Extra Space Storage Inc (NYSE:EXR) had its price objective hoisted by Royal Bank Of Canada from $79.00 to $84.00 in a research report sent to investors on Tuesday morning, MarketBeat.com reports. The brokerage currently has a sector perform rating on the real estate investment trust’s stock.
Other research analysts have also issued research reports about the stock. KeyCorp reaffirmed a buy rating and set a $82.00 target price on shares of Extra Space Storage in a research note on Friday, August 25th. Zacks Investment Research raised shares of Extra Space Storage from a hold rating to a buy rating and set a $90.00 target price for the company in a research note on Wednesday, October 11th. BidaskClub raised shares of Extra Space Storage from a hold rating to a buy rating in a research note on Monday, July 24th. Cantor Fitzgerald reaffirmed a hold rating and set a $77.00 target price on shares of Extra Space Storage in a research note on Friday, September 1st. Finally, Jefferies Group LLC reaffirmed a hold rating and set a $80.00 target price on shares of Extra Space Storage in a research note on Tuesday, October 24th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned 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 a consensus target price of $83.44.
Extra Space Storage (NYSE:EXR) remained flat at $$87.20 during trading on Tuesday. The company’s stock had a trading volume of 1,581,981 shares, compared to its average volume of 1,013,736. Extra Space Storage has a 1-year low of $68.09 and a 1-year high of $87.48. The firm has a market cap of $10,990.00, a PE ratio of 20.17, a price-to-earnings-growth ratio of 3.33 and a beta of 0.38. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.75 and a quick ratio of 0.75.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.03. Extra Space Storage had a net margin of 33.21% and a return on equity of 14.41%. The firm had revenue of $284.16 million during the quarter, compared to analyst estimates of $246.85 million. During the same quarter in the prior year, the firm posted $1.02 earnings per share. Extra Space Storage’s quarterly revenue was up 10.5% on a year-over-year basis. sell-side analysts anticipate that Extra Space Storage will post 4.33 earnings per share for the current fiscal year.
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Extra Space Storage declared that its board has authorized a share repurchase plan on Monday, November 13th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The business 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 $0.78 dividend. The ex-dividend date is Thursday, December 14th. This represents a $3.12 annualized dividend and a yield of 3.58%. Extra Space Storage’s dividend payout ratio is currently 114.71%.
In other news, Director Spencer Kirk sold 20,000 shares of Extra Space Storage stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $79.64, for a total transaction of $1,592,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James Overturf sold 1,300 shares of Extra Space Storage stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $75.50, for a total value of $98,150.00. Following the transaction, the executive vice president now directly 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. Over the last quarter, insiders sold 65,200 shares of company stock worth $5,201,842. 3.72% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in EXR. Tudor Investment Corp ET AL acquired a new position in Extra Space Storage in the 1st quarter valued at about $245,000. HighTower Advisors LLC raised its stake in Extra Space Storage by 6.4% in the 1st quarter. HighTower Advisors LLC now owns 3,906 shares of the real estate investment trust’s stock valued at $288,000 after purchasing an additional 235 shares during the last quarter. Atria Investments LLC acquired a new position in Extra Space Storage in the 2nd quarter valued at about $213,000. Bank of Montreal Can raised its stake in Extra Space Storage by 118.1% in the 2nd quarter. Bank of Montreal Can now owns 188,069 shares of the real estate investment trust’s stock valued at $14,668,000 after purchasing an additional 101,839 shares during the last quarter. Finally, Creative Planning raised its stake in Extra Space Storage by 1.1% in the 2nd quarter. Creative Planning now owns 5,912 shares of the real estate investment trust’s stock valued at $461,000 after purchasing an additional 62 shares during the last quarter.
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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