Extra Space Storage (EXR) Downgraded to Hold at ValuEngine

Extra Space Storage (NYSE:EXR) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Friday.

Separately, Zacks Investment Research raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $103.00 price target for the company in a report on Wednesday, January 16th. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $96.50.

Shares of Extra Space Storage stock opened at $92.28 on Friday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.53 and a quick ratio of 0.53. The company has a market capitalization of $12.14 billion, a P/E ratio of 21.07, a P/E/G ratio of 4.24 and a beta of 0.34. Extra Space Storage has a fifty-two week low of $80.18 and a fifty-two week high of $101.96.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Wednesday, February 20th. The real estate investment trust reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $266.60 million during the quarter, compared to analyst estimates of $265.39 million. Extra Space Storage had a net margin of 47.29% and a return on equity of 20.11%. Extra Space Storage’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.17 earnings per share. Equities analysts predict that Extra Space Storage will post 4.64 earnings per share for the current fiscal year.

In other Extra Space Storage news, CMO James Overturf sold 440 shares of the firm’s stock in a transaction that occurred on Wednesday, January 16th. The shares were sold at an average price of $91.99, for a total value of $40,475.60. Following the transaction, the chief marketing officer now directly owns 69,457 shares of the company’s stock, valued at $6,389,349.43. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 3,080 shares of company stock worth $295,086. Insiders own 3.52% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Extra Space Storage by 0.9% in the third quarter. Vanguard Group Inc. now owns 20,515,679 shares of the real estate investment trust’s stock valued at $1,777,479,000 after acquiring an additional 175,852 shares during the last quarter. Vanguard Group Inc boosted its stake in Extra Space Storage by 0.9% in the third quarter. Vanguard Group Inc now owns 20,515,679 shares of the real estate investment trust’s stock valued at $1,777,479,000 after acquiring an additional 175,852 shares during the last quarter. BlackRock Inc. boosted its position in shares of Extra Space Storage by 2.1% during the fourth quarter. BlackRock Inc. now owns 13,166,837 shares of the real estate investment trust’s stock worth $1,191,335,000 after purchasing an additional 265,480 shares in the last quarter. Cohen & Steers Inc. boosted its position in shares of Extra Space Storage by 2.3% during the fourth quarter. Cohen & Steers Inc. now owns 8,158,274 shares of the real estate investment trust’s stock worth $738,161,000 after purchasing an additional 185,762 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Extra Space Storage by 18.5% during the fourth quarter. Principal Financial Group Inc. now owns 3,662,714 shares of the real estate investment trust’s stock worth $331,403,000 after purchasing an additional 571,706 shares in the last quarter. 98.77% of the stock is currently owned by hedge funds and other institutional investors.

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 September 30, 2018, the Company owned and/or operated 1,606 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.1 million units and approximately 122 million square feet of rentable space.

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