Extra Space Storage Inc. (EXR) Reaches New 12-Month Low After Insider Selling
Extra Space Storage Inc. (NYSE:EXR) hit a new 52-week low during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $73.96 and last traded at $74.17, with a volume of 677,638 shares trading hands. The stock had previously closed at $76.69.
Specifically, CEO Spencer Kirk sold 20,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at $59,239,123.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.13% of the company’s stock.
Several analysts have recently issued reports on EXR shares. Cantor Fitzgerald reissued a “hold” rating on shares of Extra Space Storage in a research report on Friday, August 26th. Zacks Investment Research cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Jefferies Group reissued a “buy” rating on shares of Extra Space Storage in a research report on Wednesday, July 6th. Raymond James Financial Inc. lowered shares of Extra Space Storage from a “strong-buy” rating to an “outperform” rating and upped their target price for the stock from $95.00 to $106.00 in a research note on Friday, August 12th. Finally, KeyCorp cut their target price on shares of Extra Space Storage from $98.00 to $89.00 and set an “overweight” rating on the stock in a research note on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. Extra Space Storage presently has an average rating of “Hold” and a consensus target price of $92.96.
The stock has a 50-day moving average price of $79.76 and a 200 day moving average price of $87.32. The firm has a market cap of $9.32 billion, a price-to-earnings ratio of 37.67 and a beta of 0.64.
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 for the quarter, beating the 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 company’s revenue was up 31.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.75 EPS. Equities research analysts predict that Extra Space Storage Inc. will post $3.76 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend was Tuesday, September 13th. Extra Space Storage’s dividend payout ratio (DPR) is presently 158.38%.
A number of institutional investors have recently added to or reduced their stakes in the company. Cleararc Capital Inc. raised its position in Extra Space Storage by 0.7% in the second quarter. Cleararc Capital Inc. now owns 3,060 shares of the real estate investment trust’s stock valued at $283,000 after buying an additional 22 shares during the period. IFP Advisors Inc raised its position in 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 period. National Asset Management Inc. raised its position in Extra Space Storage by 1.5% in the second quarter. National Asset Management Inc. now owns 3,381 shares of the real estate investment trust’s stock valued at $313,000 after buying an additional 50 shares during the period. Norinchukin Bank The raised its position in Extra Space Storage by 4.8% in the second quarter. Norinchukin Bank The now owns 2,745 shares of the real estate investment trust’s stock valued at $254,000 after buying an additional 125 shares during the period. Finally, Suntrust Banks Inc. raised its position in Extra Space Storage by 2.0% in the second quarter. Suntrust Banks Inc. now owns 6,841 shares of the real estate investment trust’s stock valued at $631,000 after buying an additional 131 shares during the period. 96.31% of the stock is currently owned by hedge funds and other institutional investors.
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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