Extra Space Storage Inc. (NYSE:EXR) shares dropped 5.5% during mid-day trading on Thursday . The stock traded as low as $84.45 and last traded at $85.00, with a volume of 2,134,253 shares. The stock had previously closed at $89.90.

EXR has been the topic of several recent research reports. Jefferies Group restated a “buy” rating on shares of Extra Space Storage in a research report on Wednesday, July 6th. Zacks Investment Research upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $104.00 price objective on the stock in a research report on Tuesday, July 5th. BMO Capital Markets reiterated a “buy” rating on shares of Extra Space Storage in a research report on Tuesday, May 17th. Cantor Fitzgerald reiterated a “hold” rating on shares of Extra Space Storage in a research report on Sunday, May 22nd. Finally, SunTrust Banks Inc. cut shares of Extra Space Storage from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $107.00 to $100.00 in a research report on Monday, July 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $90.37.

The firm has a market cap of $10.77 billion and a price-to-earnings ratio of 43.53. The firm’s 50 day moving average price is $90.42 and its 200-day moving average price is $89.06.

Extra Space Storage (NYSE:EXR) last released its earnings results on Wednesday, July 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.01. During the same period last year, the business posted $0.75 EPS. The business earned $244.30 million during the quarter, compared to the consensus estimate of $213.32 million. The firm’s revenue for the quarter was up 31.4% on a year-over-year basis. Equities analysts expect that Extra Space Storage Inc. will post $3.74 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 15th were given a $0.78 dividend. This is an increase from Extra Space Storage’s previous quarterly dividend of $0.59. This represents a $3.12 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend was Monday, June 13th.

In related news, SVP Grace Kunde sold 1,700 shares of the firm’s stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $89.47, for a total value of $152,099.00. Following the completion of the transaction, the senior vice president now owns 7,008 shares of the company’s stock, valued at $627,005.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 500 shares of the firm’s stock in a transaction on Tuesday, May 10th. The shares were sold at an average price of $93.50, for a total transaction of $46,750.00. Following the completion of the transaction, the executive vice president now directly owns 14,484 shares of the company’s stock, valued at approximately $1,354,254. The disclosure for this sale can be found here.

A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its stake in shares of Extra Space Storage by 3.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,460,512 shares of the real estate investment trust’s stock worth $128,835,000 after buying an additional 50,841 shares in the last quarter. Advantus Capital Management Inc boosted its stake in shares of Extra Space Storage by 0.7% in the fourth quarter. Advantus Capital Management Inc now owns 318,784 shares of the real estate investment trust’s stock worth $28,120,000 after buying an additional 2,285 shares in the last quarter. Andra AP fonden boosted its stake in shares of Extra Space Storage by 4.6% in the fourth quarter. Andra AP fonden now owns 38,300 shares of the real estate investment trust’s stock worth $3,378,000 after buying an additional 1,700 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Extra Space Storage by 88.5% in the fourth quarter. Schroder Investment Management Group now owns 137,642 shares of the real estate investment trust’s stock worth $12,142,000 after buying an additional 64,603 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted its stake in shares of Extra Space Storage by 7.0% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 31,138 shares of the real estate investment trust’s stock worth $2,747,000 after buying an additional 2,040 shares in the last quarter.

Extra Space Storage Inc is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops professionally managed self-storage properties (stores). The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.

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