Evercore ISI Reaffirms In-Line Rating for Extra Space Storage Inc (EXR)
Extra Space Storage Inc (NYSE:EXR)‘s stock had its “in-line” rating reaffirmed by research analysts at Evercore ISI in a research report issued on Thursday. They currently have a $80.00 price target on the real estate investment trust’s stock, up from their previous price target of $78.00. Evercore ISI’s price target would suggest a potential upside of 2.08% from the company’s current price.
A number of other brokerages have also recently issued reports on EXR. BidaskClub upgraded Extra Space Storage from a “hold” rating to a “buy” rating in a report on Saturday, June 17th. Cantor Fitzgerald reiterated a “hold” rating and issued a $77.00 target price on shares of Extra Space Storage in a report on Sunday, August 20th. BMO Capital Markets assumed coverage on Extra Space Storage in a report on Monday. They issued a “market perform” rating and a $78.00 target price on the stock. Bank of America Corporation cut Extra Space Storage from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $83.00 to $81.00 in a research note on Thursday, July 20th. Finally, KeyCorp restated a “buy” rating and set a $82.00 price objective on shares of Extra Space Storage in a research note on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $81.78.
Shares of Extra Space Storage (NYSE:EXR) traded up 1.91% during trading on Thursday, reaching $78.37. 602,245 shares of the company were exchanged. The firm’s 50 day moving average price is $77.76 and its 200 day moving average price is $76.91. Extra Space Storage has a one year low of $68.09 and a one year high of $83.23. The company has a market capitalization of $9.87 billion, a PE ratio of 26.78 and a beta of 0.35.
Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.04. Extra Space Storage had a return on equity of 15.20% and a net margin of 36.35%. The company had revenue of $276.00 million for the quarter, compared to analysts’ expectations of $239.89 million. During the same period last year, the business earned $0.94 EPS. Extra Space Storage’s quarterly revenue was up 13.0% compared to the same quarter last year. Equities research analysts forecast that Extra Space Storage will post $2.76 earnings per share for the current fiscal year.
In other news, Director Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $78.31, for a total transaction of $1,566,200.00. Following the completion of the sale, the director now directly owns 665,748 shares of the company’s stock, valued at approximately $52,134,725.88. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP James Overturf sold 1,300 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $75.50, for a total value of $98,150.00. Following the sale, the executive vice president now directly owns 86,275 shares of the company’s stock, valued at $6,513,762.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,600 shares of company stock worth $4,909,001. Company insiders own 3.72% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Janney Montgomery Scott LLC purchased a new stake in shares of Extra Space Storage during the 1st quarter valued at $204,000. Pacer Advisors Inc. increased its position in shares of Extra Space Storage by 3.2% during the 1st quarter. Pacer Advisors Inc. now owns 2,810 shares of the real estate investment trust’s stock valued at $209,000 after purchasing an additional 88 shares during the last quarter. Global X Management Co. LLC increased its position in shares of Extra Space Storage by 42.4% during the 1st quarter. Global X Management Co. LLC now owns 2,830 shares of the real estate investment trust’s stock valued at $211,000 after purchasing an additional 842 shares during the last quarter. Atria Investments LLC purchased a new stake in shares of Extra Space Storage during the 2nd quarter valued at $213,000. Finally, Achmea Investment Management B.V. purchased a new stake in shares of Extra Space Storage during the 1st quarter valued at $216,000.
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.
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