Evercore ISI Reaffirms “In-Line” Rating for Extra Space Storage Inc (EXR)
Evercore ISI reaffirmed their in-line rating on shares of Extra Space Storage Inc (NYSE:EXR) in a research note published on Thursday. They currently have a $80.00 target price on the real estate investment trust’s stock, up from their previous target price of $78.00.
A number of other brokerages also recently issued reports on EXR. BidaskClub upgraded shares of Extra Space Storage from a hold rating to a buy rating in a research note on Saturday, June 17th. Cantor Fitzgerald reiterated a hold rating and issued a $77.00 price target on shares of Extra Space Storage in a research note on Sunday, August 20th. BMO Capital Markets started coverage on shares of Extra Space Storage in a research report on Monday, September 11th. They set a market perform rating and a $78.00 price objective for the company. Bank of America Corporation downgraded shares of Extra Space Storage from a buy rating to a neutral rating and reduced their price objective for the stock from $83.00 to $81.00 in a research report on Thursday, July 20th. Finally, KeyCorp restated a buy rating and set a $82.00 price objective on shares of Extra Space Storage in a research report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Hold and an average price target of $81.78.
Extra Space Storage (NYSE EXR) opened at 79.07 on Thursday. The company has a market cap of $9.96 billion, a price-to-earnings ratio of 27.02 and a beta of 0.35. Extra Space Storage has a 1-year low of $68.09 and a 1-year high of $83.23. The company’s 50 day moving average is $77.73 and its 200 day moving average is $76.92.
Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.04. Extra Space Storage had a net margin of 36.35% and a return on equity of 15.20%. The company had revenue of $276.00 million during the quarter, compared to the consensus estimate of $239.89 million. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. Equities research analysts forecast that Extra Space Storage will post $2.76 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.78 per share. The ex-dividend date is Thursday, September 14th. This represents a $3.12 annualized dividend and a dividend yield of 3.95%. Extra Space Storage’s dividend payout ratio is presently 107.22%.
In other news, EVP James Overturf sold 1,300 shares of Extra Space Storage stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $75.50, for a total value of $98,150.00. Following the transaction, the executive vice president now directly owns 86,275 shares of the company’s stock, valued at approximately $6,513,762.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Spencer Kirk sold 20,000 shares of Extra Space Storage stock in a transaction on Friday, September 1st. The shares were sold at an average price of $78.12, for a total transaction of $1,562,400.00. Following the completion of the transaction, 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. Insiders sold a total of 62,600 shares of company stock worth $4,909,001 over the last ninety days. Corporate insiders own 3.72% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Atria Investments LLC acquired a new position in shares of Extra Space Storage in the 2nd quarter valued at $213,000. Janney Montgomery Scott LLC acquired a new position in shares of Extra Space Storage in the 1st quarter valued at $204,000. Federated Investors Inc. PA acquired a new position in shares of Extra Space Storage in the 2nd quarter valued at $218,000. Pacer Advisors Inc. increased its holdings in shares of Extra Space Storage by 3.2% in the 1st quarter. Pacer Advisors Inc. now owns 2,810 shares of the real estate investment trust’s stock valued at $209,000 after acquiring an additional 88 shares during the period. Finally, Global X Management Co. LLC increased its holdings in shares of Extra Space Storage by 42.4% in the 1st quarter. Global X Management Co. LLC now owns 2,830 shares of the real estate investment trust’s stock valued at $211,000 after acquiring an additional 842 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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