DnB Asset Management AS Lowers Position in Extra Space Storage, Inc. (EXR)

DnB Asset Management AS lowered its stake in Extra Space Storage, Inc. (NYSE:EXR) by 42.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,800 shares of the real estate investment trust’s stock after selling 10,300 shares during the period. DnB Asset Management AS’s holdings in Extra Space Storage were worth $1,207,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in EXR. Cbre Clarion Securities LLC acquired a new stake in Extra Space Storage during the 2nd quarter worth $304,239,000. Capital Research Global Investors grew its holdings in Extra Space Storage by 56.2% during the 2nd quarter. Capital Research Global Investors now owns 5,161,305 shares of the real estate investment trust’s stock worth $402,582,000 after acquiring an additional 1,857,594 shares during the period. APG Asset Management N.V. grew its holdings in Extra Space Storage by 2,889.7% during the 3rd quarter. APG Asset Management N.V. now owns 1,035,556 shares of the real estate investment trust’s stock worth $82,762,000 after acquiring an additional 1,000,919 shares during the period. JPMorgan Chase & Co. grew its holdings in Extra Space Storage by 65.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,178,691 shares of the real estate investment trust’s stock worth $172,290,000 after acquiring an additional 859,212 shares during the period. Finally, BlackRock Inc. grew its holdings in Extra Space Storage by 3.0% during the 2nd quarter. BlackRock Inc. now owns 12,091,401 shares of the real estate investment trust’s stock worth $943,130,000 after acquiring an additional 348,554 shares during the period.

A number of analysts have commented on the stock. Morgan Stanley raised shares of Extra Space Storage from an “underweight” rating to an “equal weight” rating and set a $83.00 target price for the company in a report on Wednesday, December 13th. Zacks Investment Research lowered shares of Extra Space Storage from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. Wells Fargo & Co set a $93.00 target price on shares of Extra Space Storage and gave the stock a “buy” rating in a report on Thursday, November 30th. Robert W. Baird reaffirmed a “buy” rating and set a $92.00 target price on shares of Extra Space Storage in a report on Wednesday, November 29th. Finally, Jefferies Group set a $90.00 target price on shares of Extra Space Storage and gave the stock a “hold” rating in a report on Tuesday, November 28th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Extra Space Storage presently has an average rating of “Hold” and an average price target of $86.42.

In other news, EVP James Overturf sold 1,300 shares of Extra Space Storage stock in a transaction on Thursday, October 19th. The shares were sold at an average price of $81.80, for a total transaction of $106,340.00. Following the transaction, the executive vice president now directly owns 83,675 shares of the company’s stock, valued at $6,844,615. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Spencer Kirk sold 20,000 shares of Extra Space Storage stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $81.38, for a total transaction of $1,627,600.00. Following the transaction, the director now directly owns 665,748 shares in the company, valued at $54,178,572.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,250 shares of company stock worth $3,694,071. Insiders own 3.72% of the company’s stock.

Extra Space Storage, Inc. (EXR) opened at $82.25 on Tuesday. The firm has a market cap of $10,360.00, a price-to-earnings ratio of 30.24, a PEG ratio of 3.08 and a beta of 0.39. Extra Space Storage, Inc. has a 52-week low of $71.34 and a 52-week high of $88.56. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 1.68.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.03. The company had revenue of $284.16 million for the quarter, compared to analysts’ expectations of $246.85 million. Extra Space Storage had a net margin of 33.21% and a return on equity of 14.41%. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. research analysts anticipate that Extra Space Storage, Inc. will post 4.35 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were given a dividend of $0.78 per share. The ex-dividend date was Thursday, December 14th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.79%. Extra Space Storage’s dividend payout ratio is 114.71%.

Extra Space Storage announced that its board has approved a stock repurchase plan on Monday, November 13th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is 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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Institutional Ownership by Quarter for Extra Space Storage (NYSE:EXR)

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