Sumitomo Mitsui Trust Group Inc. Sells 36,301 Shares of Extra Space Storage Inc $EXR

Key Points

• Sumitomo Mitsui Trust Group cut its Extra Space Storage stake by 6%, selling 36,301 shares in the third quarter. It still held 572,191 shares, valued at about $75.2 million.
• Analysts’ consensus rating is “Moderate Buy,” with a $155.38 average price target; eight analysts rated the stock Buy and eight rated it Hold.
• Extra Space Storage reported quarterly EPS of $1.17, below the $2.10 consensus estimate, while revenue of $889.8 million topped expectations and rose 3.6% year over year.

Sumitomo Mitsui Trust Group Inc. lessened its stake in Extra Space Storage Inc (NYSE:EXR - Free Report) by 6.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 572,191 shares of the real estate investment trust's stock after selling 36,301 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.27% of Extra Space Storage worth $75,249,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Raiffeisen Bank International AG increased its position in Extra Space Storage by 82.4% in the second quarter. Raiffeisen Bank International AG now owns 186 shares of the real estate investment trust's stock worth $28,000 after buying an additional 84 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of Extra Space Storage in the first quarter valued at $30,000. Security National Bank of SO Dak purchased a new position in shares of Extra Space Storage during the 2nd quarter valued at $34,000. CoreCap Advisors LLC lifted its position in shares of Extra Space Storage by 975.0% during the 2nd quarter. CoreCap Advisors LLC now owns 258 shares of the real estate investment trust's stock valued at $37,000 after buying an additional 234 shares during the last quarter. Finally, Ancora Advisors LLC bought a new position in shares of Extra Space Storage during the 2nd quarter worth $43,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Wells Fargo & Company decreased their price objective on Extra Space Storage from $158.00 to $157.00 and set an "overweight" rating for the company in a report on Tuesday, September 1st. Truist Financial raised shares of Extra Space Storage from a "hold" rating to a "buy" rating and dropped their price objective for the company from $148.00 to $147.00 in a report on Thursday, October 1st. Barclays lifted their target price on shares of Extra Space Storage from $170.00 to $172.00 and gave the stock an "overweight" rating in a research note on Friday, July 10th. The Goldman Sachs Group reissued a "neutral" rating and issued a $160.00 price target (up from $152.00) on shares of Extra Space Storage in a research report on Thursday, July 30th. Finally, Mizuho lowered their price target on shares of Extra Space Storage from $155.00 to $152.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 2nd. Eight equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, Extra Space Storage has a consensus rating of "Moderate Buy" and a consensus price target of $155.38.

Extra Space Storage Trading Up 0.1%

Shares of EXR stock opened at $156.07 on Wednesday. The business has a 50-day moving average price of $138.93 and a two-hundred day moving average price of $142.49. Extra Space Storage Inc has a 12-month low of $125.71 and a 12-month high of $158.88. The company has a quick ratio of 1.56, a current ratio of 0.25 and a debt-to-equity ratio of 0.97. The firm has a market cap of $32.57 billion, a P/E ratio of 18.48, a price-to-earnings-growth ratio of 4.56 and a beta of 1.07.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.17 EPS for the quarter, missing analysts' consensus estimates of $2.10 by ($0.93). The business had revenue of $889.79 million for the quarter, compared to the consensus estimate of $886.61 million. Extra Space Storage had a net margin of 29.90% and a return on equity of 7.36%. The firm's revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.08 earnings per share. Equities analysts anticipate that Extra Space Storage Inc will post 8.46 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $6.48 annualized dividend and a dividend yield of 4.2%. Extra Space Storage's dividend payout ratio (DPR) is currently 131.71%.

About Extra Space Storage

Extra Space Storage Inc is a real estate investment trust that owns, operates, manages and develops self-storage properties in the United States. The company provides storage units for residential, business and vehicle-storage customers, with facilities offering a range of unit sizes and access options.

In addition to operating properties under the Extra Space Storage brand, the company provides third-party property management, acquisition and development services for self-storage owners.

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