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.

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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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