ValuEngine upgraded shares of Extra Space Storage (NYSE:EXR) from a hold rating to a buy rating in a research report released on Tuesday morning.

Several other research firms have also recently issued reports on EXR. BMO Capital Markets set a $93.00 price objective on Extra Space Storage and gave the stock a hold rating in a report on Tuesday, July 31st. SunTrust Banks restated a hold rating and set a $93.00 price objective on shares of Extra Space Storage in a report on Wednesday, August 8th. Finally, Citigroup decreased their price objective on Extra Space Storage from $103.00 to $92.00 and set a hold rating on the stock in a report on Friday, October 5th. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $96.40.

EXR stock opened at $94.50 on Tuesday. Extra Space Storage has a 52-week low of $77.53 and a 52-week high of $101.96. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.53 and a current ratio of 0.53. The firm has a market cap of $12.07 billion, a PE ratio of 21.58, a price-to-earnings-growth ratio of 3.76 and a beta of 0.07.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, October 30th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.17). Extra Space Storage had a return on equity of 20.11% and a net margin of 47.29%. The business had revenue of $266.70 million for the quarter, compared to analyst estimates of $266.81 million. During the same quarter last year, the business earned $1.13 EPS. Extra Space Storage’s revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, equities research analysts predict that Extra Space Storage will post 4.64 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be given a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Thursday, December 13th. Extra Space Storage’s dividend payout ratio (DPR) is currently 78.54%.

In related news, EVP James Overturf sold 880 shares of the stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $86.24, for a total value of $75,891.20. Following the transaction, the executive vice president now directly owns 72,097 shares of the company’s stock, valued at approximately $6,217,645.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.52% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Morgan Stanley raised its position in shares of Extra Space Storage by 7.0% in the 3rd quarter. Morgan Stanley now owns 526,492 shares of the real estate investment trust’s stock worth $45,615,000 after buying an additional 34,310 shares during the period. Legal & General Group Plc raised its position in Extra Space Storage by 0.6% in the third quarter. Legal & General Group Plc now owns 911,841 shares of the real estate investment trust’s stock valued at $79,002,000 after purchasing an additional 5,157 shares during the period. Standard Life Aberdeen plc raised its position in Extra Space Storage by 0.4% in the third quarter. Standard Life Aberdeen plc now owns 682,380 shares of the real estate investment trust’s stock valued at $59,125,000 after purchasing an additional 2,628 shares during the period. Rehmann Capital Advisory Group raised its position in Extra Space Storage by 8,151.7% in the third quarter. Rehmann Capital Advisory Group now owns 39,773 shares of the real estate investment trust’s stock valued at $459,000 after purchasing an additional 39,291 shares during the period. Finally, Nordea Investment Management AB purchased a new position in Extra Space Storage in the third quarter valued at about $35,720,000.

Extra Space Storage Company Profile

Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of June 30, 2018, the Company owned and/or operated 1,568 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1,090,000 units and approximately 119 million square feet of rentable space.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Extra Space Storage (NYSE:EXR)

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