Cigna Investments Inc. New lifted its position in Extra Space Storage, Inc. (NYSE:EXR) by 13.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,113 shares of the real estate investment trust’s stock after buying an additional 490 shares during the quarter. Cigna Investments Inc. New’s holdings in Extra Space Storage were worth $381,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Private Advisor Group LLC acquired a new stake in Extra Space Storage in the second quarter valued at approximately $25,000. Wealthfront Advisers LLC raised its holdings in shares of Extra Space Storage by 8.3% during the 2nd quarter. Wealthfront Advisers LLC now owns 13,712 shares of the real estate investment trust’s stock valued at $1,267,000 after purchasing an additional 1,049 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Extra Space Storage by 283.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 315,978 shares of the real estate investment trust’s stock valued at $29,187,000 after purchasing an additional 233,659 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in shares of Extra Space Storage by 175.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 14,477 shares of the real estate investment trust’s stock valued at $1,337,000 after purchasing an additional 9,227 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Extra Space Storage in the second quarter worth $1,319,000. 98.88% of the stock is owned by institutional investors and hedge funds.
A number of research firms have issued reports on EXR. Morgan Stanley upped their price target on shares of Extra Space Storage from $68.00 to $83.00 and gave the company an “underweight” rating in a report on Wednesday, July 8th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $93.00 price target on shares of Extra Space Storage in a research report on Tuesday, August 11th. BMO Capital Markets began coverage on Extra Space Storage in a research report on Tuesday, July 21st. They issued a “hold” rating and a $106.00 price objective for the company. Citigroup boosted their target price on shares of Extra Space Storage from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Finally, Goldman Sachs Group began coverage on shares of Extra Space Storage in a report on Friday, June 26th. They issued a “buy” rating and a $111.00 price target for the company. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $100.60.
EXR stock opened at $111.15 on Wednesday. Extra Space Storage, Inc. has a 1-year low of $72.70 and a 1-year high of $118.46. The business’s 50 day simple moving average is $105.46 and its 200 day simple moving average is $97.21. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.85. The firm has a market capitalization of $14.35 billion, a PE ratio of 33.48, a PEG ratio of 17.47 and a beta of 0.22.
Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported $0.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.07. The company had revenue of $279.31 million for the quarter, compared to analyst estimates of $279.08 million. Extra Space Storage had a net margin of 34.79% and a return on equity of 16.34%. The company’s revenue was down .1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.22 earnings per share. As a group, sell-side analysts predict that Extra Space Storage, Inc. will post 4.86 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.90 per share. The ex-dividend date is Monday, September 14th. This represents a $3.60 annualized dividend and a dividend yield of 3.24%. Extra Space Storage’s dividend payout ratio is presently 73.77%.
In related news, CFO P Scott Stubbs sold 11,505 shares of the business’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $111.43, for a total value of $1,282,002.15. Following the completion of the transaction, the chief financial officer now owns 150,133 shares of the company’s stock, valued at $16,729,320.19. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Spencer Kirk sold 85,000 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $107.99, for a total transaction of $9,179,150.00. Following the sale, the director now directly owns 181,895 shares of the company’s stock, valued at approximately $19,642,841.05. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,505 shares of company stock valued at $11,710,137. 2.64% of the stock is owned by company insiders.
About Extra Space Storage
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 December 31, 2018, the Company owned and/or operated 1,647 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.2 million units and approximately 125.7 million square feet of rentable space.
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