Extra Space Storage Inc. (NYSE:EXR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $78.00 price target on the real estate investment trust’s stock. Zacks Investment Research’s price objective points to a potential upside of 11.73% from the stock’s previous close.

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. “

Several other equities research analysts have also commented on EXR. SunTrust Banks Inc. lowered shares of Extra Space Storage from a “buy” rating to a “neutral” rating and cut their price target for the stock from $107.00 to $100.00 in a report on Monday, July 25th. DA Davidson upped their target price on shares of Extra Space Storage from $90.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, July 29th. Jefferies Group dropped their target price on shares of Extra Space Storage from $115.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday, August 10th. Raymond James Financial Inc. lowered shares of Extra Space Storage from a “strong-buy” rating to an “outperform” rating and upped their target price for the stock from $95.00 to $106.00 in a report on Friday, August 12th. Finally, Cantor Fitzgerald reaffirmed a “hold” rating on shares of Extra Space Storage in a report on Friday, August 26th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Extra Space Storage currently has an average rating of “Hold” and a consensus price target of $91.73.

Analyst Recommendations for Extra Space Storage (NYSE:EXR)

Extra Space Storage (NYSE:EXR) traded up 1.50% on Tuesday, reaching $69.81. 1,010,824 shares of the company traded hands. The stock has a market capitalization of $8.78 billion, a price-to-earnings ratio of 30.14 and a beta of 0.46. Extra Space Storage has a 1-year low of $68.09 and a 1-year high of $94.81. The stock has a 50 day moving average of $73.84 and a 200-day moving average of $83.35.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Wednesday, October 26th. The real estate investment trust reported $1.02 EPS for the quarter, topping the consensus estimate of $0.99 by $0.03. The company earned $257.20 million during 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 firm’s revenue was up 30.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.81 EPS. On average, equities analysts anticipate that Extra Space Storage will post $3.80 EPS for the current year.

In other Extra Space Storage news, CEO Spencer Kirk sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 734,430 shares of the company’s stock, valued at $59,239,123.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Dennis J. Letham bought 2,000 shares of the firm’s stock in a transaction on Friday, October 28th. The stock was bought at an average cost of $71.76 per share, for a total transaction of $143,520.00. Following the transaction, the director now directly owns 3,088 shares of the company’s stock, valued at $221,594.88. The disclosure for this purchase can be found here. 4.13% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in 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. FMR LLC boosted its position in 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. Cohen & Steers Inc. boosted its position in 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. Daiwa Securities Group Inc. boosted its position in Extra Space Storage by 3.0% in the third quarter. Daiwa Securities Group Inc. now owns 4,226,251 shares of the real estate investment trust’s stock worth $335,606,000 after buying an additional 122,583 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its position in Extra Space Storage by 3.8% in the third quarter. BlackRock Fund Advisors now owns 4,186,619 shares of the real estate investment trust’s stock worth $332,459,000 after buying an additional 153,654 shares during the last quarter. 95.60% of the stock is currently owned by institutional investors.

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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).

5 Day Chart for NYSE:EXR

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