Investors Buy Shares of Extra Space Storage (EXR) on Weakness

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.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 EPS for the quarter, topping the Zacks’ 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 business had revenue of $284.16 million during the quarter, compared to analysts’ expectations of $246.85 million. During the same quarter in the previous year, the company earned $1.02 EPS. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. analysts anticipate that Extra Space Storage Inc will post 4.35 EPS for the current year.

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.

COPYRIGHT VIOLATION NOTICE: This news story was posted by BBNS and is owned by of BBNS. If you are reading this news story on another domain, it was illegally copied and reposted in violation of US & international trademark and copyright law. The legal version of this news story can be accessed at https://baseballnewssource.com/markets/investors-buy-shares-of-extra-space-storage-exr-on-weakness/1806441.html.

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.

Receive News & Ratings for Extra Space Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extra Space Storage and related companies with our FREE daily email newsletter.

 


Latest News

Houston Astros Add Starter to Rotation
Houston Astros Add Starter to Rotation
Sources: Mets Bringing Back Jay Bruce with Three-Year Deal
Sources: Mets Bringing Back Jay Bruce with Three-Year Deal
Justin Morneau Former Star With Twins and AL MVP Retires
Justin Morneau Former Star With Twins and AL MVP Retires
MLB Rumor: Pirates Discussing Andrew McCutchen with Mets
MLB Rumor: Pirates Discussing Andrew McCutchen with Mets
Trade Rumor: Manny Machado Could Land With Yankees
Trade Rumor: Manny Machado Could Land With Yankees
Los Angeles Dodgers Acquire Scott Alexander as Part of Three Team Deal
Los Angeles Dodgers Acquire Scott Alexander as Part of Three Team Deal


Leave a Reply

 
© 2006-2018 BBNS.