Shares of Extra Space Storage, Inc. (NYSE:EXR) have been given an average recommendation of “Hold” by the nine brokerages that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $117.04.
EXR has been the subject of several research reports. Citigroup raised their price target on Extra Space Storage from $103.00 to $119.00 and gave the company a “neutral” rating in a report on Wednesday. Zacks Investment Research cut Extra Space Storage from a “buy” rating to a “hold” rating and set a $125.00 price objective on the stock. in a research report on Tuesday. Robert W. Baird set a $121.00 price target on Extra Space Storage and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Stifel Nicolaus assumed coverage on Extra Space Storage in a research report on Monday, August 19th. They issued a “buy” rating and a $131.00 price target on the stock. Finally, Wells Fargo & Co raised their price target on Extra Space Storage from $114.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd.
Extra Space Storage stock traded down $0.99 during mid-day trading on Friday, hitting $116.01. 77,813 shares of the company’s stock traded hands, compared to its average volume of 818,405. The firm has a 50 day simple moving average of $118.11 and a two-hundred day simple moving average of $107.66. Extra Space Storage has a fifty-two week low of $83.70 and a fifty-two week high of $124.46. The stock has a market cap of $14.88 billion, a price-to-earnings ratio of 24.86, a P/E/G ratio of 4.98 and a beta of 0.19. The company has a debt-to-equity ratio of 1.78, a current ratio of 0.48 and a quick ratio of 0.48.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend is Friday, September 13th. Extra Space Storage’s payout ratio is 77.09%.
In other news, SVP Grace Kunde sold 1,738 shares of Extra Space Storage stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $120.45, for a total transaction of $209,342.10. Following the sale, the senior vice president now directly owns 7,202 shares of the company’s stock, valued at $867,480.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO P Scott Stubbs sold 9,200 shares of Extra Space Storage stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $120.90, for a total value of $1,112,280.00. Following the sale, the chief financial officer now directly owns 149,712 shares in the company, valued at $18,100,180.80. The disclosure for this sale can be found here. Insiders have sold 265,524 shares of company stock worth $32,159,600 over the last three months. Insiders own 3.29% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Extra Space Storage by 0.4% in the second quarter. Vanguard Group Inc. now owns 20,911,092 shares of the real estate investment trust’s stock worth $2,218,667,000 after acquiring an additional 93,502 shares during the period. BlackRock Inc. lifted its stake in shares of Extra Space Storage by 6.1% in the second quarter. BlackRock Inc. now owns 14,115,936 shares of the real estate investment trust’s stock worth $1,497,702,000 after acquiring an additional 813,228 shares during the period. Cohen & Steers Inc. lifted its stake in shares of Extra Space Storage by 9.5% in the second quarter. Cohen & Steers Inc. now owns 10,717,434 shares of the real estate investment trust’s stock worth $1,137,120,000 after acquiring an additional 934,146 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Extra Space Storage by 8.8% in the first quarter. Principal Financial Group Inc. now owns 3,984,402 shares of the real estate investment trust’s stock worth $406,050,000 after acquiring an additional 321,688 shares during the period. Finally, Daiwa Securities Group Inc. lifted its stake in shares of Extra Space Storage by 10.3% in the second quarter. Daiwa Securities Group Inc. now owns 3,734,660 shares of the real estate investment trust’s stock worth $396,247,000 after acquiring an additional 348,072 shares during the period. 97.28% of the stock is currently owned by 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 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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