Extra Space Storage Inc (EXR) PT Raised to $84.00 at Royal Bank Of Canada
Extra Space Storage Inc (NYSE:EXR) had its price target upped by equities research analysts at Royal Bank Of Canada from $79.00 to $84.00 in a research report issued on Tuesday. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank Of Canada’s price objective suggests a potential downside of 1.95% from the stock’s current price.
Other equities research analysts have also issued research reports about the stock. KeyCorp restated a “buy” rating and issued a $82.00 price target on shares of Extra Space Storage in a report on Friday, August 25th. Zacks Investment Research raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a research report on Wednesday, October 11th. BidaskClub raised shares of Extra Space Storage from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $77.00 price objective on shares of Extra Space Storage in a research report on Friday, September 1st. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $80.00 price objective on shares of Extra Space Storage in a research report on Tuesday, October 24th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $83.44.
Shares of Extra Space Storage (EXR) opened at $85.67 on Tuesday. Extra Space Storage has a twelve month low of $68.09 and a twelve month high of $87.31. 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 company has a market cap of $10,879.51, a PE ratio of 20.17, a PEG ratio of 3.33 and a beta of 0.38.
Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 EPS for the quarter, beating the 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 analyst estimates of $246.85 million. During the same quarter in the previous year, the business posted $1.02 EPS. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. sell-side analysts expect that Extra Space Storage will post 4.33 earnings per share for the current year.
Extra Space Storage announced that its board has authorized a stock repurchase program on Monday, November 13th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
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In other Extra Space Storage news, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $79.64, for a total transaction of $1,592,800.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP James Overturf sold 1,300 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $86.55, for a total transaction of $112,515.00. Following the sale, the executive vice president now directly owns 82,375 shares in the company, valued at approximately $7,129,556.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,200 shares of company stock worth $5,201,842. 3.72% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Extra Space Storage by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 21,666,355 shares of the real estate investment trust’s stock worth $1,689,976,000 after purchasing an additional 171,897 shares during the last quarter. BlackRock Inc. grew its position in Extra Space Storage by 3.0% during the 2nd quarter. BlackRock Inc. now owns 12,091,401 shares of the real estate investment trust’s stock worth $943,130,000 after purchasing an additional 348,554 shares during the last quarter. Capital Research Global Investors grew its position in Extra Space Storage by 56.2% during the 2nd quarter. Capital Research Global Investors now owns 5,161,305 shares of the real estate investment trust’s stock worth $402,582,000 after purchasing an additional 1,857,594 shares during the last quarter. Cbre Clarion Securities LLC purchased a new stake in Extra Space Storage during the 2nd quarter worth approximately $304,239,000. Finally, JPMorgan Chase & Co. grew its position in Extra Space Storage by 65.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,178,691 shares of the real estate investment trust’s stock worth $172,290,000 after purchasing an additional 859,212 shares during 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.
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