra Space Storage had a net margin of 27.43% and a return on equity of 13.27%. The business’s quarterly revenue was up 31.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.75 earnings per share. Analysts predict that Extra Space Storage Inc. will post $3.76 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were paid a dividend of $0.78 per share. The ex-dividend date was Tuesday, September 13th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.12%. Extra Space Storage’s dividend payout ratio is currently 158.38%.
EXR has been the topic of a number of recent analyst reports. DA Davidson initiated coverage on shares of Extra Space Storage in a research report on Friday, June 24th. They issued a “neutral” rating and a $95.00 price objective on the stock. Zacks Investment Research raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $104.00 price objective on the stock in a research report on Tuesday, July 5th. Jefferies Group reissued a “buy” rating on shares of Extra Space Storage in a research report on Wednesday, July 6th. SunTrust Banks Inc. downgraded shares of Extra Space Storage from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $107.00 to $100.00 in a research report on Monday, July 25th. Finally, Raymond James Financial Inc. downgraded shares of Extra Space Storage from a “strong-buy” rating to an “outperform” rating and increased their price objective for the company from $95.00 to $106.00 in a research report on Friday, August 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $92.96.
In other news, CEO Spencer Kirk sold 20,000 shares of Extra Space Storage stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $80.66, for a total transaction of $1,613,200.00. Following the sale, the chief executive officer now owns 734,430 shares in the company, valued at $59,239,123.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.13% of the company’s stock.
About Extra Space Storage
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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