Extra Space Storage Inc (EXR) Sets New 12-Month High After Better-Than-Expected Earnings
Extra Space Storage Inc (NYSE:EXR) reached a new 52-week high on Thursday following a stronger than expected earnings report. The company traded as high as $84.70 and last traded at $0.00, with a volume of shares trading hands. 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. Extra Space Storage had a net margin of 33.21% and a return on equity of 14.39%. The company had revenue of $284.16 million for the quarter, compared to the consensus estimate of $246.85 million. During the same period last year, the firm posted $1.02 EPS. Extra Space Storage’s revenue for the quarter was up 10.5% on a year-over-year basis.
EXR has been the subject of several recent analyst reports. BidaskClub cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Bank of America Corporation cut shares of Extra Space Storage from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $83.00 to $81.00 in a research note on Thursday, July 20th. Cantor Fitzgerald restated a “hold” rating and issued a $77.00 target price on shares of Extra Space Storage in a research note on Sunday, August 20th. KeyCorp restated a “buy” rating and issued a $82.00 target price on shares of Extra Space Storage in a research note on Friday, August 25th. Finally, BMO Capital Markets initiated coverage on shares of Extra Space Storage in a research note on Monday, September 11th. They issued a “market perform” rating and a $78.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Extra Space Storage currently has an average rating of “Hold” and a consensus price target of $82.56.
In related news, Director Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $78.12, for a total value of $1,562,400.00. Following the completion of the sale, the director now owns 665,748 shares in the company, valued at $52,008,233.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James Overturf sold 1,300 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $75.50, for a total transaction of $98,150.00. Following the completion of the sale, the executive vice president now owns 86,275 shares of the company’s stock, valued at approximately $6,513,762.50. The disclosure for this sale can be found here. Insiders sold 63,900 shares of company stock valued at $5,089,327 in the last quarter. Company insiders own 3.72% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in EXR. Penserra Capital Management LLC acquired a new stake in shares of Extra Space Storage in the third quarter valued at about $131,000. Atria Investments LLC acquired a new stake in shares of Extra Space Storage in the second quarter valued at about $213,000. Achmea Investment Management B.V. acquired a new stake in shares of Extra Space Storage in the first quarter valued at about $216,000. Federated Investors Inc. PA acquired a new stake in shares of Extra Space Storage in the second quarter valued at about $218,000. Finally, Donaldson Capital Management LLC acquired a new stake in shares of Extra Space Storage in the second quarter valued at about $231,000.
TRADEMARK VIOLATION WARNING: This report was first published by Watch List News and is owned by of Watch List News. If you are accessing this report on another site, it was illegally stolen and republished in violation of international copyright laws. The original version of this report can be read at https://www.watchlistnews.com/extra-space-storage-inc-exr-sets-new-12-month-high-after-better-than-expected-earnings/1674565.html.
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.
Receive News & Ratings for Extra Space Storage Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extra Space Storage Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.