Extra Space Storage (EXR) Upgraded to Equal Weight by Morgan Stanley
Extra Space Storage (NYSE:EXR) was upgraded by investment analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research report issued on Wednesday, MarketBeat reports. The brokerage currently has a $83.00 target price on the real estate investment trust’s stock. Morgan Stanley’s price objective indicates a potential downside of 5.53% from the stock’s previous close.
Several other research firms have also issued reports on EXR. Zacks Investment Research lowered Extra Space Storage from a “buy” rating to a “hold” rating in a report on Thursday, November 23rd. Royal Bank of Canada boosted their price target on Extra Space Storage from $79.00 to $84.00 and gave the company a “sector perform” rating in a report on Tuesday, November 14th. Jefferies Group set a $90.00 price target on Extra Space Storage and gave the company a “hold” rating in a report on Tuesday, November 28th. Cantor Fitzgerald boosted their price target on Extra Space Storage from $77.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, November 9th. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $92.00 price objective on shares of Extra Space Storage in a research note on Wednesday, November 29th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Extra Space Storage has an average rating of “Hold” and an average price target of $86.42.
Extra Space Storage (NYSE EXR) traded up $0.04 during trading hours on Wednesday, reaching $87.86. The company’s stock had a trading volume of 1,087,800 shares, compared to its average volume of 1,011,521. Extra Space Storage has a twelve month low of $71.34 and a twelve month high of $88.40. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 1.68. The company has a market capitalization of $11,066.00, a price-to-earnings ratio of 20.52, a PEG ratio of 3.38 and a beta of 0.39.
Extra Space Storage declared that its board has authorized a share repurchase program on Monday, November 13th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, SVP Grace Kunde sold 350 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $87.65, for a total value of $30,677.50. Following the completion of the transaction, the senior vice president now owns 11,209 shares of the company’s stock, valued at $982,468.85. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $79.64, for a total value of $1,592,800.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 64,250 shares of company stock valued at $5,276,770. Corporate insiders own 3.72% of the company’s stock.
Several large investors have recently bought and sold shares of EXR. Fieldpoint Private Securities LLC purchased a new stake in shares of Extra Space Storage in the third quarter worth about $103,000. Penserra Capital Management LLC purchased a new stake in shares of Extra Space Storage in the third quarter worth about $131,000. Janney Montgomery Scott LLC purchased a new stake in shares of Extra Space Storage in the third quarter worth about $200,000. Federated Investors Inc. PA purchased a new stake in shares of Extra Space Storage in the second quarter worth about $218,000. Finally, Pacer Advisors Inc. lifted its position in shares of Extra Space Storage by 8.3% in the second quarter. Pacer Advisors Inc. now owns 3,042 shares of the real estate investment trust’s stock worth $237,000 after buying an additional 232 shares in the last quarter.
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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