Extra Space Storage (NYSE:EXR) had its target price boosted by equities researchers at Morgan Stanley from $68.00 to $83.00 in a report issued on Wednesday, BenzingaRatingsTable reports. The brokerage presently has an "underweight" rating on the real estate investment trust's stock. Morgan Stanley's price objective indicates a potential downside of 12.71% from the stock's previous close.
EXR has been the topic of several other reports. Goldman Sachs Group started coverage on Extra Space Storage in a research report on Friday, June 26th. They issued a "buy" rating and a $111.00 price target on the stock. Raymond James lowered Extra Space Storage from a "market perform" rating to an "underperform" rating in a research note on Sunday, April 19th. JPMorgan Chase & Co. cut their price target on Extra Space Storage from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 31st. Citigroup upped their price objective on Extra Space Storage from $100.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Finally, SunTrust Banks decreased their price objective on Extra Space Storage from $114.00 to $102.00 and set a "hold" rating for the company in a report on Friday, April 17th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. The stock presently has an average rating of "Hold" and an average target price of $104.82.
Shares of Extra Space Storage stock opened at $95.08 on Wednesday. The stock has a 50-day simple moving average of $94.85 and a 200-day simple moving average of $99.25. Extra Space Storage has a 52-week low of $72.70 and a 52-week high of $124.46. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market cap of $12.42 billion, a price-to-earnings ratio of 28.55, a P/E/G ratio of 10.98 and a beta of 0.18.
Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.83 earnings per share for the quarter, missing the Thomson Reuters' consensus estimate of $1.20 by ($0.37). Extra Space Storage had a return on equity of 16.27% and a net margin of 34.99%. The company had revenue of $286.70 million during the quarter, compared to analyst estimates of $284.34 million. During the same quarter last year, the firm posted $1.16 earnings per share. The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, equities research analysts predict that Extra Space Storage will post 4.84 earnings per share for the current year.
In other Extra Space Storage news, CMO James Overturf sold 833 shares of the business's stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $97.66, for a total transaction of $81,350.78. Following the completion of the sale, the chief marketing officer now directly owns 59,612 shares of the company's stock, valued at approximately $5,821,707.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO P Scott Stubbs sold 8,085 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $105.58, for a total value of $853,614.30. Following the sale, the chief financial officer now directly owns 152,873 shares of the company's stock, valued at $16,140,331.34. The disclosure for this sale can be found here. Insiders sold a total of 18,609 shares of company stock valued at $1,908,327 over the last ninety days. 2.64% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Private Capital Group LLC lifted its stake in Extra Space Storage by 76.0% in the first quarter. Private Capital Group LLC now owns 542 shares of the real estate investment trust's stock valued at $52,000 after purchasing an additional 234 shares during the last quarter. CSat Investment Advisory L.P. grew its stake in shares of Extra Space Storage by 33.8% during the fourth quarter. CSat Investment Advisory L.P. now owns 519 shares of the real estate investment trust's stock valued at $54,000 after buying an additional 131 shares during the last quarter. Verus Capital Partners LLC bought a new position in shares of Extra Space Storage during the fourth quarter valued at about $74,000. CWM Advisors LLC purchased a new stake in shares of Extra Space Storage during the first quarter worth about $77,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Extra Space Storage by 219.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 825 shares of the real estate investment trust's stock worth $87,000 after purchasing an additional 567 shares during the period. Institutional investors and hedge funds own 98.40% of the company's stock.
About Extra Space Storage
Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2018, the Company owned and/or operated 1,647 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.2 million units and approximately 125.7 million square feet of rentable space.
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