Tokio Marine Asset Management Co. Ltd. boosted its holdings in Extra Space Storage Inc. (NYSE:EXR – Get Rating) by 16.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,581 shares of the real estate investment trust’s stock after purchasing an additional 363 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Extra Space Storage were worth $380,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Parkside Financial Bank & Trust grew its position in Extra Space Storage by 80.0% in the third quarter. Parkside Financial Bank & Trust now owns 144 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 64 shares in the last quarter. EdgeRock Capital LLC bought a new position in shares of Extra Space Storage in the 3rd quarter valued at about $27,000. American National Bank grew its position in shares of Extra Space Storage by 271.7% in the 4th quarter. American National Bank now owns 171 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 125 shares during the period. SJS Investment Consulting Inc. bought a new position in shares of Extra Space Storage in the 3rd quarter valued at about $35,000. Finally, Ten Capital Wealth Advisors LLC bought a new position in shares of Extra Space Storage in the 3rd quarter valued at about $36,000. Institutional investors own 95.32% of the company’s stock.
Insiders Place Their Bets
In other news, CEO Joseph D. Margolis sold 5,000 shares of the company’s stock in a transaction on Tuesday, April 4th. The shares were sold at an average price of $160.07, for a total value of $800,350.00. Following the sale, the chief executive officer now directly owns 15,144 shares of the company’s stock, valued at approximately $2,424,100.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Joseph D. Margolis sold 5,000 shares of the business’s stock in a transaction on Tuesday, April 4th. The shares were sold at an average price of $160.07, for a total transaction of $800,350.00. Following the transaction, the chief executive officer now owns 15,144 shares in the company, valued at approximately $2,424,100.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Gwyn Goodson Mcneal sold 1,500 shares of the business’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $164.00, for a total transaction of $246,000.00. Following the transaction, the executive vice president now owns 32,290 shares in the company, valued at approximately $5,295,560. The disclosure for this sale can be found here. Insiders have sold 13,440 shares of company stock valued at $2,172,313 in the last ninety days. 1.52% of the stock is currently owned by insiders.
Extra Space Storage Price Performance
Extra Space Storage (NYSE:EXR – Get Rating) last announced its quarterly earnings results on Wednesday, February 22nd. The real estate investment trust reported $1.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.56). Extra Space Storage had a net margin of 45.52% and a return on equity of 22.01%. The company had revenue of $506.70 million for the quarter, compared to the consensus estimate of $433.39 million. During the same period last year, the firm posted $1.91 earnings per share. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, equities research analysts predict that Extra Space Storage Inc. will post 8.54 EPS for the current fiscal year.
Extra Space Storage Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.98%. This is a positive change from Extra Space Storage’s previous quarterly dividend of $1.50. The ex-dividend date was Tuesday, March 14th. Extra Space Storage’s payout ratio is presently 101.09%.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on EXR. Wolfe Research downgraded shares of Extra Space Storage from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, January 18th. They noted that the move was a valuation call. JPMorgan Chase & Co. downgraded shares of Extra Space Storage from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $177.00 to $167.00 in a report on Friday, December 16th. Morgan Stanley reduced their target price on shares of Extra Space Storage from $153.00 to $145.00 and set an “underweight” rating for the company in a report on Wednesday, December 14th. StockNews.com started coverage on shares of Extra Space Storage in a report on Thursday, March 16th. They set a “hold” rating for the company. Finally, KeyCorp reduced their target price on shares of Extra Space Storage from $190.00 to $172.00 and set an “overweight” rating for the company in a report on Wednesday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Extra Space Storage has an average rating of “Hold” and an average price target of $170.56.
About Extra Space Storage
Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.
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