American International Group Inc. cut its stake in shares of Extra Space Storage, Inc. (NYSE:EXR) by 0.3% in the first quarter, Holdings Channel reports. The fund owned 48,517 shares of the real estate investment trust’s stock after selling 155 shares during the period. American International Group Inc.’s holdings in Extra Space Storage were worth $4,944,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Rehmann Capital Advisory Group increased its position in shares of Extra Space Storage by 22.5% during the fourth quarter. Rehmann Capital Advisory Group now owns 566 shares of the real estate investment trust’s stock valued at $51,000 after acquiring an additional 104 shares during the last quarter. Exane Derivatives increased its position in shares of Extra Space Storage by 3,831.0% during the first quarter. Exane Derivatives now owns 1,651 shares of the real estate investment trust’s stock valued at $168,000 after acquiring an additional 1,609 shares during the last quarter. Liberty Wealth Management LLC acquired a new stake in shares of Extra Space Storage during the fourth quarter valued at about $170,000. Raymond James Trust N.A. acquired a new stake in shares of Extra Space Storage during the first quarter valued at about $204,000. Finally, Carderock Capital Management Inc. acquired a new stake in shares of Extra Space Storage during the first quarter valued at about $211,000. Institutional investors and hedge funds own 98.23% of the company’s stock.
In related news, Director Spencer Kirk sold 45,000 shares of Extra Space Storage stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $95.92, for a total value of $4,316,400.00. Following the completion of the transaction, the director now owns 502,529 shares in the company, valued at $48,202,581.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Grace Kunde sold 623 shares of Extra Space Storage stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $106.23, for a total transaction of $66,181.29. Following the completion of the transaction, the senior vice president now owns 8,940 shares of the company’s stock, valued at approximately $949,696.20. The disclosure for this sale can be found here. Insiders sold 102,479 shares of company stock valued at $10,135,799 in the last quarter. 3.29% of the stock is owned by insiders.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. The firm had revenue of $271.00 million during the quarter, compared to analysts’ expectations of $266.01 million. Extra Space Storage had a net margin of 37.12% and a return on equity of 16.56%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.09 earnings per share. As a group, research analysts predict that Extra Space Storage, Inc. will post 4.81 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.90 dividend. The ex-dividend date is Thursday, June 13th. This represents a $3.60 dividend on an annualized basis and a yield of 3.37%. This is an increase from Extra Space Storage’s previous quarterly dividend of $0.86. Extra Space Storage’s payout ratio is currently 73.66%.
EXR has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $110.00 price objective for the company in a report on Friday, February 1st. ValuEngine cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a report on Friday, February 22nd. Raymond James cut shares of Extra Space Storage from an “outperform” rating to a “market perform” rating and set a $99.27 price objective for the company. in a report on Thursday, March 21st. Finally, Evercore ISI cut shares of Extra Space Storage from an “in-line” rating to an “underperform” rating in a report on Monday, April 1st. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. Extra Space Storage presently has a consensus rating of “Hold” and a consensus target price of $97.93.
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Extra Space Storage Company Profile
Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2018, the Company owned and/or operated 1,647 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.2 million units and approximately 125.7 million square feet of rentable space.
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