Investors bought shares of Extra Space Storage Inc (NYSE:EXR) on weakness during trading on Friday. $31.09 million flowed into the stock on the tick-up and $6.33 million flowed out of the stock on the tick-down, for a money net flow of $24.76 million into the stock. Of all stocks tracked, Extra Space Storage had the 27th highest net in-flow for the day. Extra Space Storage traded down ($0.40) for the day and closed at $83.90
Several research firms recently weighed in on EXR. Morgan Stanley upgraded shares of Extra Space Storage from an “underweight” rating to an “equal weight” rating and set a $83.00 price target on the stock in a report on Wednesday, December 13th. Zacks Investment Research cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research note on Thursday, November 30th. Wells Fargo & Co set a $93.00 target price on shares of Extra Space Storage and gave the company a “buy” rating in a research note on Thursday, November 30th. Robert W. Baird reiterated a “buy” rating and issued a $92.00 target price on shares of Extra Space Storage in a research note on Wednesday, November 29th. Finally, Jefferies Group set a $90.00 price target on shares of Extra Space Storage and gave the company a “hold” rating in a research report on Tuesday, November 28th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Extra Space Storage presently has an average rating of “Hold” and an average target price of $86.42.
The company has a debt-to-equity ratio of 1.68, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market capitalization of $10,572.07, a P/E ratio of 19.60, a P/E/G ratio of 3.15 and a beta of 0.39.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were paid a $0.78 dividend. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.72%. Extra Space Storage’s dividend payout ratio (DPR) is 114.71%.
Extra Space Storage announced that its Board of Directors has initiated a share buyback plan on Monday, November 13th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In other Extra Space Storage news, SVP Grace Kunde sold 350 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $87.65, for a total value of $30,677.50. Following the completion of the transaction, the senior vice president now directly owns 11,209 shares in the company, valued at approximately $982,468.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Spencer Kirk sold 20,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $81.38, for a total transaction of $1,627,600.00. Following the completion of the transaction, the director now owns 665,748 shares of the company’s stock, valued at $54,178,572.24. The disclosure for this sale can be found here. Insiders sold a total of 44,250 shares of company stock valued at $3,694,071 in the last ninety days. 3.72% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of EXR. AXA increased its stake in shares of Extra Space Storage by 17.1% in the 2nd quarter. AXA now owns 303,966 shares of the real estate investment trust’s stock worth $23,709,000 after acquiring an additional 44,312 shares in the last quarter. Royal Bank of Canada increased its stake in shares of Extra Space Storage by 39.8% in the 2nd quarter. Royal Bank of Canada now owns 153,736 shares of the real estate investment trust’s stock worth $11,992,000 after acquiring an additional 43,793 shares in the last quarter. Santa Barbara Asset Management LLC increased its stake in shares of Extra Space Storage by 2.2% in the 3rd quarter. Santa Barbara Asset Management LLC now owns 1,145,411 shares of the real estate investment trust’s stock worth $91,541,000 after acquiring an additional 24,250 shares in the last quarter. Cbre Clarion Securities LLC bought a new position in shares of Extra Space Storage in the 2nd quarter worth about $304,239,000. Finally, QS Investors LLC increased its stake in shares of Extra Space Storage by 42.7% in the 2nd quarter. QS Investors LLC now owns 10,690 shares of the real estate investment trust’s stock worth $834,000 after acquiring an additional 3,200 shares in the last quarter.
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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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