BMO Capital Markets assumed coverage on shares of Extra Space Storage Inc (NYSE:EXR) in a research report released on Monday morning. The brokerage issued a market perform rating and a $78.00 target price on the real estate investment trust’s stock.
EXR has been the subject of a number of other reports. Cantor Fitzgerald reiterated a hold rating and set a $77.00 target price on shares of Extra Space Storage in a report on Friday, September 1st. BidaskClub lowered shares of Extra Space Storage from a buy rating to a hold rating in a report on Sunday, July 30th. KeyCorp reiterated a buy rating and set a $82.00 target price on shares of Extra Space Storage in a report on Friday, August 25th. Goldman Sachs Group, Inc. (The) upgraded shares of Extra Space Storage from a buy rating to a conviction-buy rating and set a $95.00 target price for the company in a report on Monday, May 15th. Finally, Bank of America Corporation lowered shares of Extra Space Storage from a buy rating to a neutral rating and dropped their target price for the stock from $83.00 to $81.00 in a report on Thursday, July 20th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Hold and an average target price of $81.78.
Extra Space Storage (EXR) traded up 0.20% on Monday, hitting $78.53. The stock had a trading volume of 259,560 shares. The company has a market cap of $9.89 billion, a P/E ratio of 26.84 and a beta of 0.35. Extra Space Storage has a 52-week low of $68.09 and a 52-week high of $83.23. The stock’s 50-day moving average is $77.66 and its 200-day moving average is $76.92.
Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.04. The company had revenue of $276.00 million during the quarter, compared to analyst estimates of $239.89 million. Extra Space Storage had a net margin of 36.35% and a return on equity of 15.20%. Extra Space Storage’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.94 earnings per share. Analysts expect that Extra Space Storage will post $2.76 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $3.12 annualized dividend and a yield of 3.98%. Extra Space Storage’s dividend payout ratio (DPR) is presently 107.22%.
In other Extra Space Storage news, Director Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $78.12, for a total transaction of $1,562,400.00. Following the completion of the transaction, the director now owns 665,748 shares of the company’s stock, valued at $52,008,233.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James Overturf sold 1,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $77.27, for a total transaction of $100,451.00. Following the transaction, the executive vice president now directly owns 87,575 shares of the company’s stock, valued at approximately $6,766,920.25. The disclosure for this sale can be found here. Insiders sold 62,600 shares of company stock valued at $4,909,001 over the last 90 days. 3.72% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Navellier & Associates Inc bought a new position in shares of Extra Space Storage during the second quarter valued at approximately $423,000. Phocas Financial Corp. increased its stake in shares of Extra Space Storage by 2.7% during the second quarter. Phocas Financial Corp. now owns 6,985 shares of the real estate investment trust’s stock valued at $545,000 after purchasing an additional 186 shares in the last quarter. WFG Advisors LP increased its stake in shares of Extra Space Storage by 5.3% during the second quarter. WFG Advisors LP now owns 4,483 shares of the real estate investment trust’s stock valued at $350,000 after purchasing an additional 226 shares in the last quarter. Toronto Dominion Bank increased its stake in shares of Extra Space Storage by 25.6% during the second quarter. Toronto Dominion Bank now owns 42,654 shares of the real estate investment trust’s stock valued at $3,327,000 after purchasing an additional 8,681 shares in the last quarter. Finally, WINTON GROUP Ltd increased its stake in shares of Extra Space Storage by 11.6% during the second quarter. WINTON GROUP Ltd now owns 14,280 shares of the real estate investment trust’s stock valued at $1,114,000 after purchasing an additional 1,488 shares in 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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