Shares of Extra Space Storage, Inc. (NYSE:EXR) have received a consensus rating of “Hold” from the fourteen brokerages that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, ten have issued a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $85.70.
EXR has been the subject of a number of research reports. Zacks Investment Research raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Wednesday, October 11th. Royal Bank of Canada upped their target price 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. Morgan Stanley raised shares of Extra Space Storage from an “underweight” rating to an “equal weight” rating and set a $83.00 target price for the company in a report on Wednesday, December 13th. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $77.00 target price on shares of Extra Space Storage in a report on Wednesday, November 1st. Finally, KeyCorp reaffirmed a “hold” rating on shares of Extra Space Storage in a report on Wednesday, October 11th.
Shares of Extra Space Storage (EXR) opened at $81.84 on Friday. Extra Space Storage has a 1-year low of $71.34 and a 1-year high of $88.56. 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 cap of $10,310.00, a PE ratio of 30.09, a PEG ratio of 3.44 and a beta of 0.26.
Extra Space Storage declared that its board has initiated a stock repurchase program on Monday, November 13th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the real estate investment trust to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
In related news, EVP James Overturf sold 880 shares of the stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $82.88, for a total transaction of $72,934.40. Following the completion of the transaction, the executive vice president now directly owns 79,935 shares of the company’s stock, valued at $6,625,012.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Grace Kunde sold 350 shares of the stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $87.65, for a total transaction of $30,677.50. Following the transaction, the senior vice president now directly owns 11,209 shares of the company’s stock, valued at $982,468.85. The disclosure for this sale can be found here. Insiders have sold 23,830 shares of company stock valued at $2,033,065 over the last three months. 3.72% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of EXR. Fieldpoint Private Securities LLC purchased a new position in Extra Space Storage during the third quarter worth about $103,000. Penserra Capital Management LLC purchased a new position in Extra Space Storage during the third quarter worth about $131,000. Janney Montgomery Scott LLC purchased a new position in Extra Space Storage during the third quarter worth about $200,000. Conning Inc. purchased a new position in Extra Space Storage during the fourth quarter worth about $202,000. Finally, Mackenzie Financial Corp purchased a new position in Extra Space Storage during the third quarter worth about $237,000.
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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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