Extra Space Storage Inc (NYSE:EXR) had its price target hoisted by research analysts at Cantor Fitzgerald from $77.00 to $81.00 in a research note issued to investors on Thursday, November 9th. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Cantor Fitzgerald’s price objective suggests a potential downside of 7.60% from the company’s previous close.
The analysts wrote, “Cantor Estimates. We are raising our ’17 and ’18 core FFO/sh. estimates to $4.34 and $4.52 from $4.31 and $4.51, respectively. Our ’17 and ’18 FFO/sh. estimates are unchanged at $4.27 and $4.48. Our NAV/sh. estimate is $76.90 from $73.60. Our 2017 and 2018 SSNOI estimates are 6.2% and 3.7% from 5.5% and 3.0% prior. EXR ’17 SS revenue growth outlook is 4.75%, SS expense guidance +1.5%, leading to SSNOI growth guidance of 6.1% MP.””
A number of other equities analysts have also weighed in on EXR. Jefferies Group LLC reissued a “hold” rating and issued a $80.00 target price on shares of Extra Space Storage in a research report on Tuesday, October 24th. BMO Capital Markets reiterated a “hold” rating and set a $78.00 price target on shares of Extra Space Storage in a research report on Thursday, November 2nd. KeyCorp reiterated a “hold” rating on shares of Extra Space Storage in a report on Wednesday, October 11th. Zacks Investment Research raised Extra Space Storage from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research report on Wednesday, October 11th. Finally, Bank of America Corporation downgraded Extra Space Storage from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $83.00 to $81.00 in a research note on Thursday, July 20th. Two 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 issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $83.44.
Shares of Extra Space Storage (NYSE:EXR) opened at $87.66 on Thursday. The firm has a market capitalization of $11,006.78, a price-to-earnings ratio of 20.41, a P/E/G ratio of 3.37 and a beta of 0.38. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 1.68. Extra Space Storage has a twelve month low of $68.09 and a twelve month high of $88.05.
Extra Space Storage (NYSE:EXR) last announced its earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.03. Extra Space Storage had a return on equity of 14.41% and a net margin of 33.21%. The business had revenue of $284.16 million for the quarter, compared to analyst estimates of $246.85 million. During the same period in the previous year, the company earned $1.02 earnings per share. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. equities analysts forecast that Extra Space Storage will post 4.33 earnings per share for the current fiscal year.
Extra Space Storage declared that its Board of Directors has initiated a share buyback plan on Monday, November 13th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
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In other Extra Space Storage news, EVP James Overturf sold 1,300 shares of Extra Space Storage stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $78.49, for a total value of $102,037.00. Following the completion of the transaction, the executive vice president now directly owns 84,975 shares in the company, valued at $6,669,687.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Grace Kunde sold 350 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $87.65, for a total transaction of $30,677.50. Following the transaction, the senior vice president now owns 11,209 shares in the company, valued at $982,468.85. The disclosure for this sale can be found here. Insiders have sold a total of 64,250 shares of company stock worth $5,134,370 over the last ninety days. Insiders own 3.72% of the company’s stock.
Several institutional investors have recently made changes to their positions in EXR. Fieldpoint Private Securities LLC bought a new position in Extra Space Storage during the third quarter worth about $103,000. Penserra Capital Management LLC purchased a new position in Extra Space Storage in the 3rd quarter worth about $131,000. Janney Montgomery Scott LLC purchased a new stake in Extra Space Storage during the 3rd quarter valued at $200,000. Atria Investments LLC bought a new position in shares of Extra Space Storage during the 2nd quarter worth $213,000. Finally, Federated Investors Inc. PA bought a new position in shares of Extra Space Storage during the 2nd quarter worth $218,000.
About Extra Space Storage
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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