Extra Space Storage, Inc. (EXR) Given Consensus Recommendation of “Hold” by Brokerages
Extra Space Storage, Inc. (NYSE:EXR) has received an average rating of “Hold” from the fourteen ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, ten have given a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $85.70.
EXR has been the topic of several recent analyst reports. BMO Capital Markets reiterated a “hold” rating and set a $78.00 price objective on shares of Extra Space Storage in a research report on Thursday, November 2nd. Cantor Fitzgerald reiterated a “hold” rating and set a $77.00 price objective on shares of Extra Space Storage in a research report on Wednesday, November 1st. Jefferies Group reiterated a “hold” rating and set a $80.00 price objective on shares of Extra Space Storage in a research report on Tuesday, October 24th. Morgan Stanley upgraded shares of Extra Space Storage from an “underweight” rating to an “equal weight” rating and set a $83.00 price objective on the stock in a research report on Wednesday, December 13th. Finally, Evercore ISI restated an “in-line” rating and issued a $80.00 price target (up previously from $78.00) on shares of Extra Space Storage in a research report on Thursday, September 14th.
Shares of Extra Space Storage (EXR) opened at $85.17 on Tuesday. The stock has a market cap of $10,730.00, a P/E ratio of 31.31, a PEG ratio of 3.15 and a beta of 0.39. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 1.68. Extra Space Storage has a 1 year low of $71.34 and a 1 year high of $88.56.
Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.03. The firm had revenue of $284.16 million for the quarter, compared to analysts’ expectations of $246.85 million. Extra Space Storage had a net margin of 35.57% and a return on equity of 16.92%. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.02 earnings per share. sell-side analysts expect that Extra Space Storage will post 4.35 EPS for the current year.
Extra Space Storage announced that its Board of Directors has authorized a stock repurchase program on Monday, November 13th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 15th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.66%. The ex-dividend date of this dividend was Thursday, December 14th. Extra Space Storage’s dividend payout ratio is presently 114.71%.
In other Extra Space Storage news, SVP Grace Kunde sold 350 shares of Extra Space Storage stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $87.65, for a total transaction of $30,677.50. Following the completion of the transaction, the senior vice president now directly owns 11,209 shares of the company’s stock, valued at $982,468.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Spencer Kirk sold 20,000 shares of Extra Space Storage stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $81.38, for a total transaction of $1,627,600.00. Following the transaction, the director now directly owns 665,748 shares of the company’s stock, valued at $54,178,572.24. The disclosure for this sale can be found here. Insiders sold 44,250 shares of company stock worth $3,694,071 in the last 90 days. 3.72% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Suntrust Banks Inc. boosted its stake in Extra Space Storage by 1.4% during the second quarter. Suntrust Banks Inc. now owns 3,300 shares of the real estate investment trust’s stock worth $256,000 after buying an additional 45 shares during the period. State of Tennessee Treasury Department boosted its stake in Extra Space Storage by 0.3% during the second quarter. State of Tennessee Treasury Department now owns 59,438 shares of the real estate investment trust’s stock worth $4,636,000 after buying an additional 160 shares during the period. Phocas Financial Corp. boosted its stake in Extra Space Storage by 2.7% during the second quarter. Phocas Financial Corp. now owns 6,985 shares of the real estate investment trust’s stock worth $545,000 after buying an additional 186 shares during the period. Fort Washington Investment Advisors Inc. OH boosted its stake in Extra Space Storage by 1.2% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 16,400 shares of the real estate investment trust’s stock worth $1,279,000 after buying an additional 200 shares during the period. Finally, WFG Advisors LP boosted its stake in Extra Space Storage by 5.3% during the second quarter. WFG Advisors LP now owns 4,483 shares of the real estate investment trust’s stock worth $350,000 after buying an additional 226 shares during the period.
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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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