Extra Space Storage (EXR) Receiving Somewhat Favorable Media Coverage, Analysis Shows
News stories about Extra Space Storage (NYSE:EXR) have trended somewhat positive recently, according to Accern Sentiment. The research group identifies positive and negative media coverage by reviewing more than 20 million news and blog sources in real-time. Accern ranks coverage of public companies on a scale of -1 to 1, with scores nearest to one being the most favorable. Extra Space Storage earned a news impact score of 0.17 on Accern’s scale. Accern also assigned media stories about the real estate investment trust an impact score of 46.2747256087221 out of 100, indicating that recent media coverage is somewhat unlikely to have an effect on the stock’s share price in the near future.
These are some of the media stories that may have effected Accern Sentiment Analysis’s scoring:
- This Morning’s Technical Outlook on REIT Stocks — Rexford Industrial Realty, Extra Space Storage, First Industrial Realty Trust, and Uniti (bizjournals.com)
- Extra Space Storage Inc (EXR) Ex-Dividend Date Scheduled for December 14, 2017 – Nasdaq (nasdaq.com)
- Extra Space Storage (EXR) Stock Rating Upgraded by Morgan Stanley (americanbankingnews.com)
- Extra Space Storage Shows Improved Relative Strength; Still Shy Of Benchmark (finance.yahoo.com)
- Extra Space Storage Inc (EXR) Receives Average Recommendation of “Hold” from Analysts (americanbankingnews.com)
A number of research analysts have recently weighed in on the company. Jefferies Group set a $90.00 price objective on Extra Space Storage and gave the company a “hold” rating in a research report on Tuesday, November 28th. Wells Fargo & Company set a $93.00 price objective on Extra Space Storage and gave the company a “buy” rating in a research report on Thursday, November 30th. Zacks Investment Research lowered Extra Space Storage from a “buy” rating to a “hold” rating in a research report on Thursday, November 30th. Morgan Stanley upgraded Extra Space Storage from an “underweight” rating to an “equal weight” rating and set a $83.00 price target for the company in a research report on Wednesday. Finally, Cantor Fitzgerald reiterated a “hold” rating and issued a $77.00 price target on shares of Extra Space Storage in a research report on Sunday, August 20th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $86.42.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.03. The business had revenue of $284.16 million during the quarter, compared to the consensus estimate of $246.85 million. Extra Space Storage had a net margin of 33.21% and a return on equity of 14.41%. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.02 earnings per share. analysts predict that Extra Space Storage will post 4.34 earnings per share for the current year.
Extra Space Storage announced that its Board of Directors has initiated a stock buyback program on Monday, November 13th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.56%. The ex-dividend date is Thursday, December 14th. Extra Space Storage’s payout ratio is currently 114.71%.
In other Extra Space Storage news, SVP Grace Kunde sold 350 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $87.65, for a total value of $30,677.50. Following the completion of the sale, the senior vice president now owns 11,209 shares of the company’s stock, valued at $982,468.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $79.64, for a total transaction of $1,592,800.00. The disclosure for this sale can be found here. In the last three months, insiders sold 62,950 shares of company stock valued at $5,174,733. 3.72% of the stock is owned by insiders.
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About Extra Space Storage
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.
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