Extra Space Storage Inc (EXR) Given Hold Rating at KeyCorp

KeyCorp reaffirmed their hold rating on shares of Extra Space Storage Inc (NYSE:EXR) in a research report sent to investors on Wednesday.

EXR has been the topic of several other research reports. Zacks Investment Research raised Extra Space Storage from a hold rating to a buy rating and set a $90.00 price target on the stock in a research note on Wednesday. BidaskClub lowered Extra Space Storage from a hold rating to a sell rating in a research note on Wednesday, August 23rd. Cantor Fitzgerald reaffirmed a hold rating and issued a $77.00 price target on shares of Extra Space Storage in a research note on Friday, September 1st. Bank of America Corporation lowered Extra Space Storage from a buy rating to a neutral rating and reduced their price objective for the stock from $83.00 to $81.00 in a research note on Thursday, July 20th. Finally, Evercore ISI reissued an in-line rating and issued a $80.00 price objective (up previously from $78.00) on shares of Extra Space Storage in a research note on Thursday, September 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $82.56.

Shares of Extra Space Storage (EXR) traded up 1.061% during midday trading on Wednesday, reaching $81.425. The company’s stock had a trading volume of 761,219 shares. Extra Space Storage has a 52-week low of $68.09 and a 52-week high of $83.23. The company has a market capitalization of $10.26 billion, a price-to-earnings ratio of 27.828 and a beta of 0.36. The stock has a 50 day moving average price of $79.04 and a 200-day moving average price of $77.31.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $1.09 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.04. The business had revenue of $276.00 million for the quarter, compared to analyst estimates of $239.89 million. Extra Space Storage had a return on equity of 15.20% and a net margin of 36.35%. Extra Space Storage’s quarterly revenue was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.94 EPS. Equities research analysts expect that Extra Space Storage will post $2.76 EPS for the current year.

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The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.87%. Extra Space Storage’s payout ratio is currently 107.22%.

In other news, EVP James Overturf sold 1,300 shares of the business’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $75.50, for a total transaction of $98,150.00. Following the completion of the sale, the executive vice president now owns 86,275 shares in the company, valued at $6,513,762.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $79.64, for a total value of $1,592,800.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,900 shares of company stock valued at $5,037,638. 3.72% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EXR. Cbre Clarion Securities LLC bought a new stake in Extra Space Storage in the second quarter valued at about $304,239,000. Capital Research Global Investors increased its holdings in Extra Space Storage by 56.2% in the second quarter. Capital Research Global Investors now owns 5,161,305 shares of the real estate investment trust’s stock valued at $402,582,000 after purchasing an additional 1,857,594 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Extra Space Storage by 161.6% in the second quarter. JPMorgan Chase & Co. now owns 1,319,479 shares of the real estate investment trust’s stock valued at $102,921,000 after purchasing an additional 815,051 shares during the last quarter. BlackRock Inc. increased its holdings in Extra Space Storage by 3.0% in the second quarter. BlackRock Inc. now owns 12,091,401 shares of the real estate investment trust’s stock valued at $943,130,000 after purchasing an additional 348,554 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in Extra Space Storage by 112.6% in 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 purchasing an additional 335,139 shares during the last quarter.

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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