HighTower Advisors LLC increased its position in shares of Extra Space Storage Inc. (NYSE:EXR – Get Rating) by 12.4% in the first quarter, HoldingsChannel.com reports. The firm owned 15,782 shares of the real estate investment trust’s stock after acquiring an additional 1,747 shares during the quarter. HighTower Advisors LLC’s holdings in Extra Space Storage were worth $3,241,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Riverview Trust Co acquired a new position in Extra Space Storage in the first quarter valued at $32,000. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Extra Space Storage in the first quarter valued at $55,000. Institutional & Family Asset Management LLC boosted its stake in Extra Space Storage by 588.5% in the first quarter. Institutional & Family Asset Management LLC now owns 358 shares of the real estate investment trust’s stock valued at $74,000 after acquiring an additional 306 shares in the last quarter. Covestor Ltd acquired a new position in Extra Space Storage in the fourth quarter valued at $80,000. Finally, Chilton Capital Management LLC acquired a new position in Extra Space Storage in the fourth quarter valued at $103,000. Institutional investors and hedge funds own 95.10% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have issued reports on EXR. Morgan Stanley decreased their price objective on shares of Extra Space Storage from $172.00 to $156.00 and set an “underweight” rating for the company in a research note on Wednesday, May 25th. UBS Group decreased their price objective on shares of Extra Space Storage from $234.00 to $197.00 and set a “buy” rating for the company in a research note on Monday, July 25th. JPMorgan Chase & Co. raised shares of Extra Space Storage from a “neutral” rating to an “overweight” rating and reduced their target price for the company from $224.00 to $193.00 in a report on Wednesday, June 22nd. Jefferies Financial Group reduced their target price on shares of Extra Space Storage from $228.00 to $184.00 and set a “hold” rating for the company in a report on Thursday, June 30th. Finally, Citigroup upped their target price on shares of Extra Space Storage to $229.00 in a report on Monday, August 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Extra Space Storage currently has an average rating of “Moderate Buy” and a consensus price target of $206.09.
Extra Space Storage Trading Down 0.7 %
Extra Space Storage Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be issued a dividend of $1.50 per share. The ex-dividend date is Wednesday, September 14th. This represents a $6.00 annualized dividend and a yield of 3.01%. Extra Space Storage’s dividend payout ratio is currently 90.36%.
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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