Extra Space Storage, Inc. (EXR) Given Consensus Recommendation of “Hold” by Brokerages
Shares of Extra Space Storage, Inc. (NYSE:EXR) have been assigned a consensus recommendation of “Hold” from the fourteen brokerages that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, ten have given 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 analysts that have issued a report on the stock in the last year is $85.70.
A number of analysts have weighed in on EXR shares. Evercore ISI restated an “in-line” rating and set a $80.00 price objective (up from $78.00) on shares of Extra Space Storage in a research note on Thursday, September 14th. BMO Capital Markets started coverage on shares of Extra Space Storage in a report on Monday, September 11th. They set a “market perform” rating and a $78.00 price target on the stock. Zacks Investment Research raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a report on Wednesday, October 11th. Royal Bank of Canada raised their price target on shares of Extra Space Storage from $79.00 to $84.00 and gave the company a “sector perform” rating in a report on Tuesday, November 14th. Finally, Cantor Fitzgerald raised their price target on shares of Extra Space Storage from $77.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, November 9th.
In related news, SVP Grace Kunde sold 350 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $87.65, for a total value of $30,677.50. Following 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 legal filing with the SEC, which is accessible through this link. Also, Director Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $81.38, for a total transaction of $1,627,600.00. Following the completion of the transaction, the director now directly owns 665,748 shares in the company, valued at approximately $54,178,572.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,250 shares of company stock worth $3,694,071. Insiders own 3.72% of the company’s stock.
Shares of Extra Space Storage (EXR) opened at $85.17 on Tuesday. The firm has a market cap of $10,730.00, a PE ratio of 31.31, a price-to-earnings-growth ratio of 3.15 and a beta of 0.39. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.75 and a current ratio of 0.75. Extra Space Storage has a 12 month low of $71.34 and a 12 month high of $88.56.
Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.03. The business had revenue of $284.16 million during the quarter, compared to analyst estimates of $246.85 million. Extra Space Storage had a net margin of 35.57% and a return on equity of 16.92%. Extra Space Storage’s revenue was up 10.5% compared to the same quarter last year. During the same period last year, the business earned $1.02 EPS. equities research analysts predict that Extra Space Storage will post 4.35 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date was Thursday, December 14th. Extra Space Storage’s payout ratio is presently 114.71%.
Extra Space Storage announced that its Board of Directors has initiated a share repurchase plan on Monday, November 13th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
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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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