The Extra Space Storage Inc. (EXR) Upgrade by The Zacks Investment Research to “Buy”

The Extra Space Storage Inc. (EXR) Upgrade by The Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Extra Space Storage Inc. (NYSE:EXR) from a hold rating to a buy rating in a research report released on Tuesday morning. The brokerage currently has $78.00 price objective 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. “

EXR has been the subject of several other reports. BMO Capital Markets reissued a hold rating and set a $80.00 target price on shares of Extra Space Storage in a research note on Wednesday, November 9th. KeyCorp lowered their target price on Extra Space Storage from $98.00 to $89.00 and set an overweight rating for the company in a research note on Monday, September 12th. Cantor Fitzgerald reissued a hold rating on shares of Extra Space Storage in a research note on Friday, August 26th. Raymond James Financial Inc. cut Extra Space Storage from a strong-buy rating to an outperform rating and boosted their target price for the stock from $95.00 to $106.00 in a research note on Friday, August 12th. Finally, Jefferies Group lowered their target price on Extra Space Storage from $115.00 to $105.00 and set a buy rating for the company in a research note on Wednesday, August 10th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Extra Space Storage currently has an average rating of Hold and a consensus price target of $91.73.

Extra Space Storage (NYSE:EXR) opened at 70.08 on Tuesday. The stock has a 50 day moving average price of $73.52 and a 200-day moving average price of $83.09. The firm has a market capitalization of $8.82 billion, a price-to-earnings ratio of 30.26 and a beta of 0.46. Extra Space Storage has a one year low of $68.09 and a one year high of $94.81.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Wednesday, October 26th. The real estate investment trust reported $1.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.03. Extra Space Storage had a return on equity of 14.98% and a net margin of 30.57%. The business earned $257.20 million during the quarter, compared to analysts’ expectations of $218.17 million. During the same period in the previous year, the firm posted $0.81 earnings per share. The company’s revenue was up 30.2% on a year-over-year basis. On average, analysts predict that Extra Space Storage will post $3.80 earnings per share for the current fiscal year.

In other news, CEO Spencer Kirk sold 20,000 shares of the business’s stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $72.29, for a total value of $1,445,800.00. Following the completion of the sale, the chief executive officer now directly owns 734,430 shares of the company’s stock, valued at approximately $53,091,944.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dennis J. Letham bought 2,000 shares of Extra Space Storage stock in a transaction dated Friday, October 28th. The stock was purchased at an average cost of $71.76 per share, with a total value of $143,520.00. Following the completion of the acquisition, the director now directly owns 3,088 shares in the company, valued at approximately $221,594.88. The disclosure for this purchase can be found here. 4.13% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the stock. Cypress Capital Management LLC WY purchased a new stake in Extra Space Storage during the second quarter valued at $143,000. IFP Advisors Inc increased its stake 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 increased its stake 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. purchased a new stake in Extra Space Storage during the second quarter valued at $166,000. Finally, Westport Resources Management Inc. increased its stake 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. 98.86% of the stock is owned by institutional investors and hedge funds.

About Extra Space Storage

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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