Timbercreek Investment Management Inc. decreased its position in Extra Space Storage, Inc. (NYSE:EXR) by 21.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 90,800 shares of the real estate investment trust’s stock after selling 24,800 shares during the period. Extra Space Storage comprises approximately 2.4% of Timbercreek Investment Management Inc.’s portfolio, making the stock its 22nd largest position. Timbercreek Investment Management Inc.’s holdings in Extra Space Storage were worth $8,216,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in EXR. Oregon Public Employees Retirement Fund boosted its stake in Extra Space Storage by 4.5% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 13,876 shares of the real estate investment trust’s stock worth $1,202,000 after purchasing an additional 600 shares during the period. Dynamic Technology Lab Private Ltd lifted its position in Extra Space Storage by 24.1% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 3,352 shares of the real estate investment trust’s stock worth $290,000 after buying an additional 652 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in Extra Space Storage by 7.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 9,228 shares of the real estate investment trust’s stock worth $921,000 after buying an additional 664 shares in the last quarter. Vident Investment Advisory LLC lifted its position in Extra Space Storage by 5.3% during the 3rd quarter. Vident Investment Advisory LLC now owns 13,830 shares of the real estate investment trust’s stock worth $1,199,000 after buying an additional 698 shares in the last quarter. Finally, IFM Investors Pty Ltd lifted its position in Extra Space Storage by 13.7% during the 3rd quarter. IFM Investors Pty Ltd now owns 7,206 shares of the real estate investment trust’s stock worth $624,000 after buying an additional 869 shares in the last quarter.
Shares of EXR stock traded down $0.55 on Friday, reaching $89.42. The stock had a trading volume of 27,775 shares, compared to its average volume of 849,819. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market cap of $11.20 billion, a price-to-earnings ratio of 20.47, a PEG ratio of 3.32 and a beta of 0.22. Extra Space Storage, Inc. has a 12 month low of $77.53 and a 12 month high of $101.96.
Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, October 30th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.19 by ($0.17). The firm had revenue of $266.70 million during the quarter, compared to the consensus estimate of $266.81 million. Extra Space Storage had a net margin of 47.29% and a return on equity of 20.11%. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.13 earnings per share. Sell-side analysts predict that Extra Space Storage, Inc. will post 4.64 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, December 31st. Stockholders of record on Friday, December 14th were issued a $0.86 dividend. The ex-dividend date was Thursday, December 13th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.85%. Extra Space Storage’s payout ratio is 78.54%.
Several equities research analysts have commented on the stock. Zacks Investment Research cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, December 19th. ValuEngine raised shares of Extra Space Storage from a “hold” rating to a “buy” rating in a research report on Tuesday, November 20th. Finally, Citigroup cut their price target on shares of Extra Space Storage from $103.00 to $92.00 and set a “hold” rating on the stock in a research report on Friday, October 5th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $95.90.
In other news, EVP James Overturf sold 880 shares of the company’s stock in a transaction dated Tuesday, October 16th. The shares were sold at an average price of $86.24, for a total value of $75,891.20. Following the sale, the executive vice president now directly owns 72,097 shares of the company’s stock, valued at approximately $6,217,645.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 2,640 shares of company stock worth $243,276. 3.52% of the stock is owned by insiders.
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Extra Space Storage Company Profile
Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of September 30, 2018, the Company owned and/or operated 1,606 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.1 million units and approximately 122 million square feet of rentable space.
Further Reading: Different Types of Derivatives
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