Extra Space Storage Inc. (EXR) Downgraded to Hold at Zacks Investment Research
According to Zacks, “Extra Space Storage Inc. is a fully integrated, self-administered and self-managed real estate investment trust that acquires, develops and operates self-storage facilities. “
Other research analysts also recently issued research reports about the company. Jefferies Group cut their price target on Extra Space Storage from $115.00 to $105.00 and set a buy rating for the company in a research note on Wednesday, August 10th. BMO Capital Markets reiterated a hold rating and set a $80.00 price objective on shares of Extra Space Storage in a research report on Wednesday, November 9th. Cantor Fitzgerald reiterated a hold rating on shares of Extra Space Storage in a research report on Friday, August 26th. DA Davidson lifted their price target on Extra Space Storage from $90.00 to $95.00 and gave the company a neutral rating in a report on Friday, July 29th. Finally, SunTrust Banks Inc. cut Extra Space Storage from a buy rating to a neutral rating and lowered their price target for the company from $107.00 to $100.00 in a report on Monday, July 25th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $92.09.
Extra Space Storage (NYSE:EXR) traded down 2.77% during mid-day trading on Tuesday, reaching $71.36. 526,750 shares of the company’s stock traded hands. The stock’s 50 day moving average is $75.57 and its 200-day moving average is $84.25. The stock has a market capitalization of $8.98 billion, a PE ratio of 30.81 and a beta of 0.46. Extra Space Storage has a 52 week low of $70.01 and a 52 week high of $94.81.
Extra Space Storage (NYSE:EXR) last announced its earnings results on Wednesday, October 26th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.03. The business had revenue of $257.20 million for the quarter, compared to analyst estimates of $218.17 million. Extra Space Storage had a net margin of 30.57% and a return on equity of 14.98%. The company’s revenue for the quarter was up 30.2% compared to the same quarter last year. During the same period last year, the firm posted $0.81 earnings per share. On average, equities analysts anticipate that Extra Space Storage will post $3.80 EPS for the current year.
In other news, Director Dennis J. Letham bought 2,000 shares of the firm’s stock in a transaction dated Friday, October 28th. The shares were bought at an average price of $71.76 per share, with a total value of $143,520.00. Following the completion of the transaction, the director now owns 3,088 shares of the company’s stock, valued at $221,594.88. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Spencer Kirk sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $80.66, for a total value of $1,613,200.00. Following the completion of the transaction, the chief executive officer now directly owns 734,430 shares in the company, valued at approximately $59,239,123.80. The disclosure for this sale can be found here. 4.13% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of EXR. Cypress Capital Management LLC WY bought a new stake in Extra Space Storage during the second quarter worth $143,000. IFP Advisors Inc raised its stake in shares of Extra Space Storage by 3.1% in the second quarter. IFP Advisors Inc now owns 1,549 shares of the real estate investment trust’s stock valued at $143,000 after buying an additional 46 shares during the last quarter. Global X Management Co. LLC raised its stake in shares of Extra Space Storage by 100.0% in the third quarter. Global X Management Co. LLC now owns 1,938 shares of the real estate investment trust’s stock valued at $154,000 after buying an additional 969 shares during the last quarter. Mizuho Asset Management Co. Ltd. bought a new stake in shares of Extra Space Storage during the second quarter valued at about $166,000. Finally, Westport Resources Management Inc. raised its stake in shares of Extra Space Storage by 439.2% in the second quarter. Westport Resources Management Inc. now owns 2,119 shares of the real estate investment trust’s stock valued at $196,000 after buying an additional 1,726 shares during the last quarter. 96.67% of the stock is currently owned by institutional investors.
Extra Space Storage Company Profile
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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