Extra Space Storage Inc. (EXR) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Extra Space Storage Inc. (NYSE:EXR) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. The brokerage currently has $80.00 target price on the real estate investment trust’s stock.
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 analysts also recently issued research reports about the company. DA Davidson lifted their target price on Extra Space Storage from $90.00 to $95.00 and gave the company a neutral rating in a research note on Friday, July 29th. SunTrust Banks Inc. cut Extra Space Storage from a buy rating to a neutral rating and cut their price target for the company from $107.00 to $100.00 in a report on Monday, July 25th. 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 report on Wednesday, August 10th. KeyCorp cut their price target on Extra Space Storage from $98.00 to $89.00 and set an overweight rating for the company in a report on Monday, September 12th. Finally, Raymond James Financial Inc. cut Extra Space Storage from a strong-buy rating to an outperform rating and raised their price target for the company from $95.00 to $106.00 in a report on Friday, August 12th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Extra Space Storage currently has an average rating of Hold and an average target price of $91.91.
Extra Space Storage (NYSE:EXR) traded down 0.90% on Wednesday, hitting $71.22. 196,627 shares of the stock were exchanged. The firm has a market cap of $8.96 billion, a PE ratio of 30.75 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. The company has a 50-day moving average price of $74.95 and a 200-day moving average price of $83.97.
Extra Space Storage (NYSE:EXR) last issued its earnings results on Wednesday, October 26th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.03. The company had revenue of $257.20 million for the quarter, compared to the consensus estimate of $218.17 million. Extra Space Storage had a return on equity of 14.98% and a net margin of 30.57%. The firm’s quarterly revenue was up 30.2% on a year-over-year basis. During the same quarter last year, the company earned $0.81 EPS. On average, equities research analysts anticipate that Extra Space Storage will post $3.80 EPS for the current fiscal year.
In related news, Director Dennis J. Letham bought 2,000 shares of the business’s stock in a transaction dated Friday, October 28th. The shares were acquired at an average price of $71.76 per share, for a total transaction of $143,520.00. Following the purchase, the director now owns 3,088 shares in the company, valued at approximately $221,594.88. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Spencer Kirk sold 20,000 shares of the company’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $78.26, for a total transaction of $1,565,200.00. Following the completion of the sale, the chief executive officer now owns 734,430 shares in the company, valued at approximately $57,476,491.80. The disclosure for this sale can be found here. 4.13% of the stock is owned by insiders.
Several large investors have recently modified their holdings of EXR. Cypress Capital Management LLC WY acquired a new stake in Extra Space Storage during the second quarter valued at $143,000. IFP Advisors Inc increased its stake in 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 worth $143,000 after buying an additional 46 shares during the last quarter. Global X Management Co. LLC increased its stake in 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 worth $154,000 after buying an additional 969 shares during the last quarter. Mizuho Asset Management Co. Ltd. bought a new stake in Extra Space Storage during the second quarter worth about $166,000. Finally, Westport Resources Management Inc. increased its stake in 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 worth $196,000 after buying an additional 1,726 shares during the last quarter. Institutional investors and hedge funds own 96.67% of the company’s stock.
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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