Extra Space Storage Inc (NYSE:EXR)‘s stock had its “hold” rating reissued by investment analysts at BMO Capital Markets in a report issued on Thursday, November 2nd. They presently have a $78.00 target price on the real estate investment trust’s stock. BMO Capital Markets’ price objective would indicate a potential downside of 9.66% from the company’s previous close.
Several other research firms have also issued reports on EXR. BidaskClub lowered shares of Extra Space Storage from a “buy” rating to a “hold” rating in a report on Sunday, July 30th. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $77.00 price target on shares of Extra Space Storage in a report on Sunday, August 20th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $80.00 price target on shares of Extra Space Storage in a report on Tuesday, October 24th. KeyCorp reissued a “hold” rating on shares of Extra Space Storage in a report on Wednesday, October 11th. Finally, Evercore ISI reissued an “in-line” rating and set a $80.00 price objective (up from $78.00) on shares of Extra Space Storage in a report on Thursday, September 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Extra Space Storage currently has a consensus rating of “Hold” and a consensus price target of $83.44.
Shares of Extra Space Storage (NYSE EXR) traded down $0.53 during trading hours on Thursday, hitting $86.34. The company’s stock had a trading volume of 782,100 shares, compared to its average volume of 1,010,046. Extra Space Storage has a fifty-two week low of $68.09 and a fifty-two week high of $87.31. The stock has a market capitalization of $10,946.30, a price-to-earnings ratio of 20.30, a PEG ratio of 3.53 and a beta of 0.38. 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 posted its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ 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 the consensus estimate of $246.85 million. During the same quarter in the previous year, the firm posted $1.02 earnings per share. The company’s revenue was up 10.5% on a year-over-year basis. analysts expect that Extra Space Storage will post 4.33 earnings per share for the current fiscal year.
Extra Space Storage declared that its board has authorized a stock repurchase program 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 reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
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In other news, Director Spencer Kirk sold 20,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $81.38, for a total value of $1,627,600.00. Following the completion of the sale, the director now owns 665,748 shares of the company’s stock, valued at approximately $54,178,572.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP James Overturf sold 1,300 shares of the stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $78.49, for a total transaction of $102,037.00. Following the completion of the sale, the executive vice president now directly owns 84,975 shares of the company’s stock, valued at approximately $6,669,687.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,900 shares of company stock valued at $5,089,327. Insiders own 3.72% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. California Public Employees Retirement System boosted its position in shares of Extra Space Storage by 4.0% during the 3rd quarter. California Public Employees Retirement System now owns 280,870 shares of the real estate investment trust’s stock worth $22,447,000 after purchasing an additional 10,813 shares during the period. Janney Montgomery Scott LLC purchased a new position in shares of Extra Space Storage during the 3rd quarter worth approximately $200,000. Janus Henderson Group PLC boosted its position in shares of Extra Space Storage by 13.3% during the 3rd quarter. Janus Henderson Group PLC now owns 46,544 shares of the real estate investment trust’s stock worth $3,720,000 after purchasing an additional 5,461 shares during the period. Vident Investment Advisory LLC purchased a new position in shares of Extra Space Storage during the 3rd quarter worth approximately $646,000. Finally, Cornerstone Capital Management Holdings LLC. boosted its position in shares of Extra Space Storage by 0.9% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 82,490 shares of the real estate investment trust’s stock worth $6,591,000 after purchasing an additional 700 shares during the period.
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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