Extra Space Storage’s (EXR) “Hold” Rating Reaffirmed at Cantor Fitzgerald
Cantor Fitzgerald restated their hold rating on shares of Extra Space Storage Inc (NYSE:EXR) in a report issued on Wednesday. They currently have a $77.00 target price on the real estate investment trust’s stock.
“FFO/sh. Beat. Excluding one-time items of $0.04, including hurricane-related losses and tenant reinsurance claims, FFO/sh. was $1.13 vs. our est. of $1.11. The variance to our estimate included higher tenant insurance income and lower G&A, offset by lower management fees and higher tenant insurance and interest expense. There was seq. deceleration of 40bps to 4.8% in the SS revenue growth rate after a 60bp seq. decline in 2Q. Occupancy increased 140bps following a 70bp y/y increase in 2Q and a 80bp y/y increase in 1Q; SS rents increased 3.6% (-90bps seq.). SS expenses rose 2.9% vs. a 1.1% decline in 2Q, and SSNOI growth was up 5.5% (-220bps seq.).”,” the firm’s analyst wrote.
A number of other research analysts have also commented on the company. Bank of America Corporation lowered Extra Space Storage from a buy rating to a neutral rating and lowered their price objective for the company from $83.00 to $81.00 in a report on Thursday, July 20th. BidaskClub raised Extra Space Storage from a hold rating to a buy rating in a report on Monday, July 24th. Zacks Investment Research raised Extra Space Storage from a hold rating to a buy rating and set a $90.00 target price on the stock in a report on Wednesday, October 11th. Evercore ISI reaffirmed an in-line rating and issued a $80.00 target price (up previously from $78.00) on shares of Extra Space Storage in a report on Thursday, September 14th. Finally, BMO Capital Markets initiated coverage on Extra Space Storage in a report on Monday, September 11th. They issued a market perform rating and a $78.00 target price on the stock. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Extra Space Storage presently has a consensus rating of Hold and a consensus price target of $82.56.
Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.03. The business had revenue of $284.16 million for the quarter, compared to analyst estimates of $246.85 million. Extra Space Storage had a return on equity of 15.20% and a net margin of 36.35%. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.02 EPS.
In related news, Director Spencer Kirk sold 20,000 shares of the stock in a transaction that occurred on 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 sale, the director now owns 665,748 shares of the company’s stock, valued at $52,008,233.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP James Overturf sold 1,300 shares of the stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $81.80, for a total value of $106,340.00. Following the sale, the executive vice president now directly owns 83,675 shares in the company, valued at approximately $6,844,615. The disclosure for this sale can be found here. Insiders sold 43,900 shares of company stock worth $3,461,727 in the last ninety days. 3.72% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the stock. Penserra Capital Management LLC acquired a new stake in Extra Space Storage during the third quarter worth approximately $131,000. Atria Investments LLC acquired a new stake in Extra Space Storage during the second quarter worth approximately $213,000. Federated Investors Inc. PA acquired a new stake in Extra Space Storage during the second quarter worth approximately $218,000. Achmea Investment Management B.V. acquired a new stake in Extra Space Storage during the first quarter worth approximately $216,000. Finally, Donaldson Capital Management LLC acquired a new stake in Extra Space Storage during the second quarter worth approximately $231,000.
Extra Space Storage Company Profile
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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