Extra Space Storage Inc (EXR) Stock Rating Reaffirmed by Cantor Fitzgerald
Cantor Fitzgerald restated their hold rating on shares of Extra Space Storage Inc (NYSE:EXR) in a research note issued to investors on Friday morning. Cantor Fitzgerald currently has a $77.00 price objective on the real estate investment trust’s stock.
EXR has been the topic of a number of other research reports. BidaskClub downgraded Extra Space Storage from a buy rating to a hold rating in a report on Sunday, July 30th. KeyCorp restated a buy rating and issued a $82.00 price objective on shares of Extra Space Storage in a report on Friday, August 25th. Goldman Sachs Group, Inc. (The) upgraded Extra Space Storage from a buy rating to a conviction-buy rating and set a $95.00 price objective on the stock in a report on Monday, May 15th. Bank of America Corporation downgraded Extra Space Storage from a buy rating to a neutral rating and dropped their price objective for the stock from $83.00 to $81.00 in a report on Thursday, July 20th. Finally, Citigroup Inc restated a neutral rating on shares of Extra Space Storage in a report on Thursday, May 11th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Extra Space Storage currently has a consensus rating of Hold and an average target price of $82.25.
Shares of Extra Space Storage (NYSE:EXR) opened at 77.78 on Friday. The firm has a market capitalization of $9.80 billion, a PE ratio of 26.58 and a beta of 0.35. Extra Space Storage has a 52-week low of $68.09 and a 52-week high of $82.82. The company has a 50 day moving average of $77.49 and a 200 day moving average of $76.78.
Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.04. The company had revenue of $276 million for the quarter, compared to the consensus estimate of $239.89 million. Extra Space Storage had a return on equity of 15.20% and a net margin of 36.35%. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 EPS. On average, analysts anticipate that Extra Space Storage will post $2.78 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $3.12 dividend on an annualized basis and a yield of 4.01%. Extra Space Storage’s dividend payout ratio is currently 107.22%.
In other Extra Space Storage news, Director Spencer Kirk sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $79.09, for a total transaction of $1,581,800.00. Following the completion of the sale, the director now owns 665,748 shares of the company’s stock, valued at $52,654,009.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James Overturf sold 1,300 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $74.90, for a total value of $97,370.00. Following the sale, the executive vice president now directly owns 88,875 shares of the company’s stock, valued at approximately $6,656,737.50. The disclosure for this sale can be found here. Insiders have sold 43,900 shares of company stock valued at $3,443,971 in the last ninety days. Company insiders own 3.72% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Extra Space Storage by 0.8% during the second quarter. Vanguard Group Inc. now owns 21,666,355 shares of the real estate investment trust’s stock worth $1,689,976,000 after purchasing an additional 171,897 shares during the period. BlackRock Inc. boosted its position in Extra Space Storage by 3.0% during the second quarter. BlackRock Inc. now owns 12,091,401 shares of the real estate investment trust’s stock worth $943,130,000 after purchasing an additional 348,554 shares during the period. Capital Research Global Investors boosted its position in Extra Space Storage by 56.2% during the second quarter. Capital Research Global Investors now owns 5,161,305 shares of the real estate investment trust’s stock worth $402,582,000 after purchasing an additional 1,857,594 shares during the period. Cbre Clarion Securities LLC bought a new stake in Extra Space Storage during the second quarter worth approximately $304,239,000. Finally, Northern Trust Corp boosted its position in Extra Space Storage by 3.9% during the second quarter. Northern Trust Corp now owns 1,919,978 shares of the real estate investment trust’s stock worth $149,759,000 after purchasing an additional 71,326 shares during the period.
Extra Space Storage Company Profile
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.
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