Extra Space Storage (NYSE:EXR) Given New $156.00 Price Target at Morgan Stanley

Extra Space Storage (NYSE:EXRGet Rating) had its price objective trimmed by Morgan Stanley from $172.00 to $156.00 in a research report released on Wednesday morning, The Fly reports. The firm currently has an underweight rating on the real estate investment trust’s stock.

EXR has been the subject of several other research reports. StockNews.com raised Extra Space Storage from a hold rating to a buy rating in a report on Monday, May 9th. JPMorgan Chase & Co. upped their price target on Extra Space Storage from $220.00 to $224.00 and gave the company a neutral rating in a report on Monday, April 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Extra Space Storage currently has a consensus rating of Hold and an average target price of $203.92.

Shares of Extra Space Storage stock opened at $180.03 on Wednesday. The firm has a market capitalization of $24.17 billion, a PE ratio of 29.23, a price-to-earnings-growth ratio of 2.68 and a beta of 0.45. Extra Space Storage has a 12-month low of $148.29 and a 12-month high of $228.84. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.55. The stock’s fifty day moving average is $195.44 and its 200-day moving average is $200.10.

Extra Space Storage (NYSE:EXRGet Rating) last issued its earnings results on Tuesday, May 3rd. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $1.86 by ($0.35). Extra Space Storage had a return on equity of 23.42% and a net margin of 50.76%. The firm had revenue of $379.81 million during the quarter, compared to analyst estimates of $368.88 million. During the same period in the previous year, the company earned $1.50 earnings per share. The business’s revenue for the quarter was up 25.1% on a year-over-year basis. Analysts expect that Extra Space Storage will post 8.27 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 15th will be issued a dividend of $1.50 per share. The ex-dividend date is Tuesday, June 14th. This represents a $6.00 dividend on an annualized basis and a yield of 3.33%. Extra Space Storage’s dividend payout ratio is 97.40%.

In other Extra Space Storage news, Director Kenneth M. Woolley purchased 10,500 shares of the company’s stock in a transaction that occurred on Monday, March 7th. The stock was purchased at an average cost of $200.75 per share, with a total value of $2,107,875.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Gwyn Goodson Mcneal sold 3,125 shares of the stock in a transaction on Wednesday, March 2nd. The shares were sold at an average price of $192.00, for a total value of $600,000.00. The disclosure for this sale can be found here. Company insiders own 1.52% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Profund Advisors LLC boosted its position in Extra Space Storage by 148.1% in the 3rd quarter. Profund Advisors LLC now owns 14,156 shares of the real estate investment trust’s stock valued at $2,378,000 after buying an additional 8,450 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of Extra Space Storage by 119.9% in the 4th quarter. HighTower Advisors LLC now owns 14,035 shares of the real estate investment trust’s stock worth $3,177,000 after purchasing an additional 7,654 shares during the last quarter. Trek Financial LLC bought a new position in shares of Extra Space Storage in the 4th quarter worth $357,000. Point72 Hong Kong Ltd bought a new position in shares of Extra Space Storage in the 3rd quarter worth $1,863,000. Finally, Raymond James & Associates boosted its position in shares of Extra Space Storage by 5.4% in the 4th quarter. Raymond James & Associates now owns 38,705 shares of the real estate investment trust’s stock worth $8,775,000 after purchasing an additional 1,993 shares during the last quarter. Hedge funds and other institutional investors own 95.44% of the company’s stock.

Extra Space Storage Company Profile (Get Rating)

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, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space.

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