Extra Space Storage Inc. (NYSE:EXR) shares reached a new 52-week low during trading on Wednesday following insider selling activity. The company traded as low as $73.96 and last traded at $74.17, with a volume of 677,638 shares traded. The stock had previously closed at $76.69.
Specifically, CEO Spencer Kirk sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $78.26, for a total transaction of $1,565,200.00. Following the transaction, the chief executive officer now directly owns 734,430 shares of the company’s stock, valued at approximately $57,476,491.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.13% of the company’s stock.
Several equities analysts recently commented on the company. DA Davidson boosted their price target on Extra Space Storage from $90.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, July 29th. SunTrust Banks Inc. lowered Extra Space Storage from a “buy” rating to a “neutral” rating and cut their target price for the company from $107.00 to $100.00 in a research report on Monday, July 25th. Jefferies Group cut their target price on Extra Space Storage from $115.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, August 10th. Zacks Investment Research lowered Extra Space Storage from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. Finally, KeyCorp cut their target price on Extra Space Storage from $98.00 to $89.00 and set an “overweight” rating on the stock in a research report on Monday, September 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $92.96.
The company has a market capitalization of $9.32 billion, a PE ratio of 37.67 and a beta of 0.64. The company has a 50-day moving average price of $79.76 and a 200 day moving average price of $87.32.
Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Wednesday, July 27th. The real estate investment trust reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.01. The business had revenue of $244.30 million for the quarter, compared to analyst estimates of $213.32 million. Extra Space Storage had a return on equity of 13.27% and a net margin of 27.43%. The firm’s revenue for the quarter was up 31.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.75 EPS. Analysts anticipate that Extra Space Storage Inc. will post $3.76 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend was Tuesday, September 13th. Extra Space Storage’s dividend payout ratio is 158.38%.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Cypress Capital Management LLC WY acquired a new stake in shares of Extra Space Storage during the second quarter valued at $143,000. IFP Advisors Inc increased its stake in shares of Extra Space Storage by 3.1% in the second quarter. IFP Advisors Inc now owns 1,549 shares of the real estate investment trust’s stock valued at $143,000 after buying an additional 46 shares during the last quarter. Mizuho Asset Management Co. Ltd. acquired a new stake in shares of Extra Space Storage during the second quarter valued at $166,000. Westport Resources Management Inc. increased its stake in shares of Extra Space Storage by 439.2% in the second quarter. Westport Resources Management Inc. now owns 2,119 shares of the real estate investment trust’s stock valued at $196,000 after buying an additional 1,726 shares during the last quarter. Finally, Johanson Financial Advisors Inc. acquired a new stake in shares of Extra Space Storage during the second quarter valued at $208,000. 96.31% of the stock is currently owned by institutional investors and hedge funds.
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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