CIBC World Markets Inc. bought a new stake in shares of Extra Space Storage, Inc. (NYSE:EXR) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,250 shares of the real estate investment trust’s stock, valued at approximately $896,000.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Fieldpoint Private Securities LLC purchased a new stake in Extra Space Storage in the third quarter worth about $103,000. Penserra Capital Management LLC purchased a new stake in Extra Space Storage in the third quarter worth about $131,000. Conning Inc. purchased a new stake in Extra Space Storage in the fourth quarter worth about $202,000. Janney Montgomery Scott LLC purchased a new stake in Extra Space Storage in the third quarter worth about $200,000. Finally, Fox Run Management L.L.C. purchased a new stake in Extra Space Storage in the fourth quarter worth about $250,000.
In other news, EVP James Overturf sold 1,300 shares of the company’s stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $86.26, for a total transaction of $112,138.00. Following the transaction, the executive vice president now owns 81,075 shares in the company, valued at $6,993,529.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Grace Kunde sold 350 shares of the company’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $87.65, for a total transaction of $30,677.50. Following the transaction, the senior vice president now owns 11,209 shares in the company, valued at approximately $982,468.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,530 shares of company stock worth $1,920,550. Corporate insiders own 3.72% of the company’s stock.
Extra Space Storage declared that its board has initiated a stock buyback plan on Monday, November 13th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
A number of analysts recently weighed in on EXR shares. Zacks Investment Research raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $98.00 price objective for the company in a research note on Monday, November 27th. Wells Fargo & Co set a $93.00 price target on shares of Extra Space Storage and gave the company a “buy” rating in a research report on Thursday, November 30th. Robert W. Baird reissued a “buy” rating and set a $92.00 price target on shares of Extra Space Storage in a research report on Wednesday, November 29th. Morgan Stanley raised shares of Extra Space Storage from an “underweight” rating to an “equal weight” rating and set a $83.00 price target for the company in a research report on Wednesday, December 13th. Finally, Jefferies Group set a $90.00 price target on shares of Extra Space Storage and gave the company a “hold” rating in a research 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 given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $86.42.
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Extra Space Storage Company 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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