Extra Space Storage Inc (EXR) PT Raised to $81.00
Extra Space Storage Inc (NYSE:EXR) had its price objective lifted by equities research analysts at Cantor Fitzgerald from $77.00 to $81.00 in a research report issued to clients and investors on Thursday. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. Cantor Fitzgerald’s price objective indicates a potential downside of 5.81% from the stock’s previous close.
The analysts wrote, “Cantor Estimates. We are raising our ’17 and ’18 core FFO/sh. estimates to $4.34 and $4.52 from $4.31 and $4.51, respectively. Our ’17 and ’18 FFO/sh. estimates are unchanged at $4.27 and $4.48. Our NAV/sh. estimate is $76.90 from $73.60. Our 2017 and 2018 SSNOI estimates are 6.2% and 3.7% from 5.5% and 3.0% prior. EXR ’17 SS revenue growth outlook is 4.75%, SS expense guidance +1.5%, leading to SSNOI growth guidance of 6.1% MP.””
Several other equities research analysts have also recently issued reports on EXR. BMO Capital Markets reissued a “hold” rating and issued a $78.00 target price on shares of Extra Space Storage in a research report on Thursday, November 2nd. Jefferies Group LLC reissued a “hold” rating and issued a $80.00 target price on shares of Extra Space Storage in a research report on Tuesday, October 24th. BidaskClub cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research report on Sunday, July 30th. KeyCorp reissued a “hold” rating on shares of Extra Space Storage in a research report on Wednesday, October 11th. Finally, Evercore ISI reissued an “in-line” rating and issued a $80.00 target price (up from $78.00) on shares of Extra Space Storage in a research report on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Extra Space Storage currently has an average rating of “Hold” and an average price target of $83.00.
Extra Space Storage (NYSE EXR) traded up $0.55 during trading on Thursday, hitting $86.00. 646,768 shares of the company’s stock traded hands, compared to its average volume of 1,070,000. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.75 and a quick ratio of 0.57. Extra Space Storage has a one year low of $68.09 and a one year high of $87.31. The firm has a market cap of $10,830.00, a PE ratio of 20.10, a P/E/G ratio of 3.50 and a beta of 0.38.
Extra Space Storage (NYSE:EXR) last released its earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $246.85 million. During the same period last year, the company earned $1.02 earnings per share. The company’s quarterly revenue was up 10.5% on a year-over-year basis. equities research analysts predict that Extra Space Storage will post 4.33 earnings per share for the current fiscal year.
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In other news, EVP James Overturf sold 1,300 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $75.50, for a total transaction of $98,150.00. Following the sale, the executive vice president now owns 86,275 shares in the company, valued at $6,513,762.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Spencer Kirk sold 20,000 shares of Extra Space Storage stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $81.38, for a total transaction of $1,627,600.00. Following the sale, the director now owns 665,748 shares in the company, valued at approximately $54,178,572.24. The disclosure for this sale can be found here. Insiders sold 63,900 shares of company stock worth $5,089,327 in the last 90 days. 3.72% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Penserra Capital Management LLC purchased a new stake in shares of Extra Space Storage during the third quarter valued at approximately $131,000. Atria Investments LLC purchased a new stake in shares of Extra Space Storage during the second quarter valued at approximately $213,000. Federated Investors Inc. PA purchased a new stake in shares of Extra Space Storage during the second quarter valued at approximately $218,000. Donaldson Capital Management LLC purchased a new stake in shares of Extra Space Storage during the second quarter valued at approximately $231,000. Finally, Pacer Advisors Inc. raised its stake in shares of Extra Space Storage by 8.3% during the second quarter. Pacer Advisors Inc. now owns 3,042 shares of the real estate investment trust’s stock valued at $237,000 after purchasing an additional 232 shares during the period.
Extra Space Storage Company Profile
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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