Extra Space Storage’s (EXR) Hold Rating Reaffirmed at Cantor Fitzgerald
Extra Space Storage Inc (NYSE:EXR)‘s stock had its “hold” rating restated by investment analysts at Cantor Fitzgerald in a report issued on Wednesday. They presently have a $77.00 price target on the real estate investment trust’s stock. Cantor Fitzgerald’s price target would indicate a potential downside of 5.63% from the stock’s previous close.
The analysts wrote, “FFO/sh. Beat. Excluding one-time items of $0.04, including hurricane-related losses and tenant reinsurance claims, FFO/sh. was $1.13 vs. our est. of $1.11. The variance to our estimate included higher tenant insurance income and lower G&A, offset by lower management fees and higher tenant insurance and interest expense. There was seq. deceleration of 40bps to 4.8% in the SS revenue growth rate after a 60bp seq. decline in 2Q. Occupancy increased 140bps following a 70bp y/y increase in 2Q and a 80bp y/y increase in 1Q; SS rents increased 3.6% (-90bps seq.). SS expenses rose 2.9% vs. a 1.1% decline in 2Q, and SSNOI growth was up 5.5% (-220bps seq.).””
Several other equities analysts have also recently commented on EXR. BidaskClub cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Bank of America Corporation cut shares of Extra Space Storage from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $83.00 to $81.00 in a research report on Thursday, July 20th. KeyCorp reissued a “buy” rating and set a $82.00 target price on shares of Extra Space Storage in a research report on Friday, August 25th. BMO Capital Markets initiated coverage on shares of Extra Space Storage in a research report on Monday, September 11th. They set a “market perform” rating and a $78.00 target price on the stock. Finally, Evercore ISI reissued an “in-line” rating and set a $80.00 target price (up previously from $78.00) on shares of Extra Space Storage in a research report on Thursday, September 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Extra Space Storage presently has an average rating of “Hold” and a consensus price target of $82.56.
Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.03. Extra Space Storage had a net margin of 36.35% and a return on equity of 15.20%. The firm had revenue of $284.16 million for the quarter, compared to analysts’ expectations of $246.85 million. During the same quarter last year, the firm earned $1.02 EPS. The company’s quarterly revenue was up 10.5% compared to the same quarter last year.
In other news, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $79.64, for a total transaction of $1,592,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James Overturf sold 1,300 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $75.50, for a total transaction of $98,150.00. Following the transaction, the executive vice president now owns 86,275 shares of the company’s stock, valued at $6,513,762.50. The disclosure for this sale can be found here. Insiders sold a total of 43,900 shares of company stock valued at $3,461,727 over the last quarter. 3.72% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AXA grew its position in shares of Extra Space Storage by 17.1% during the 2nd quarter. AXA now owns 303,966 shares of the real estate investment trust’s stock valued at $23,709,000 after purchasing an additional 44,312 shares in the last quarter. Morgan Stanley grew its position in Extra Space Storage by 108.1% in the first quarter. Morgan Stanley now owns 265,835 shares of the real estate investment trust’s stock worth $19,777,000 after acquiring an additional 138,084 shares in the last quarter. HighTower Advisors LLC grew its position in Extra Space Storage by 6.4% in the first quarter. HighTower Advisors LLC now owns 3,906 shares of the real estate investment trust’s stock worth $288,000 after acquiring an additional 235 shares in the last quarter. American Century Companies Inc. grew its position in Extra Space Storage by 112.6% in the second quarter. American Century Companies Inc. now owns 632,684 shares of the real estate investment trust’s stock worth $49,349,000 after acquiring an additional 335,139 shares in the last quarter. Finally, Westpac Banking Corp grew its position in Extra Space Storage by 6.6% in the second quarter. Westpac Banking Corp now owns 259,624 shares of the real estate investment trust’s stock worth $20,251,000 after acquiring an additional 16,122 shares in 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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