DnB Asset Management AS Cuts Position in Extra Space Storage, Inc. (EXR)
DnB Asset Management AS reduced its stake in Extra Space Storage, Inc. (NYSE:EXR) by 42.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,800 shares of the real estate investment trust’s stock after selling 10,300 shares during the quarter. DnB Asset Management AS’s holdings in Extra Space Storage were worth $1,207,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Fieldpoint Private Securities LLC bought a new stake in Extra Space Storage in the 3rd quarter valued at $103,000. Penserra Capital Management LLC bought a new stake in Extra Space Storage in the 3rd quarter valued at $131,000. Janney Montgomery Scott LLC bought a new stake in Extra Space Storage in the 3rd quarter valued at $200,000. Federated Investors Inc. PA bought a new stake in Extra Space Storage in the 2nd quarter valued at $218,000. Finally, Mackenzie Financial Corp bought a new stake in Extra Space Storage in the 3rd quarter valued at $237,000.
EXR has been the topic of several analyst reports. Zacks Investment Research raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a research report on Wednesday, October 11th. KeyCorp reissued a “hold” rating on shares of Extra Space Storage in a research report on Wednesday, October 11th. Jefferies Group reissued a “hold” rating and set a $80.00 price target on shares of Extra Space Storage in a research report on Tuesday, October 24th. Cantor Fitzgerald reissued a “hold” rating and set a $77.00 price target on shares of Extra Space Storage in a research report on Wednesday, November 1st. Finally, BMO Capital Markets reissued a “hold” rating and set a $78.00 price target on shares of Extra Space Storage in a research report on Thursday, November 2nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $86.42.
Shares of Extra Space Storage, Inc. (NYSE:EXR) opened at $82.25 on Tuesday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.75 and a current ratio of 0.75. Extra Space Storage, Inc. has a 52-week low of $71.34 and a 52-week high of $88.56. The company has a market cap of $10,360.00, a PE ratio of 30.24, a price-to-earnings-growth ratio of 3.08 and a beta of 0.39.
Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.03. The company had revenue of $284.16 million for the quarter, compared to analyst estimates of $246.85 million. Extra Space Storage had a net margin of 33.21% and a return on equity of 14.41%. Extra Space Storage’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.02 EPS. sell-side analysts anticipate that Extra Space Storage, Inc. will post 4.35 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $3.12 annualized dividend and a dividend yield of 3.79%. Extra Space Storage’s dividend payout ratio is presently 114.71%.
Extra Space Storage declared that its board has authorized a stock repurchase program on Monday, November 13th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Extra Space Storage Profile
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.
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