Extra Space Storage Inc (EXR) Upgraded to Buy at BidaskClub

BidaskClub upgraded shares of Extra Space Storage Inc (NYSE:EXR) from a hold rating to a buy rating in a research note released on Saturday morning.

EXR has been the subject of several other research reports. Evercore ISI cut shares of Extra Space Storage from a hold rating to an underperform rating in a report on Friday, March 3rd. Zacks Investment Research upgraded shares of Extra Space Storage from a sell rating to a hold rating in a report on Wednesday, February 22nd. Cantor Fitzgerald restated a neutral rating and issued a $76.00 target price on shares of Extra Space Storage in a report on Wednesday, February 22nd. BMO Capital Markets restated a hold rating and issued a $80.00 target price on shares of Extra Space Storage in a report on Wednesday, March 22nd. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Extra Space Storage from a buy rating to a conviction-buy rating and set a $95.00 target price for the company in a report on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Extra Space Storage presently has an average rating of Hold and a consensus target price of $88.50.

Extra Space Storage (NYSE:EXR) traded up 2.23% on Friday, hitting $78.50. 1,533,831 shares of the company’s stock were exchanged. Extra Space Storage has a 12-month low of $68.09 and a 12-month high of $94.49. The company’s 50-day moving average price is $75.32 and its 200-day moving average price is $75.50. The company has a market cap of $9.86 billion, a PE ratio of 27.17 and a beta of 0.38.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Wednesday, April 26th. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.05. Extra Space Storage had a net margin of 36.40% and a return on equity of 14.92%. The business had revenue of $263 million during the quarter, compared to analysts’ expectations of $233.12 million. During the same quarter in the prior year, the business posted $0.86 EPS. The company’s revenue for the quarter was up 14.6% on a year-over-year basis. Analysts forecast that Extra Space Storage will post $2.66 earnings per share for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be given a $0.78 dividend. The ex-dividend date is Tuesday, June 13th. This represents a $3.12 annualized dividend and a yield of 3.97%. Extra Space Storage’s dividend payout ratio (DPR) is 108.33%.

In other Extra Space Storage news, EVP James Overturf sold 1,300 shares of the company’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $74.59, for a total transaction of $96,967.00. Following the completion of the transaction, the executive vice president now owns 89,475 shares in the company, valued at approximately $6,673,940.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Spencer Kirk sold 20,000 shares of the company’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $75.15, for a total transaction of $1,503,000.00. Following the transaction, the director now owns 664,430 shares of the company’s stock, valued at approximately $49,931,914.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,900 shares of company stock valued at $4,822,587. 3.72% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in EXR. Janney Montgomery Scott LLC purchased a new position in shares of Extra Space Storage during the first quarter worth approximately $204,000. Pacer Advisors Inc. increased its position in shares of Extra Space Storage by 3.2% in the first quarter. Pacer Advisors Inc. now owns 2,810 shares of the real estate investment trust’s stock worth $209,000 after buying an additional 88 shares during the last quarter. Global X Management Co. LLC increased its position in shares of Extra Space Storage by 42.4% in the first quarter. Global X Management Co. LLC now owns 2,830 shares of the real estate investment trust’s stock worth $211,000 after buying an additional 842 shares during the last quarter. Achmea Investment Management B.V. purchased a new position in shares of Extra Space Storage during the first quarter worth approximately $216,000. Finally, Mackenzie Financial Corp purchased a new position in shares of Extra Space Storage during the first quarter worth approximately $218,000.

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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