Adelante Capital Management LLC Has $65.16 Million Position in Extra Space Storage Inc (NYSE:EXR)
Adelante Capital Management LLC lowered its stake in Extra Space Storage Inc (NYSE:EXR) by 6.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 835,320 shares of the real estate investment trust’s stock after selling 57,625 shares during the quarter. Extra Space Storage accounts for about 3.7% of Adelante Capital Management LLC’s portfolio, making the stock its 10th biggest holding. Adelante Capital Management LLC owned 0.66% of Extra Space Storage worth $65,155,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in EXR. AXA raised its holdings in shares of Extra Space Storage by 17.1% during the 2nd quarter. AXA now owns 303,966 shares of the real estate investment trust’s stock worth $23,709,000 after acquiring an additional 44,312 shares during the period. Mutual of America Capital Management LLC raised its holdings in Extra Space Storage by 7.9% in the 1st quarter. Mutual of America Capital Management LLC now owns 20,050 shares of the real estate investment trust’s stock valued at $1,492,000 after buying an additional 1,469 shares during the period. Morgan Stanley raised its holdings in Extra Space Storage by 108.1% in the 1st quarter. Morgan Stanley now owns 265,835 shares of the real estate investment trust’s stock valued at $19,777,000 after buying an additional 138,084 shares during the period. HighTower Advisors LLC raised its holdings in Extra Space Storage by 6.4% in the 1st quarter. HighTower Advisors LLC now owns 3,906 shares of the real estate investment trust’s stock valued at $288,000 after buying an additional 235 shares during the period. Finally, Credit Suisse AG raised its holdings in Extra Space Storage by 6.9% in the 1st quarter. Credit Suisse AG now owns 560,835 shares of the real estate investment trust’s stock valued at $41,720,000 after buying an additional 36,256 shares during the period.
A number of analysts have issued reports on EXR shares. BidaskClub raised Extra Space Storage from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th. Bank of America Corporation downgraded Extra Space Storage from a “buy” rating to a “neutral” rating and lowered their price target for the company from $83.00 to $81.00 in a report on Thursday, July 20th. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $77.00 price target on shares of Extra Space Storage in a report on Sunday, August 20th. KeyCorp reiterated a “buy” rating and issued a $82.00 price objective on shares of Extra Space Storage in a research note on Friday, August 25th. Finally, BMO Capital Markets started coverage on Extra Space Storage in a research note on Monday, September 11th. They issued a “market perform” rating and a $78.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $82.56.
In other news, EVP James Overturf sold 1,300 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $75.50, for a total value of $98,150.00. Following the completion of the transaction, the executive vice president now owns 86,275 shares in the company, valued at approximately $6,513,762.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $79.64, for a total value of $1,592,800.00. The disclosure for this sale can be found here. In the last three months, insiders sold 63,900 shares of company stock worth $5,037,638. 3.72% of the stock is currently owned by company insiders.
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Extra Space Storage Inc (NYSE:EXR) traded up 1.35% during trading on Friday, hitting $82.71. The stock had a trading volume of 961,515 shares. Extra Space Storage Inc has a 1-year low of $68.09 and a 1-year high of $83.23. The firm’s 50 day moving average is $79.30 and its 200 day moving average is $77.40. The firm has a market cap of $10.42 billion, a price-to-earnings ratio of 28.27 and a beta of 0.36.
Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.04. The company had revenue of $276.00 million for the quarter, compared to the consensus estimate of $239.89 million. Extra Space Storage had a return on equity of 15.20% and a net margin of 36.35%. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 EPS. On average, analysts anticipate that Extra Space Storage Inc will post $2.76 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date was Thursday, September 14th. Extra Space Storage’s dividend payout ratio (DPR) is currently 107.22%.
About Extra Space Storage
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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