Extra Space Storage, Inc. (EXR) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Extra Space Storage, Inc. (NYSE:EXR) from a buy rating to a hold rating in a research note released on Tuesday.

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.

Your IP Address:

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.

5 Day Chart for NYSE:EXR

Get a free copy of the Zacks research report on Extra Space Storage (EXR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

This story was originally published by sleekmoney (http://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at http://sleekmoney.com/extra-space-storage-inc-exr-downgraded-by-zacks-investment-research-to-hold/1709077.html

Receive News & Ratings for Extra Space Storage Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extra Space Storage Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

 

Leave a Reply

Your email address will not be published. Required fields are marked *