Extra Space Storage Inc (EXR) Rating Increased to Buy at Zacks Investment Research
Extra Space Storage Inc (NYSE:EXR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $90.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.22% from the company’s previous close.
According to Zacks, “Shares of Extra Space Storage outperformed the industry it belongs to, in the past three months. The stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being revised upward in two months’ time. The company’s focus to expand its geographical footprint through accretive acquisitions and third-party management platforms is anticipated to drive growth over the long term. In fact, the company gained an increased scale in several core markets on the back of these acquisitions, as well as fortified its presence in a number of new markets. Moreover, its presence in key cities and strategic joint ventures serve as growth drivers amid sound demand in the self-storage industry. However, increasing supply of self-storage units in certain markets and stiff competition remain concerns. Also, rate hike adds to its woes.”
A number of other analysts have also recently issued reports on EXR. Evercore ISI reissued an “in-line” rating and set a $80.00 price objective (up previously from $78.00) on shares of Extra Space Storage in a report on Thursday, September 14th. BMO Capital Markets began coverage on Extra Space Storage in a report on Monday, September 11th. They set a “market perform” rating and a $78.00 price objective on the stock. Cantor Fitzgerald reissued a “hold” rating and set a $77.00 price objective on shares of Extra Space Storage in a report on Friday, September 1st. KeyCorp reissued a “buy” rating and set a $82.00 price objective on shares of Extra Space Storage in a report on Friday, August 25th. Finally, BidaskClub cut Extra Space Storage from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. Two research analysts have rated the stock with a sell rating, seven have given 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 an average rating of “Hold” and an average target price of $82.56.
Extra Space Storage (NYSE:EXR) traded up 0.31% during midday trading on Wednesday, hitting $80.45. The stock had a trading volume of 504,943 shares. The company has a 50-day moving average price of $78.91 and a 200-day moving average price of $77.29. The stock has a market cap of $10.14 billion, a P/E ratio of 27.55 and a beta of 0.36. Extra Space Storage has a 52 week low of $68.09 and a 52 week high of $83.23.
Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $1.09 EPS for the quarter, beating 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 firm had revenue of $276.00 million for the quarter, compared to analysts’ expectations of $239.89 million. During the same quarter in the prior year, the firm earned $0.94 EPS. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. Equities analysts expect that Extra Space Storage will post $2.76 EPS for the current year.
In other Extra Space Storage news, EVP James Overturf sold 1,300 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $75.50, for a total value of $98,150.00. Following the sale, the executive vice president now owns 86,275 shares of the company’s stock, valued at approximately $6,513,762.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $79.09, for a total value of $1,581,800.00. Following the completion of the sale, the director now directly owns 665,748 shares in the company, valued at approximately $52,654,009.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 63,900 shares of company stock worth $5,037,638. Insiders own 3.72% of the company’s stock.
Several large investors have recently added to or reduced their stakes in EXR. Cbre Clarion Securities LLC bought a new position in shares of Extra Space Storage during the 2nd quarter valued at about $304,239,000. Capital Research Global Investors increased its position in shares of Extra Space Storage by 56.2% during the 2nd quarter. Capital Research Global Investors now owns 5,161,305 shares of the real estate investment trust’s stock valued at $402,582,000 after purchasing an additional 1,857,594 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Extra Space Storage by 161.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,319,479 shares of the real estate investment trust’s stock valued at $102,921,000 after purchasing an additional 815,051 shares during the last quarter. BlackRock Inc. increased its position in shares of Extra Space Storage by 3.0% during the 2nd quarter. BlackRock Inc. now owns 12,091,401 shares of the real estate investment trust’s stock valued at $943,130,000 after purchasing an additional 348,554 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of Extra Space Storage by 112.6% during the 2nd quarter. American Century Companies Inc. now owns 632,684 shares of the real estate investment trust’s stock valued at $49,349,000 after purchasing an additional 335,139 shares during the last quarter.
Extra Space Storage Company Profile
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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