Extra Space Storage Target of Unusually High Options Trading (EXR)

Extra Space Storage, Inc. (NYSE:EXR) was the recipient of unusually large options trading activity on Tuesday. Stock investors acquired 1,096 put options on the stock. This represents an increase of approximately 1,007% compared to the average volume of 99 put options.

Extra Space Storage (NYSE:EXR) traded down $1.44 during midday trading on Wednesday, reaching $81.14. 1,056,878 shares of the company’s stock were exchanged, compared to its average volume of 1,204,596. 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. The company has a market cap of $10,181.43, a PE ratio of 29.83, a price-to-earnings-growth ratio of 3.33 and a beta of 0.26.

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 shares. This buyback authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

EXR has been the topic of several recent research reports. Jefferies Group reiterated a “hold” rating and issued a $80.00 price objective on shares of Extra Space Storage in a research note on Tuesday, October 24th. Cantor Fitzgerald restated a “hold” rating and set a $77.00 target price on shares of Extra Space Storage in a research note on Wednesday, November 1st. BMO Capital Markets restated a “hold” rating and set a $78.00 target price on shares of Extra Space Storage in a research note on Thursday, November 2nd. Royal Bank of Canada raised their target price on shares of Extra Space Storage from $79.00 to $84.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 14th. Finally, Zacks Investment Research cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research note on Thursday, November 23rd. 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 assigned a strong buy rating to the stock. Extra Space Storage presently has a consensus rating of “Hold” and an average price target of $86.42.

In other news, Director Spencer Kirk sold 20,000 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $85.24, for a total value of $1,704,800.00. Following the transaction, the director now owns 578,748 shares in the company, valued at approximately $49,332,479.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Grace Kunde sold 350 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $87.65, for a total transaction of $30,677.50. Following the completion of the transaction, the senior vice president now owns 11,209 shares in the company, valued at approximately $982,468.85. The disclosure for this sale can be found here. Insiders sold a total of 22,530 shares of company stock worth $1,920,550 in the last quarter. Company insiders own 3.72% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in EXR. APG Asset Management N.V. grew its holdings in Extra Space Storage by 2,889.7% during the 3rd quarter. APG Asset Management N.V. now owns 1,035,556 shares of the real estate investment trust’s stock valued at $82,762,000 after buying an additional 1,000,919 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Extra Space Storage by 65.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,178,691 shares of the real estate investment trust’s stock valued at $172,290,000 after buying an additional 859,212 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Extra Space Storage by 59.4% during the 4th quarter. Bank of New York Mellon Corp now owns 2,209,113 shares of the real estate investment trust’s stock valued at $193,186,000 after buying an additional 823,278 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Extra Space Storage by 66.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 770,381 shares of the real estate investment trust’s stock valued at $61,558,000 after buying an additional 306,650 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in Extra Space Storage by 92.0% during the 4th quarter. American Century Companies Inc. now owns 562,732 shares of the real estate investment trust’s stock valued at $49,211,000 after buying an additional 269,603 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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