Todays Report: Today, Extra Space Storage Inc. (EXR) Raised to Buy at The Zacks Investment Research

Today, Extra Space Storage Inc. (EXR) Raised to Buy at The Zacks Investment Research

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).

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