Macquarie Initiates Coverage on Extra Space Storage (EXR)
Analysts at Macquarie started coverage on shares of Extra Space Storage (NYSE:EXR) in a research report issued to clients and investors on Tuesday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating on the stock.
Other equities research analysts have also recently issued reports about the stock. Analysts at Jefferies Group upgraded shares of Extra Space Storage (NYSE:EXR) from a “hold” rating to a “buy” rating in a research note to investors on Thursday, September 5th. They now have a $49.00 price target on the stock, up previously from $46.00. Separately, analysts at RBC Capital raised their price target on shares of Extra Space Storage (NYSE:EXR) from $46.00 to $47.00 in a research note to investors on Friday, August 16th. They now have an “outperform” rating on the stock. Finally, analysts at Zacks downgraded shares of Extra Space Storage (NYSE:EXR) from an “outperform” rating to a “neutral” rating in a research note to investors on Tuesday, August 13th. They now have a $47.70 price target on the stock.
One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Extra Space Storage currently has an average rating of “Buy” and an average price target of $41.52.
Extra Space Storage (NYSE:EXR) traded up 1.03% on Tuesday, hitting $43.15. The stock had a trading volume of 98,860 shares. Extra Space Storage has a 52-week low of $32.59 and a 52-week high of $45.29. The stock’s 50-day moving average is $42.47 and its 200-day moving average is $41.76. The company has a market cap of $4.799 billion and a P/E ratio of 33.01.
Extra Space Storage (NYSE:EXR) last announced its earnings results on Friday, August 2nd. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.01. The company had revenue of $126.20 million for the quarter, compared to the consensus estimate of $123.77 million. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 33.0% on a year-over-year basis. Analysts expect that Extra Space Storage will post $2.00 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend is Thursday, September 12th.
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (NYSE:EXR).
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