Zacks Investment Research upgraded shares of Extra Space Storage Inc. (NYSE:EXR) from a hold rating to a buy rating in a research note issued to investors on Tuesday. Zacks Investment Research currently has $78.00 price target on the real estate investment trust’s stock.
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. “
A number of other brokerages also recently issued reports on EXR. SunTrust Banks Inc. downgraded Extra Space Storage from a buy rating to a neutral rating and decreased their price objective for the company from $107.00 to $100.00 in a research report on Monday, July 25th. DA Davidson upped their price objective on Extra Space Storage from $90.00 to $95.00 and gave the company a neutral rating in a research report on Friday, July 29th. Raymond James Financial Inc. downgraded Extra Space Storage from a strong-buy rating to an outperform rating and upped their price objective for the company from $95.00 to $106.00 in a research report on Friday, August 12th. Jefferies Group decreased their price objective on Extra Space Storage from $115.00 to $105.00 and set a buy rating on the stock in a research report on Wednesday, August 10th. Finally, Cantor Fitzgerald restated a hold rating on shares of Extra Space Storage in a research report on Friday, August 26th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $91.73.
Extra Space Storage (NYSE:EXR) opened at 69.64 on Tuesday. 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 price of $73.65 and a 200-day moving average price of $83.25. The stock has a market cap of $8.76 billion, a PE ratio of 30.07 and a beta of 0.46.
Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, October 26th. The real estate investment trust reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.03. The company had revenue of $257.20 million for the quarter, compared to the consensus estimate of $218.17 million. Extra Space Storage had a return on equity of 14.98% and a net margin of 30.57%. The firm’s revenue for the quarter was up 30.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 earnings per share. On average, equities analysts expect that Extra Space Storage will post $3.80 EPS for the current year.
In other news, Director Dennis J. Letham acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, October 28th. The shares were bought 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 in the company, valued at $221,594.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Spencer Kirk sold 20,000 shares of the stock in a transaction that occurred 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 approximately $57,476,491.80. The disclosure for this sale can be found here. 4.13% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Cypress Capital Management LLC WY bought a new stake in shares of Extra Space Storage during the second quarter valued at about $143,000. IFP Advisors Inc boosted its stake in shares of 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 period. Mizuho Asset Management Co. Ltd. bought a new stake in shares of Extra Space Storage during the second quarter valued at about $166,000. Global X Management Co. LLC boosted its stake in shares of 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 period. Finally, Westport Resources Management Inc. boosted its stake in shares of 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 period. 95.60% of the stock is currently owned by institutional investors.
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).