Extra Space Storage Inc (EXR) Receives Average Recommendation of “Hold” from Analysts

Extra Space Storage Inc (NYSE:EXR) has been assigned an average rating of “Hold” from the twelve ratings firms that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $83.63.

EXR has been the topic of a number of research reports. Zacks Investment Research upgraded Extra Space Storage from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a report on Wednesday, October 11th. BidaskClub upgraded Extra Space Storage from a “hold” rating to a “buy” rating in a report on Monday, July 24th. KeyCorp restated a “buy” rating and issued a $82.00 price target on shares of Extra Space Storage in a report on Friday, August 25th. BMO Capital Markets restated a “hold” rating and issued a $78.00 price target on shares of Extra Space Storage in a report on Thursday, November 2nd. Finally, Cantor Fitzgerald restated a “hold” rating and issued a $77.00 price target on shares of Extra Space Storage in a report on Wednesday, November 1st.

In other Extra Space Storage news, Director Spencer Kirk sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $78.12, for a total value of $1,562,400.00. Following the sale, the director now owns 665,748 shares in the company, valued at $52,008,233.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP James Overturf sold 1,300 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 82,375 shares in the company, valued at approximately $7,129,556.25. The disclosure for this sale can be found here. Insiders have sold 65,200 shares of company stock worth $5,201,842 in the last quarter. 3.72% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Extra Space Storage by 0.8% in the second quarter. Vanguard Group Inc. now owns 21,666,355 shares of the real estate investment trust’s stock valued at $1,689,976,000 after buying an additional 171,897 shares during the period. BlackRock Inc. raised its stake in Extra Space Storage by 3.0% in the second quarter. BlackRock Inc. now owns 12,091,401 shares of the real estate investment trust’s stock valued at $943,130,000 after buying an additional 348,554 shares during the period. Capital Research Global Investors raised its stake in Extra Space Storage by 56.2% in the second quarter. Capital Research Global Investors now owns 5,161,305 shares of the real estate investment trust’s stock valued at $402,582,000 after buying an additional 1,857,594 shares during the period. Cbre Clarion Securities LLC bought a new stake in Extra Space Storage in the second quarter valued at approximately $304,239,000. Finally, JPMorgan Chase & Co. raised its stake in Extra Space Storage by 65.1% in the third quarter. JPMorgan Chase & Co. now owns 2,178,691 shares of the real estate investment trust’s stock valued at $172,290,000 after buying an additional 859,212 shares during the period.

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Shares of Extra Space Storage (NYSE EXR) opened at $87.20 on Monday. The company has a market capitalization of $10,987.88, a PE ratio of 20.37, a PEG ratio of 3.37 and a beta of 0.38. Extra Space Storage has a twelve month low of $68.09 and a twelve month high of $87.48. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 1.68.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.03. The company 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 14.41% and a net margin of 33.21%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.02 earnings per share. sell-side analysts anticipate that Extra Space Storage will post 4.33 EPS for the current year.

Extra Space Storage announced that its board has initiated a stock 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. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a dividend of $0.78 per share. 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 payout ratio is presently 114.71%.

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.

Analyst Recommendations for Extra Space Storage (NYSE:EXR)

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