Extra Space Storage Inc (NYSE:EXR) was downgraded by analysts at Bank of America Corporation from a “buy” rating to a “neutral” rating in a research note issued to investors on Thursday, The Fly reports.

EXR has been the subject of several other research reports. BMO Capital Markets reiterated a “hold” rating and set a $80.00 target price on shares of Extra Space Storage in a research report on Wednesday, March 22nd. Goldman Sachs Group, Inc. (The) raised Extra Space Storage from a “buy” rating to a “conviction-buy” rating and set a $95.00 price target for the company in a research note on Monday, May 15th. BidaskClub lowered Extra Space Storage from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Cantor Fitzgerald reissued a “neutral” rating and set a $77.00 price target on shares of Extra Space Storage in a research note on Monday, May 22nd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $80.00 price target on shares of Extra Space Storage in a research note on Monday, April 3rd. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Extra Space Storage presently has a consensus rating of “Hold” and a consensus price target of $88.18.

Extra Space Storage (EXR) opened at 78.79 on Thursday. The stock has a market cap of $9.90 billion, a price-to-earnings ratio of 27.27 and a beta of 0.35. The firm’s 50-day moving average price is $76.75 and its 200-day moving average price is $76.12. Extra Space Storage has a 12-month low of $68.09 and a 12-month high of $93.93.

Extra Space Storage (NYSE:EXR) last released its earnings results on Wednesday, April 26th. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.05. Extra Space Storage had a return on equity of 14.92% and a net margin of 36.40%. The firm had revenue of $263 million during the quarter, compared to analysts’ expectations of $233.12 million. During the same quarter last year, the business posted $0.86 earnings per share. The firm’s revenue was up 14.6% on a year-over-year basis. On average, equities analysts predict that Extra Space Storage will post $2.66 EPS for the current fiscal year.

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In related news, EVP James Overturf sold 1,300 shares of the business’s stock in a transaction on Friday, April 21st. The stock was sold at an average price of $80.50, for a total transaction of $104,650.00. Following the transaction, the executive vice president now directly owns 91,475 shares in the company, valued at approximately $7,363,737.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $75.75, for a total value of $1,515,000.00. Following the transaction, the director now owns 665,748 shares in the company, valued at $50,430,411. The disclosure for this sale can be found here. Insiders sold a total of 65,200 shares of company stock worth $4,986,238 over the last quarter. Company insiders own 3.72% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Extra Space Storage by 2,356.1% in the first quarter. BlackRock Inc. now owns 11,742,847 shares of the real estate investment trust’s stock worth $873,550,000 after buying an additional 11,264,744 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Extra Space Storage by 11.2% in the first quarter. Daiwa Securities Group Inc. now owns 5,327,021 shares of the real estate investment trust’s stock worth $396,278,000 after buying an additional 536,392 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Extra Space Storage by 2.0% in the first quarter. Vanguard Group Inc. now owns 21,494,458 shares of the real estate investment trust’s stock worth $1,598,973,000 after buying an additional 411,415 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Extra Space Storage by 184.5% in the first quarter. American Century Companies Inc. now owns 297,545 shares of the real estate investment trust’s stock worth $22,134,000 after buying an additional 192,948 shares in the last quarter. Finally, Ranger Global Real Estate Advisors LLC purchased a new stake in shares of Extra Space Storage during the first quarter worth approximately $12,023,000.

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.

The Fly

Analyst Recommendations for Extra Space Storage (NYSE:EXR)

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