Extra Space Storage (NYSE:EXR) Given New $160.00 Price Target at Morgan Stanley

Extra Space Storage (NYSE:EXR) had its target price increased by Morgan Stanley from $157.00 to $160.00 in a research note issued to investors on Wednesday morning, Price Targets.com reports. The brokerage currently has an underweight rating on the real estate investment trust’s stock.

Several other analysts have also issued reports on EXR. Berenberg Bank initiated coverage on shares of Extra Space Storage in a research report on Thursday, October 7th. They set a buy rating and a $198.00 price target on the stock. Zacks Investment Research upgraded shares of Extra Space Storage from a hold rating to a strong-buy rating and set a $202.00 price target on the stock in a research report on Tuesday, August 3rd. Truist increased their price objective on shares of Extra Space Storage from $176.00 to $188.00 and gave the company a buy rating in a research note on Monday, August 16th. They noted that the move was a valuation call. Raymond James downgraded shares of Extra Space Storage from an outperform rating to a market perform rating in a research note on Tuesday, August 10th. Finally, JPMorgan Chase & Co. raised their price target on shares of Extra Space Storage from $140.00 to $171.00 and gave the company an overweight rating in a research note on Wednesday, June 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Extra Space Storage currently has an average rating of Buy and an average price target of $175.23.

Shares of NYSE EXR opened at $179.76 on Wednesday. The company has a fifty day moving average price of $178.77 and a 200 day moving average price of $163.24. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 1.60. Extra Space Storage has a 1-year low of $106.33 and a 1-year high of $194.67. The firm has a market cap of $24.05 billion, a PE ratio of 37.06, a PEG ratio of 3.31 and a beta of 0.19.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, July 27th. The real estate investment trust reported $1.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.56 by ($0.31). The firm had revenue of $378.60 million during the quarter, compared to the consensus estimate of $318.63 million. Extra Space Storage had a net margin of 46.33% and a return on equity of 21.51%. The firm’s revenue for the quarter was up 35.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.23 earnings per share. Equities research analysts forecast that Extra Space Storage will post 6.57 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 30th. Shareholders of record on Wednesday, September 15th were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date was Tuesday, September 14th. This is a boost from Extra Space Storage’s previous quarterly dividend of $1.00. Extra Space Storage’s payout ratio is currently 94.70%.

In related news, EVP Gwyn Goodson Mcneal sold 2,500 shares of the company’s stock in a transaction on Thursday, July 29th. The shares were sold at an average price of $174.42, for a total transaction of $436,050.00. Following the completion of the sale, the executive vice president now directly owns 26,050 shares in the company, valued at approximately $4,543,641. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph D. Margolis sold 3,750 shares of the company’s stock in a transaction on Friday, October 1st. The stock was sold at an average price of $168.81, for a total transaction of $633,037.50. The disclosure for this sale can be found here. In the last three months, insiders sold 17,390 shares of company stock valued at $3,005,554. Corporate insiders own 2.20% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. increased its stake in shares of Extra Space Storage by 3.4% in the 1st quarter. Principal Financial Group Inc. now owns 3,620,656 shares of the real estate investment trust’s stock worth $479,918,000 after acquiring an additional 117,726 shares in the last quarter. HighTower Advisors LLC grew its position in Extra Space Storage by 5.7% during the 1st quarter. HighTower Advisors LLC now owns 1,959 shares of the real estate investment trust’s stock valued at $258,000 after purchasing an additional 106 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in Extra Space Storage by 236.9% during the 1st quarter. Rockefeller Capital Management L.P. now owns 2,702 shares of the real estate investment trust’s stock valued at $357,000 after purchasing an additional 1,900 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its position in Extra Space Storage by 6.2% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 2,253 shares of the real estate investment trust’s stock valued at $299,000 after purchasing an additional 131 shares during the last quarter. Finally, Brinker Capital Investments LLC purchased a new stake in Extra Space Storage during the 1st quarter valued at about $201,000. Institutional investors and hedge funds own 96.43% of the company’s stock.

Extra Space Storage Company Profile

Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.

See Also: Hold Rating

Analyst Recommendations for Extra Space Storage (NYSE:EXR)

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