Extra Space Storage (NYSE:EXR) was upgraded by stock analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research report issued on Wednesday. The brokerage currently has a $83.00 target price on the real estate investment trust’s stock. Morgan Stanley’s target price points to a potential downside of 4.16% from the stock’s current price.
A number of other brokerages have also recently issued reports on EXR. Zacks Investment Research cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research note on Thursday, November 23rd. Royal Bank of Canada lifted their price objective on shares of Extra Space Storage from $79.00 to $84.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 14th. Jefferies Group set a $90.00 price objective on shares of Extra Space Storage and gave the company a “hold” rating in a research note on Tuesday, November 28th. Cantor Fitzgerald lifted their price objective on shares of Extra Space Storage from $77.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday, November 9th. Finally, Robert W. Baird reissued a “buy” rating and issued a $92.00 price objective on shares of Extra Space Storage in a research note on Wednesday, November 29th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $86.42.
Extra Space Storage (NYSE:EXR) opened at $86.60 on Wednesday. The stock has a market cap of $10,940.00, a P/E ratio of 20.53, a P/E/G ratio of 3.38 and a beta of 0.39. 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 has a one year low of $71.34 and a one year high of $88.56.
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 analysts’ consensus estimates of $1.10 by $0.03. The business had revenue of $284.16 million for the quarter, compared to analysts’ expectations of $246.85 million. Extra Space Storage had a net margin of 33.21% and a return on equity of 14.41%. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. equities analysts anticipate that Extra Space Storage will post 4.34 EPS for the current fiscal year.
Extra Space Storage announced that its board has authorized a share repurchase program on Monday, November 13th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
In related news, EVP James Overturf sold 1,300 shares of the business’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $86.55, for a total value of $112,515.00. Following the sale, the executive vice president now owns 82,375 shares of the company’s stock, valued at $7,129,556.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $85.24, for a total transaction of $1,704,800.00. Following the completion of the sale, the director now directly owns 578,748 shares in the company, valued at approximately $49,332,479.52. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 62,950 shares of company stock worth $5,174,733. Insiders own 3.72% of the company’s stock.
Several institutional investors have recently modified their holdings of EXR. Fieldpoint Private Securities LLC bought a new stake in shares of Extra Space Storage in the third quarter worth $103,000. Penserra Capital Management LLC bought a new stake in shares of Extra Space Storage in the third quarter worth $131,000. Janney Montgomery Scott LLC bought a new stake in shares of Extra Space Storage in the third quarter worth $200,000. Federated Investors Inc. PA bought a new stake in shares of Extra Space Storage in the second quarter worth $218,000. Finally, Pacer Advisors Inc. grew its stake in shares of Extra Space Storage by 8.3% in the second quarter. Pacer Advisors Inc. now owns 3,042 shares of the real estate investment trust’s stock worth $237,000 after purchasing an additional 232 shares during the last quarter.
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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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