Zacks Investment Research lowered shares of Extra Space Storage Inc. (NYSE:EXR) from a buy rating to a hold rating in a report issued on Wednesday morning.

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 equities analysts have also issued reports about the stock. DA Davidson upped their price objective 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. Raymond James Financial Inc. lowered shares of Extra Space Storage from a strong-buy rating to an outperform rating and upped their price objective for the stock from $95.00 to $106.00 in a report on Friday, August 12th. Jefferies Group decreased their price objective on shares of Extra Space Storage from $115.00 to $105.00 and set a buy rating on the stock in a report on Wednesday, August 10th. Cantor Fitzgerald restated a hold rating on shares of Extra Space Storage in a report on Friday, August 26th. Finally, KeyCorp decreased their price objective on shares of Extra Space Storage from $98.00 to $89.00 and set an overweight rating on the stock in a report on Monday, September 12th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $91.73.

Analyst Recommendations for Extra Space Storage (NYSE:EXR)

Extra Space Storage (NYSE:EXR) opened at 69.64 on Wednesday. The firm has a 50-day moving average of $73.65 and a 200 day moving average of $83.25. The stock has a market capitalization of $8.76 billion, a price-to-earnings ratio of 30.07 and a beta of 0.46. Extra Space Storage has a 12-month low of $68.09 and a 12-month high of $94.81.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Wednesday, October 26th. The real estate investment trust reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.03. Extra Space Storage had a net margin of 30.57% and a return on equity of 14.98%. The business earned $257.20 million during the quarter, compared to analysts’ expectations of $218.17 million. During the same quarter in the prior year, the company posted $0.81 EPS. The business’s revenue for the quarter was up 30.2% on a year-over-year basis. On average, analysts predict that Extra Space Storage will post $3.80 earnings per share for the current fiscal year.

In other Extra Space Storage news, Director Dennis J. Letham acquired 2,000 shares of the stock in a transaction on Friday, October 28th. The shares were bought at an average cost of $71.76 per share, with a total value of $143,520.00. Following the transaction, the director now owns 3,088 shares of the company’s stock, valued at approximately $221,594.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $80.66, for a total transaction of $1,613,200.00. Following the transaction, the chief executive officer now directly owns 734,430 shares in the company, valued at $59,239,123.80. The disclosure for this sale can be found here. 4.13% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Fox Run Management L.L.C. acquired a new position in shares of Extra Space Storage during the second quarter valued at about $324,000. Nisa Investment Advisors LLC increased its position in shares of Extra Space Storage by 20.6% in the second quarter. Nisa Investment Advisors LLC now owns 15,915 shares of the real estate investment trust’s stock valued at $1,473,000 after buying an additional 2,715 shares during the last quarter. Johanson Financial Advisors Inc. acquired a new position in shares of Extra Space Storage during the second quarter valued at about $208,000. Capstone Asset Management Co. increased its position in shares of Extra Space Storage by 14.2% in the second quarter. Capstone Asset Management Co. now owns 20,312 shares of the real estate investment trust’s stock valued at $1,880,000 after buying an additional 2,520 shares during the last quarter. Finally, Creative Planning increased its position in shares of Extra Space Storage by 4.8% in the second quarter. Creative Planning now owns 13,182 shares of the real estate investment trust’s stock valued at $1,220,000 after buying an additional 599 shares during the last quarter. 95.60% of the stock is currently owned by institutional investors.

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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).

5 Day Chart for NYSE:EXR

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