Extra Space Storage Inc (EXR) Sets New 12-Month High at $87.34
Shares of Extra Space Storage Inc (NYSE:EXR) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $87.34 and last traded at $85.67, with a volume of 692900 shares changing hands. The stock had previously closed at $86.34.
Several analysts have recently issued reports on EXR shares. Zacks Investment Research upgraded Extra Space Storage from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a research report on Wednesday, October 11th. Bank of America Corporation downgraded Extra Space Storage from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $83.00 to $81.00 in a research report on Thursday, July 20th. BidaskClub upgraded Extra Space Storage from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. Evercore ISI restated an “in-line” rating and issued a $80.00 price objective (up from $78.00) on shares of Extra Space Storage in a research report on Thursday, September 14th. Finally, BMO Capital Markets started coverage on Extra Space Storage in a research report on Monday, September 11th. They issued a “market perform” rating and a $78.00 price objective on the stock. Two analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $83.44.
The company has a market cap of $11,000.00, a P/E ratio of 20.17, a P/E/G ratio of 3.33 and a beta of 0.38. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.75 and a current ratio of 0.75.
Extra Space Storage (NYSE:EXR) last released its earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.03. The firm had revenue of $284.16 million during the quarter, compared to analyst estimates of $246.85 million. Extra Space Storage had a return on equity of 14.41% and a net margin of 33.21%. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.02 earnings per share. equities research analysts predict that Extra Space Storage Inc will post 4.33 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $3.12 annualized dividend and a yield of 3.64%. Extra Space Storage’s dividend payout ratio is presently 114.71%.
Extra Space Storage announced that its Board of Directors has approved a stock buyback program on Monday, November 13th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Extra Space Storage news, Director Spencer Kirk sold 20,000 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $78.12, for a total transaction of $1,562,400.00. Following the completion of the sale, the director now directly owns 665,748 shares in the company, valued at $52,008,233.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP James Overturf sold 1,300 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $75.50, for a total value of $98,150.00. Following the sale, the executive vice president now owns 86,275 shares of the company’s stock, valued at $6,513,762.50. The disclosure for this sale can be found here. Insiders have sold 65,200 shares of company stock valued at $5,201,842 over the last 90 days. 3.72% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the business. AXA increased its stake in Extra Space Storage by 17.1% during the second quarter. AXA now owns 303,966 shares of the real estate investment trust’s stock worth $23,709,000 after acquiring an additional 44,312 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of Extra Space Storage by 6.4% in the first quarter. HighTower Advisors LLC now owns 3,906 shares of the real estate investment trust’s stock worth $288,000 after buying an additional 235 shares during the period. Royal Bank of Canada boosted its position in shares of Extra Space Storage by 39.8% in the second quarter. Royal Bank of Canada now owns 153,736 shares of the real estate investment trust’s stock worth $11,992,000 after buying an additional 43,793 shares during the period. American Century Companies Inc. boosted its position in shares of Extra Space Storage by 112.6% in the second quarter. American Century Companies Inc. now owns 632,684 shares of the real estate investment trust’s stock worth $49,349,000 after buying an additional 335,139 shares during the period. Finally, Westpac Banking Corp boosted its position in shares of Extra Space Storage by 6.6% in the second quarter. Westpac Banking Corp now owns 259,624 shares of the real estate investment trust’s stock worth $20,251,000 after buying an additional 16,122 shares during the period.
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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