Extra Space Storage Inc. (NYSE:EXR) Shares Sold by Royal Bank of Canada

Royal Bank of Canada lessened its stake in Extra Space Storage Inc. (NYSE:EXR) by 9.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 168,011 shares of the real estate investment trust’s stock after selling 18,141 shares during the period. Royal Bank of Canada’s holdings in Extra Space Storage were worth $22,271,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Platte River Wealth Advisors LLC lifted its holdings in shares of Extra Space Storage by 1.6% in the 1st quarter. Platte River Wealth Advisors LLC now owns 5,868 shares of the real estate investment trust’s stock valued at $807,000 after buying an additional 95 shares during the period. HighTower Advisors LLC lifted its holdings in shares of Extra Space Storage by 5.7% in the 1st quarter. HighTower Advisors LLC now owns 1,959 shares of the real estate investment trust’s stock valued at $258,000 after buying an additional 106 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of Extra Space Storage by 4.0% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 2,934 shares of the real estate investment trust’s stock valued at $389,000 after buying an additional 112 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in shares of Extra Space Storage by 89.7% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 239 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 113 shares during the period. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Extra Space Storage by 1.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 9,690 shares of the real estate investment trust’s stock valued at $1,284,000 after buying an additional 127 shares during the period. 96.02% of the stock is owned by institutional investors and hedge funds.

EXR stock opened at $167.45 on Thursday. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.60. The firm has a 50 day moving average of $159.59. The stock has a market capitalization of $22.39 billion, a price-to-earnings ratio of 30.92, a PEG ratio of 4.97 and a beta of 0.17. Extra Space Storage Inc. has a 1 year low of $94.10 and a 1 year high of $174.89.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Wednesday, April 28th. The real estate investment trust reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.04. The business had revenue of $358.90 million during the quarter, compared to analyst estimates of $305.78 million. Extra Space Storage had a return on equity of 20.70% and a net margin of 43.95%. The business’s revenue was up 25.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.24 earnings per share. Equities research analysts forecast that Extra Space Storage Inc. will post 6.13 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 30th. Investors of record on Tuesday, June 15th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date was Monday, June 14th. Extra Space Storage’s dividend payout ratio is presently 75.76%.

In related news, SVP Grace Kunde sold 331 shares of the company’s stock in a transaction that occurred on Friday, May 14th. The stock was sold at an average price of $144.84, for a total value of $47,942.04. Following the transaction, the senior vice president now directly owns 10,368 shares in the company, valued at $1,501,701.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph D. Margolis sold 3,750 shares of the company’s stock in a transaction that occurred on Thursday, July 1st. The shares were sold at an average price of $164.89, for a total value of $618,337.50. Following the completion of the transaction, the chief executive officer now owns 52,492 shares in the company, valued at $8,655,405.88. The disclosure for this sale can be found here. Insiders sold 89,941 shares of company stock worth $13,201,943 over the last quarter. 2.64% of the stock is currently owned by insiders.

Several equities analysts recently weighed in on the company. KeyCorp lifted their price target on Extra Space Storage from $170.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, July 14th. BMO Capital Markets restated a “market perform” rating and issued a $160.00 price target on shares of Extra Space Storage in a research note on Thursday, May 20th. JPMorgan Chase & Co. lifted their price target on Extra Space Storage from $140.00 to $171.00 and gave the company an “overweight” rating in a research note on Wednesday, June 30th. Truist Securities lifted their price target on Extra Space Storage from $150.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, June 21st. Finally, Truist lifted their price target on Extra Space Storage from $137.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, May 17th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $154.57.

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 September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space.

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

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