Extra Space Storage Inc (NYSE:EXR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $90.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 10.28% from the stock’s current price.
According to Zacks, “Shares of Extra Space Storage outperformed the industry it belongs to, in the past three months. The stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being revised upward in two months’ time. The company’s focus to expand its geographical footprint through accretive acquisitions and third-party management platforms is anticipated to drive growth over the long term. In fact, the company gained an increased scale in several core markets on the back of these acquisitions, as well as fortified its presence in a number of new markets. Moreover, its presence in key cities and strategic joint ventures serve as growth drivers amid sound demand in the self-storage industry. However, increasing supply of self-storage units in certain markets and stiff competition remain concerns. Also, rate hike adds to its woes.”
Several other research analysts also recently issued reports on EXR. BidaskClub downgraded shares of Extra Space Storage from a “buy” rating to a “hold” rating in a report on Sunday, July 30th. Cantor Fitzgerald reiterated a “hold” rating and set a $77.00 price target on shares of Extra Space Storage in a report on Sunday, August 20th. BMO Capital Markets began 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 for the company. KeyCorp reiterated a “buy” rating and set a $82.00 price target on shares of Extra Space Storage in a report on Friday, August 25th. Finally, Evercore ISI reiterated an “in-line” rating and set a $80.00 price target (up from $78.00) on shares of Extra Space Storage in a report on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $82.56.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.04. The company had revenue of $276.00 million during the quarter, compared to the consensus estimate of $239.89 million. Extra Space Storage had a net margin of 36.35% and a return on equity of 15.20%. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.94 earnings per share.
In related news, EVP James Overturf sold 1,300 shares of the stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $75.50, for a total value of $98,150.00. Following the completion of the sale, the executive vice president now directly owns 86,275 shares in the company, valued at $6,513,762.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Spencer Kirk sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $79.09, for a total transaction of $1,581,800.00. Following the sale, the director now directly owns 665,748 shares in the company, valued at approximately $52,654,009.32. The disclosure for this sale can be found here. Insiders sold 63,900 shares of company stock valued at $5,037,638 over the last 90 days. 3.72% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. AXA boosted its position in Extra Space Storage by 17.1% during the second quarter. AXA now owns 303,966 shares of the real estate investment trust’s stock valued at $23,709,000 after acquiring an additional 44,312 shares during the last quarter. Morgan Stanley boosted its position in Extra Space Storage by 108.1% during the first quarter. Morgan Stanley now owns 265,835 shares of the real estate investment trust’s stock valued at $19,777,000 after acquiring an additional 138,084 shares during the last quarter. HighTower Advisors LLC boosted its position in Extra Space Storage by 6.4% during the first quarter. HighTower Advisors LLC now owns 3,906 shares of the real estate investment trust’s stock valued at $288,000 after acquiring an additional 235 shares during the last quarter. Credit Suisse AG boosted its position in Extra Space Storage by 6.9% during the first quarter. Credit Suisse AG now owns 560,835 shares of the real estate investment trust’s stock valued at $41,720,000 after acquiring an additional 36,256 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Extra Space Storage by 112.6% during the second quarter. American Century Companies Inc. now owns 632,684 shares of the real estate investment trust’s stock valued at $49,349,000 after acquiring an additional 335,139 shares during the last quarter.
Extra Space Storage Company Profile
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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