Share Buyback Program Declared by Extra Space Storage (EXR) Board of Directors
Extra Space Storage (NYSE:EXR) declared that its Board of Directors has approved a stock repurchase plan, which permits the company to repurchase $400.00 million in shares on Monday, November 13th, EventVestor reports. This repurchase authorization permits the real estate investment trust to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
Several equities analysts have recently commented on EXR shares. Cantor Fitzgerald restated a “hold” rating and issued a $77.00 target price on shares of Extra Space Storage in a research report on Friday, September 1st. Evercore ISI restated an “in-line” rating and issued a $80.00 target price (up from $78.00) on shares of Extra Space Storage in a research report on Thursday, September 14th. BMO Capital Markets began coverage on shares of Extra Space Storage in a research report on Monday, September 11th. They issued a “market perform” rating and a $78.00 target price for the company. Zacks Investment Research upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research report on Wednesday, October 11th. Finally, BidaskClub cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research report on Sunday, July 30th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Extra Space Storage has an average rating of “Hold” and an average price target of $83.44.
Shares of Extra Space Storage (NYSE:EXR) traded up $0.87 during midday trading on Tuesday, reaching $86.87. 917,100 shares of the company’s stock traded hands, compared to its average volume of 1,011,087. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.75 and a current ratio of 0.75. Extra Space Storage has a 1 year low of $68.09 and a 1 year high of $87.31. The firm has a market cap of $10,836.67, a PE ratio of 20.09, a P/E/G ratio of 3.50 and a beta of 0.38.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.03. Extra Space Storage had a net margin of 33.21% and a return on equity of 14.41%. The firm had revenue of $284.16 million during the quarter, compared to analysts’ expectations of $246.85 million. During the same period in the prior year, the company posted $1.02 EPS. The company’s revenue was up 10.5% on a year-over-year basis. analysts expect that Extra Space Storage will post 4.33 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.59%. The ex-dividend date of this dividend is Thursday, December 14th. Extra Space Storage’s dividend payout ratio (DPR) is currently 114.71%.
In other Extra Space Storage news, EVP James Overturf sold 1,300 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $75.50, for a total value of $98,150.00. Following the completion of the transaction, the executive vice president now directly owns 86,275 shares in the company, valued at approximately $6,513,762.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Spencer Kirk sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $78.12, for a total transaction of $1,562,400.00. Following the completion of the transaction, the director now owns 665,748 shares of the company’s stock, valued at $52,008,233.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 63,900 shares of company stock valued at $5,089,327. Corporate insiders own 3.72% of the company’s stock.
ILLEGAL ACTIVITY WARNING: This piece was originally posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this piece on another site, it was stolen and republished in violation of international trademark and copyright law. The original version of this piece can be viewed at https://www.thecerbatgem.com/2017/11/14/share-buyback-program-declared-by-extra-space-storage-exr-board-of-directors.html.
About Extra Space Storage
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.
Receive News & Stock Ratings for Extra Space Storage Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extra Space Storage Inc and related stocks with our FREE daily email newsletter.