Extra Space Storage Inc (EXR) Receives Average Recommendation of “Hold” from Analysts
Shares of Extra Space Storage Inc (NYSE:EXR) have received a consensus recommendation of “Hold” from the fourteen brokerages that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $85.70.
A number of research analysts have commented on EXR shares. Cantor Fitzgerald restated a “hold” rating and issued a $77.00 target price on shares of Extra Space Storage in a research note on Friday, September 1st. Evercore ISI reaffirmed an “in-line” rating and issued a $80.00 price target (up previously from $78.00) on shares of Extra Space Storage in a research report on Thursday, September 14th. BMO Capital Markets initiated coverage on Extra Space Storage in a research report on Monday, September 11th. They issued a “market perform” rating and a $78.00 price target for the company. Zacks Investment Research raised Extra Space Storage from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a research report on Wednesday, October 11th. Finally, Royal Bank of Canada boosted their price target on Extra Space Storage from $79.00 to $84.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 14th.
Extra Space Storage (EXR) opened at $86.60 on Friday. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.75 and a quick ratio of 0.75. Extra Space Storage has a 52 week low of $71.34 and a 52 week high of $88.56. The company has a market capitalization of $10,940.00, a PE ratio of 20.53, a price-to-earnings-growth ratio of 3.38 and a beta of 0.39.
Extra Space Storage declared that its board has authorized a stock repurchase program on Monday, November 13th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.78 per share. The ex-dividend date is Thursday, December 14th. This represents a $3.12 annualized dividend and a dividend yield of 3.60%. Extra Space Storage’s dividend payout ratio is presently 114.71%.
In other Extra Space Storage news, SVP Grace Kunde sold 350 shares of the company’s stock in a transaction that occurred on 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 approximately $982,468.85. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP James Overturf sold 1,300 shares of the company’s stock in a transaction that occurred on Thursday, October 19th. The shares were sold at an average price of $81.80, for a total value of $106,340.00. Following the completion of the transaction, the executive vice president now directly owns 83,675 shares of the company’s stock, valued at approximately $6,844,615. The disclosure for this sale can be found here. Insiders have sold a total of 62,950 shares of company stock valued at $5,174,733 in the last three months. 3.72% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of EXR. Retirement Systems of Alabama raised its holdings in Extra Space Storage by 0.3% in the 2nd quarter. Retirement Systems of Alabama now owns 61,049 shares of the real estate investment trust’s stock valued at $4,762,000 after acquiring an additional 184 shares in the last quarter. Pictet Asset Management Ltd. raised its holdings in Extra Space Storage by 1.2% in the 2nd quarter. Pictet Asset Management Ltd. now owns 66,200 shares of the real estate investment trust’s stock valued at $5,129,000 after acquiring an additional 800 shares in the last quarter. Global X Management Co. LLC raised its holdings in Extra Space Storage by 15.6% in the 2nd quarter. Global X Management Co. LLC now owns 3,272 shares of the real estate investment trust’s stock valued at $255,000 after acquiring an additional 442 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Extra Space Storage by 10.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,263,858 shares of the real estate investment trust’s stock valued at $98,581,000 after acquiring an additional 115,731 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in Extra Space Storage by 1.2% in the 2nd quarter. Rhumbline Advisers now owns 283,918 shares of the real estate investment trust’s stock valued at $22,146,000 after acquiring an additional 3,234 shares in the last quarter.
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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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