Cornerstone Real Estate Advisers buys $11.4 Million stake in Extra Space Storage (EXR)

Extra Space Storage (EXR) : Cornerstone Real Estate Advisers scooped up 14 additional shares in Extra Space Storage during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 123,017 shares of Extra Space Storage which is valued at $11.4 Million.Extra Space Storage makes up approximately 5.58% of Cornerstone Real Estate Advisers’s portfolio.

Other Hedge Funds, Including , Mizuho Asset Managementltd. sold out all of its stake in EXR during the most recent quarter. The investment firm sold 1,378 shares of EXR which is valued $128,113. Guardian Life Insurance Co Of America added EXR to its portfolio by purchasing 457 company shares during the most recent quarter which is valued at $42,487. Extra Space Storage makes up approx 0.01% of Guardian Life Insurance Co Of America’s portfolio.Schroder Investment Management Group reduced its stake in EXR by selling 8,023 shares or 5.83% in the most recent quarter. The Hedge Fund company now holds 129,619 shares of EXR which is valued at $12.1 Million. Extra Space Storage makes up approx 0.03% of Schroder Investment Management Group’s portfolio.Presima boosted its stake in EXR in the latest quarter, The investment management firm added 35,800 additional shares and now holds a total of 476,499 shares of Extra Space Storage which is valued at $44 Million. Extra Space Storage makes up approx 6.89% of Presima’s portfolio.Aperio Group boosted its stake in EXR in the latest quarter, The investment management firm added 4,586 additional shares and now holds a total of 23,514 shares of Extra Space Storage which is valued at $2 Million. Extra Space Storage makes up approx 0.02% of Aperio Group’s portfolio.

Extra Space Storage opened for trading at $92.04 and hit $92.39 on the upside on Wednesday, eventually ending the session at $92.26, with a gain of 0.32% or 0.29 points. The heightened volatility saw the trading volume jump to 8,37,515 shares. Company has a market cap of $11,552 M.

On the company’s financial health, Extra Space Storage reported $0.86 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 2, 2016. Analyst had a consensus of $0.85. The company had revenue of $229.40 million for the quarter, compared to analysts expectations of $201.01 million. The company’s revenue was up 32.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.69 EPS.

Many Wall Street Analysts have commented on Extra Space Storage. Company shares were Reiterated by RBC Capital Mkts on May 9, 2016 to “Outperform”, Firm has raised the Price Target to $ 94 from a previous price target of $88 .

Extra Space Storage Inc. is a fully integrated self-administered and self-managed real estate investment trust (REIT). The Company owns operates manages acquires develops and redevelops professionally managed self-storage properties (stores). The Company operates through three segments: rental operations; tenant reinsurance and property management acquisition and development. The Company’s rental operations activities include rental operations of self-storage stores. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the Company’s self-storage facilities. The Company’s property management acquisition and development activities include managing acquiring developing and selling self-storage stores. As of December 31 2014 it held ownership interests in 828 operating stores. Of these operating stores 557 are wholly owned and 271 are owned in joint venture partnerships.

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