BMO Capital Markets Begins Coverage on Extra Space Storage Inc (EXR)
BMO Capital Markets began coverage on shares of Extra Space Storage Inc (NYSE:EXR) in a report issued on Monday morning. The firm issued a market perform rating and a $78.00 price objective on the real estate investment trust’s stock.
Other analysts have also recently issued reports about the company. KeyCorp reaffirmed a buy rating and set a $82.00 price objective on shares of Extra Space Storage in a research report on Friday, August 25th. BidaskClub raised Extra Space Storage from a hold rating to a buy rating in a research report on Monday, July 24th. Goldman Sachs Group, Inc. (The) raised Extra Space Storage from a buy rating to a conviction-buy rating and set a $95.00 price objective on the stock in a research report on Monday, May 15th. Cantor Fitzgerald reaffirmed a hold rating and set a $77.00 price objective on shares of Extra Space Storage in a research report on Friday, September 1st. Finally, Bank of America Corporation cut Extra Space Storage from a buy rating to a neutral rating and cut their price objective for the company from $83.00 to $81.00 in a research report on Thursday, July 20th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $82.00.
Extra Space Storage (NYSE:EXR) opened at 77.68 on Monday. The firm has a 50-day moving average price of $77.76 and a 200 day moving average price of $76.91. Extra Space Storage has a one year low of $68.09 and a one year high of $83.23. The company has a market cap of $9.79 billion, a price-to-earnings ratio of 26.55 and a beta of 0.35.
Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.04. The business had revenue of $276.00 million for the quarter, compared to analysts’ expectations of $239.89 million. Extra Space Storage had a return on equity of 15.20% and a net margin of 36.35%. The business’s revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 EPS. Equities analysts expect that Extra Space Storage will post $2.76 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a $0.78 dividend. The ex-dividend date is Thursday, September 14th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.02%. Extra Space Storage’s dividend payout ratio is currently 107.22%.
In other news, EVP James Overturf sold 1,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $77.27, for a total value of $100,451.00. Following the sale, the executive vice president now directly owns 87,575 shares of the company’s stock, valued at approximately $6,766,920.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $78.12, for a total value of $1,562,400.00. Following the completion of the sale, the director now directly owns 665,748 shares in the company, valued at $52,008,233.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,600 shares of company stock worth $4,909,001. Insiders own 3.72% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC bought a new position in Extra Space Storage in the 1st quarter valued at approximately $204,000. Shell Asset Management Co. lifted its position in Extra Space Storage by 2.5% in the 1st quarter. Shell Asset Management Co. now owns 9,953 shares of the real estate investment trust’s stock valued at $740,000 after acquiring an additional 245 shares in the last quarter. Commerzbank Aktiengesellschaft FI bought a new position in Extra Space Storage in the 1st quarter valued at approximately $254,000. Advisors Asset Management Inc. lifted its position in Extra Space Storage by 22.6% in the 1st quarter. Advisors Asset Management Inc. now owns 4,442 shares of the real estate investment trust’s stock valued at $330,000 after acquiring an additional 820 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in Extra Space Storage by 184.5% in the 1st quarter. American Century Companies Inc. now owns 297,545 shares of the real estate investment trust’s stock valued at $22,134,000 after acquiring an additional 192,948 shares in the last quarter.
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 Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extra Space Storage Inc and related companies with MarketBeat.com's FREE daily email newsletter.