Brokerages Set Extra Space Storage Inc. (NYSE:EXR) Target Price at $92.35
Shares of Extra Space Storage Inc. (NYSE:EXR) have been given a consensus recommendation of “Hold” by the fourteen analysts that are currently covering the firm. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $92.35.
Several research firms recently commented on EXR. Jefferies Group increased their target price on Extra Space Storage from $105.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, May 31st. DA Davidson increased their target price on Extra Space Storage from $90.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, July 29th. Zacks Investment Research raised Extra Space Storage from a “hold” rating to a “buy” rating and set a $104.00 target price on the stock in a report on Tuesday, July 5th. KeyCorp dropped their target price on Extra Space Storage from $98.00 to $89.00 and set an “overweight” rating on the stock in a report on Monday, September 12th. Finally, Cantor Fitzgerald restated a “hold” rating on shares of Extra Space Storage in a research note on Friday, August 26th.
Extra Space Storage (NYSE:EXR) opened at 80.88 on Friday. Extra Space Storage has a 1-year low of $75.59 and a 1-year high of $94.81. The firm’s 50 day moving average price is $80.58 and its 200-day moving average price is $87.78. The stock has a market cap of $10.17 billion, a price-to-earnings ratio of 41.10 and a beta of 0.76.
Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, July 27th. The real estate investment trust reported $0.94 EPS for the quarter, beating the consensus estimate of $0.93 by $0.01. The firm had revenue of $244.30 million for the quarter, compared to analyst estimates of $213.32 million. Extra Space Storage had a return on equity of 13.27% and a net margin of 27.43%. Extra Space Storage’s revenue for the quarter was up 31.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.75 earnings per share. On average, equities analysts anticipate that Extra Space Storage will post $3.76 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be given a $0.78 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $3.12 dividend on an annualized basis and a yield of 3.86%. Extra Space Storage’s payout ratio is currently 158.38%.
In related news, CEO Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $86.42, for a total value of $1,728,400.00. Following the completion of the sale, the chief executive officer now owns 734,430 shares in the company, valued at $63,469,440.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.13% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Cohen & Steers Inc. increased its stake in shares of Extra Space Storage by 34.6% in the second quarter. Cohen & Steers Inc. now owns 7,957,561 shares of the real estate investment trust’s stock worth $736,393,000 after buying an additional 2,044,686 shares during the last quarter. State Street Corp increased its stake in shares of Extra Space Storage by 22.4% in the first quarter. State Street Corp now owns 7,084,424 shares of the real estate investment trust’s stock worth $662,103,000 after buying an additional 1,298,797 shares during the last quarter. FMR LLC increased its stake in shares of Extra Space Storage by 12.4% in the second quarter. FMR LLC now owns 10,301,036 shares of the real estate investment trust’s stock worth $953,258,000 after buying an additional 1,138,379 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Extra Space Storage by 4.2% in the second quarter. Vanguard Group Inc. now owns 20,556,653 shares of the real estate investment trust’s stock worth $1,902,313,000 after buying an additional 832,794 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Extra Space Storage during the fourth quarter worth approximately $58,555,000. Hedge funds and other institutional investors own 96.31% of the company’s stock.
About Extra Space Storage
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development. The Company owns, operates, manages, acquires, develops and redevelops self-storage properties (stores).
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