Zacks Investment Research Upgrades Extra Space Storage Inc. (EXR) to Buy
Extra Space Storage Inc. (NYSE:EXR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage currently has a $79.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s target price would indicate a potential upside of 12.60% from the company’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. “
EXR has been the topic of a number of other reports. Jefferies Group decreased their price target on Extra Space Storage from $115.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, August 10th. BMO Capital Markets restated a “hold” rating and issued a $80.00 price target on shares of Extra Space Storage in a research note on Wednesday, November 9th. Cantor Fitzgerald restated a “hold” rating on shares of Extra Space Storage in a research note on Friday, August 26th. Raymond James Financial Inc. downgraded Extra Space Storage from a “strong-buy” rating to an “outperform” rating and lifted their price target for the company from $95.00 to $106.00 in a research note on Friday, August 12th. Finally, KeyCorp decreased their price target on Extra Space Storage from $98.00 to $89.00 and set an “overweight” rating on the stock in a research note on Monday, September 12th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $91.82.
Shares of Extra Space Storage (NYSE:EXR) traded down 0.97% during mid-day trading on Wednesday, hitting $70.16. The company’s stock had a trading volume of 1,059,074 shares. The company has a market cap of $8.83 billion, a PE ratio of 30.29 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. The stock has a 50-day moving average of $73.25 and a 200-day moving average of $82.62.
Extra Space Storage (NYSE:EXR) last released its earnings results on Wednesday, October 26th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 return on equity of 14.98% and a net margin of 30.57%. The company’s revenue for the quarter was up 30.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.81 earnings per share. On average, equities research analysts forecast that Extra Space Storage will post $3.80 EPS for the current year.
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In related news, CEO Spencer Kirk sold 20,000 shares of the company’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $78.26, for a total value of $1,565,200.00. Following the completion of the transaction, the chief executive officer now directly owns 734,430 shares in the company, valued at $57,476,491.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dennis J. Letham bought 2,000 shares of the company’s stock in a transaction that occurred on Friday, October 28th. The stock was acquired at an average price of $71.76 per share, with a total value of $143,520.00. Following the completion of the purchase, the director now directly owns 3,088 shares of the company’s stock, valued at approximately $221,594.88. The disclosure for this purchase can be found here. 4.13% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Cypress Capital Management LLC WY acquired a new position in Extra Space Storage during the second quarter valued at approximately $143,000. IFP Advisors Inc raised its position 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 valued at $143,000 after buying an additional 46 shares during the last quarter. Global X Management Co. LLC raised its position 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 valued at $154,000 after buying an additional 969 shares during the last quarter. Mizuho Asset Management Co. Ltd. acquired a new position in Extra Space Storage during the second quarter valued at approximately $166,000. Finally, Westport Resources Management Inc. raised its position 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 valued at $196,000 after buying an additional 1,726 shares during the last quarter. Hedge funds and other institutional investors own 98.86% 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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