Extra Space Storage (NYSE:EXR) Sets New 52-Week High - Here's Why

Key Points

• Extra Space Storage reached a new 52-week high, trading as high as $159.93, up from its previous close of $156.23.
• Analyst views are mixed but lean positive: the consensus rating is “Moderate Buy” from 16 analysts, with an average price target of $155.38.
• Quarterly EPS of $1.17 fell short of the $2.10 consensus, while revenue of $889.79 million slightly beat estimates and grew 3.6% year over year. The company’s $1.62 quarterly dividend equates to a 4.0% yield.

Extra Space Storage Inc (NYSE:EXR - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $159.93 and last traded at $159.0350, with a volume of 38,960 shares traded. The stock had previously closed at $156.23.

Analysts Set New Price Targets

A number of brokerages have commented on EXR. Scotiabank lifted their target price on Extra Space Storage from $157.00 to $158.00 and gave the company a "sector perform" rating in a research note on Tuesday, August 18th. Royal Bank Of Canada dropped their price target on Extra Space Storage from $157.00 to $156.00 and set a "sector perform" rating on the stock in a research report on Thursday, October 29th. BMO Capital Markets upgraded Extra Space Storage from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $160.00 to $170.00 in a research report on Thursday, August 27th. Raymond James Financial started coverage on Extra Space Storage in a report on Thursday, July 16th. They issued an "outperform" rating and a $44.00 price target on the stock. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $160.00 price objective (up from $152.00) on shares of Extra Space Storage in a research report on Thursday, July 30th. Eight equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Extra Space Storage presently has a consensus rating of "Moderate Buy" and a consensus price target of $155.38.

Extra Space Storage Stock Performance

The stock has a market cap of $33.49 billion, a price-to-earnings ratio of 32.52, a PEG ratio of 4.56 and a beta of 1.07. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.56 and a current ratio of 0.25. The company's 50 day simple moving average is $138.93 and its 200 day simple moving average is $142.49.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.17 EPS for the quarter, missing analysts' consensus estimates of $2.10 by ($0.93). The company had revenue of $889.79 million for the quarter, compared to the consensus estimate of $886.61 million. Extra Space Storage had a return on equity of 7.36% and a net margin of 29.90%. The firm's quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.08 earnings per share. On average, equities research analysts anticipate that Extra Space Storage Inc will post 8.46 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.0%. Extra Space Storage's payout ratio is presently 131.71%.

Institutional Investors Weigh In On Extra Space Storage

A number of institutional investors have recently added to or reduced their stakes in EXR. BlackRock Inc. purchased a new position in Extra Space Storage in the 2nd quarter worth about $3,334,263,000. First Eagle Investment Management LLC raised its holdings in Extra Space Storage by 1.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 3,876,997 shares of the real estate investment trust's stock worth $563,328,000 after buying an additional 38,306 shares during the period. Dimensional Fund Advisors LP raised its holdings in Extra Space Storage by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,206,587 shares of the real estate investment trust's stock worth $420,461,000 after buying an additional 33,631 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Extra Space Storage by 24,295.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,241,413 shares of the real estate investment trust's stock worth $325,677,000 after buying an additional 2,232,225 shares during the period. Finally, Legal & General Group Plc purchased a new stake in Extra Space Storage during the second quarter valued at about $299,746,000. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Extra Space Storage Company Profile

Extra Space Storage Inc is a real estate investment trust that owns, operates, manages and develops self-storage properties in the United States. The company provides storage units for residential, business and vehicle-storage customers, with facilities offering a range of unit sizes and access options.

In addition to operating properties under the Extra Space Storage brand, the company provides third-party property management, acquisition and development services for self-storage owners.

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