According to Zacks, “Extra Space Storage Inc. is a fully integrated, self-administered and self-managed real estate investment trust that acquires, develops and operates self-storage facilities. “
Several other equities research analysts have also issued reports on the stock. Evercore ISI lowered shares of Extra Space Storage from a hold rating to an underperform rating in a research note on Friday, March 3rd. Cantor Fitzgerald reissued a neutral rating and issued a $76.00 price objective on shares of Extra Space Storage in a research report on Wednesday, February 22nd. Royal Bank of Canada downgraded shares of Extra Space Storage from an outperform rating to a sector perform rating and set a $79.00 price objective for the company. in a research report on Tuesday, January 3rd. Jefferies Group LLC downgraded shares of Extra Space Storage from a buy rating to a hold rating and set a $80.00 price objective for the company. in a research report on Tuesday, December 20th. Finally, Morgan Stanley downgraded shares of Extra Space Storage from an equal weight rating to an underweight rating in a research report on Monday, December 12th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. Extra Space Storage presently has an average rating of Hold and an average target price of $87.60.
Extra Space Storage (NYSE:EXR) traded down 0.46% on Tuesday, hitting $75.01. The company’s stock had a trading volume of 44,646 shares. Extra Space Storage has a 1-year low of $68.09 and a 1-year high of $94.81. The company has a market capitalization of $9.42 billion, a P/E ratio of 25.80 and a beta of 0.41. The company has a 50 day moving average price of $75.78 and a 200-day moving average price of $75.37.
Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, February 21st. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.48. Extra Space Storage had a net margin of 30.57% and a return on equity of 14.98%. The firm had revenue of $229 million for the quarter, compared to analyst estimates of $227.18 million. During the same period in the previous year, the business earned $0.87 EPS. The company’s revenue was up 17.0% compared to the same quarter last year. On average, equities analysts forecast that Extra Space Storage will post $2.64 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date is Monday, March 13th. Extra Space Storage’s dividend payout ratio (DPR) is presently 134.48%.
In related news, CMO James Overturf sold 600 shares of Extra Space Storage stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $73.73, for a total transaction of $44,238.00. Following the completion of the sale, the chief marketing officer now owns 91,457 shares of the company’s stock, valued at approximately $6,743,124.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Spencer Kirk sold 20,000 shares of Extra Space Storage stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $79.63, for a total transaction of $1,592,600.00. Following the sale, the director now directly owns 664,430 shares of the company’s stock, valued at approximately $52,908,560.90. The disclosure for this sale can be found here. In the last three months, insiders sold 64,500 shares of company stock valued at $4,898,326. Insiders own 4.13% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Cohen & Steers Inc. increased its stake in shares of Extra Space Storage by 34.6% in the second quarter. Cohen & Steers Inc. now owns 7,957,561 shares of the real estate investment trust’s stock valued at $736,393,000 after buying an additional 2,044,686 shares during the last quarter. Shinko Asset Management Co. Ltd. increased its stake in shares of Extra Space Storage by 169.3% in the third quarter. Shinko Asset Management Co. Ltd. now owns 2,834,168 shares of the real estate investment trust’s stock valued at $225,061,000 after buying an additional 1,781,763 shares during the last quarter. Security Capital Research & Management Inc. bought a new stake in shares of Extra Space Storage during the third quarter valued at approximately $84,210,000. Standard Life Investments LTD increased its stake in shares of Extra Space Storage by 1,302.0% in the third quarter. Standard Life Investments LTD now owns 852,132 shares of the real estate investment trust’s stock valued at $67,672,000 after buying an additional 791,352 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Extra Space Storage during the fourth quarter valued at approximately $55,141,000. 99.92% of the stock is owned by institutional investors and hedge funds.
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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