Extra Space Storage Target of Unusually High Options Trading (EXR)

Extra Space Storage, Inc. (NYSE:EXR) was the recipient of some unusual options trading activity on Tuesday. Traders acquired 1,096 put options on the company. This is an increase of 1,007% compared to the average daily volume of 99 put options.

A number of research firms recently weighed in on EXR. Zacks Investment Research lowered shares of Extra Space Storage from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. Robert W. Baird reissued a “buy” rating and issued a $92.00 target price on shares of Extra Space Storage in a report on Wednesday, November 29th. Cantor Fitzgerald raised their target price on shares of Extra Space Storage from $77.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, November 9th. Royal Bank of Canada raised their target price on shares of Extra Space Storage from $79.00 to $84.00 and gave the company a “sector perform” rating in a report on Tuesday, November 14th. Finally, Wells Fargo & Co set a $93.00 target price on shares of Extra Space Storage and gave the company a “buy” rating in a report on Thursday, November 30th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Extra Space Storage presently has a consensus rating of “Hold” and a consensus price target of $86.42.

In related news, Director Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $85.24, for a total value of $1,704,800.00. Following the completion of the transaction, the director now directly owns 578,748 shares of the company’s stock, valued at $49,332,479.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Grace Kunde sold 350 shares of the firm’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $87.65, for a total transaction of $30,677.50. Following the completion of the transaction, the senior vice president now directly owns 11,209 shares of the company’s stock, valued at $982,468.85. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,530 shares of company stock valued at $1,920,550. 3.72% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fieldpoint Private Securities LLC purchased a new position in Extra Space Storage during the third quarter worth $103,000. Penserra Capital Management LLC bought a new stake in shares of Extra Space Storage during the third quarter worth $131,000. Janney Montgomery Scott LLC bought a new stake in shares of Extra Space Storage during the third quarter worth $200,000. Conning Inc. bought a new stake in shares of Extra Space Storage during the fourth quarter worth $202,000. Finally, Mackenzie Financial Corp bought a new stake in shares of Extra Space Storage during the third quarter worth $237,000.

Extra Space Storage (EXR) traded down $1.44 during midday trading on Wednesday, reaching $81.14. 1,056,878 shares of the company’s stock traded hands, compared to its average volume of 1,204,596. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market capitalization of $10,181.43, a price-to-earnings ratio of 29.83, a price-to-earnings-growth ratio of 3.33 and a beta of 0.26. Extra Space Storage has a 52 week low of $71.34 and a 52 week high of $88.56.

Extra Space Storage declared that its board has approved a stock repurchase program on Monday, November 13th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

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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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