Extra Space Storage, Inc. (EXR) Holdings Boosted by American International Group Inc.

American International Group Inc. grew its stake in Extra Space Storage, Inc. (NYSE:EXR) by 0.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,672 shares of the real estate investment trust’s stock after acquiring an additional 258 shares during the period. American International Group Inc.’s holdings in Extra Space Storage were worth $4,404,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Janus Henderson Group PLC lifted its position in shares of Extra Space Storage by 249.3% in the 3rd quarter. Janus Henderson Group PLC now owns 1,139,069 shares of the real estate investment trust’s stock worth $98,689,000 after purchasing an additional 812,925 shares during the period. Nordea Investment Management AB purchased a new stake in shares of Extra Space Storage in the 3rd quarter worth approximately $35,720,000. Renaissance Technologies LLC lifted its position in shares of Extra Space Storage by 3,884.9% in the 3rd quarter. Renaissance Technologies LLC now owns 422,400 shares of the real estate investment trust’s stock worth $36,597,000 after purchasing an additional 411,800 shares during the period. BlackRock Inc. lifted its position in shares of Extra Space Storage by 2.1% in the 4th quarter. BlackRock Inc. now owns 13,166,837 shares of the real estate investment trust’s stock worth $1,191,335,000 after purchasing an additional 265,480 shares during the period. Finally, Canada Pension Plan Investment Board lifted its position in shares of Extra Space Storage by 8,272.3% in the 3rd quarter. Canada Pension Plan Investment Board now owns 256,108 shares of the real estate investment trust’s stock worth $22,189,000 after purchasing an additional 253,049 shares during the period. Institutional investors and hedge funds own 98.80% of the company’s stock.

Several equities research analysts have recently weighed in on the stock. Zacks Investment Research cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Wednesday, March 27th. Raymond James cut shares of Extra Space Storage from an “outperform” rating to a “market perform” rating and set a $99.27 target price for the company. in a research report on Thursday, March 21st. Evercore ISI cut shares of Extra Space Storage from an “in-line” rating to an “underperform” rating in a research report on Monday, April 1st. They noted that the move was a valuation call. Finally, ValuEngine cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research report on Friday, February 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $97.83.

In other Extra Space Storage news, CEO Joseph D. Margolis sold 2,500 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $100.05, for a total value of $250,125.00. Following the completion of the transaction, the chief executive officer now owns 113,732 shares of the company’s stock, valued at $11,378,886.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Spencer Kirk sold 45,000 shares of the firm’s stock in a transaction on Monday, February 25th. The stock was sold at an average price of $93.12, for a total transaction of $4,190,400.00. Following the completion of the transaction, the director now directly owns 630,029 shares of the company’s stock, valued at approximately $58,668,300.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 130,254 shares of company stock valued at $12,477,037. Corporate insiders own 3.52% of the company’s stock.

NYSE:EXR traded down $0.51 during midday trading on Monday, reaching $101.68. 462,492 shares of the stock traded hands, compared to its average volume of 853,157. Extra Space Storage, Inc. has a 12-month low of $83.70 and a 12-month high of $102.78. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 1.73. The stock has a market capitalization of $13.01 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 4.35 and a beta of 0.30.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, February 20th. The real estate investment trust reported $1.22 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.02. The company had revenue of $266.60 million during the quarter, compared to analysts’ expectations of $265.39 million. Extra Space Storage had a net margin of 37.36% and a return on equity of 16.40%. Extra Space Storage’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.17 earnings per share. As a group, analysts expect that Extra Space Storage, Inc. will post 4.8 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.86 dividend. The ex-dividend date was Thursday, March 14th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.38%. Extra Space Storage’s dividend payout ratio is currently 73.66%.

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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 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.

Further Reading: What are retained earnings?

Institutional Ownership by Quarter for Extra Space Storage (NYSE:EXR)

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