Morgan Stanley Lowers Extra Space Storage (NYSE:EXR) to Underweight

Morgan Stanley lowered shares of Extra Space Storage (NYSE:EXR) from an equal weight rating to an underweight rating in a report published on Monday, 24/7 WallStreet reports. Morgan Stanley currently has $105.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $93.00.

A number of other analysts have also commented on the stock. Citigroup lifted their target price on shares of Extra Space Storage from $103.00 to $119.00 and gave the stock a neutral rating in a report on Wednesday, September 11th. Robert W. Baird set a $121.00 target price on shares of Extra Space Storage and gave the stock a hold rating in a report on Wednesday, August 21st. Stifel Nicolaus began coverage on shares of Extra Space Storage in a report on Monday, August 19th. They set a buy rating and a $131.00 target price for the company. Zacks Investment Research lowered shares of Extra Space Storage from a buy rating to a hold rating and set a $125.00 target price for the company. in a report on Tuesday, September 10th. Finally, Wells Fargo & Co lifted their target price on shares of Extra Space Storage from $114.00 to $130.00 and gave the stock an outperform rating in a report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. Extra Space Storage presently has an average rating of Hold and an average target price of $115.53.

EXR opened at $116.83 on Monday. The company has a fifty day moving average price of $118.87 and a two-hundred day moving average price of $108.32. The company has a debt-to-equity ratio of 1.78, a quick ratio of 0.48 and a current ratio of 0.48. Extra Space Storage has a 52 week low of $83.70 and a 52 week high of $124.46. The firm has a market capitalization of $14.92 billion, a PE ratio of 25.02, a P/E/G ratio of 4.99 and a beta of 0.19.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Friday, September 13th. Extra Space Storage’s dividend payout ratio is presently 77.09%.

In other news, SVP Grace Kunde sold 1,738 shares of Extra Space Storage stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $120.45, for a total transaction of $209,342.10. Following the transaction, 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 SEC, which is available at the SEC website. Also, Director Spencer Kirk sold 248,103 shares of Extra Space Storage stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $121.33, for a total transaction of $30,102,336.99. Following the transaction, the director now directly owns 153,069 shares in the company, valued at $18,571,861.77. The disclosure for this sale can be found here. Insiders have sold a total of 265,524 shares of company stock valued at $32,159,600 in the last ninety days. Company insiders own 3.29% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in EXR. Nuveen Asset Management LLC boosted its position in shares of Extra Space Storage by 2,311.2% during the second quarter. Nuveen Asset Management LLC now owns 1,292,383 shares of the real estate investment trust’s stock worth $137,122,000 after purchasing an additional 1,238,784 shares in the last quarter. Cohen & Steers Inc. boosted its position in shares of Extra Space Storage by 9.5% during 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 purchasing an additional 934,146 shares in the last quarter. BlackRock Inc. boosted its position in shares of Extra Space Storage by 6.1% during 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 purchasing an additional 813,228 shares in the last quarter. APG Asset Management US Inc. boosted its position in shares of Extra Space Storage by 61.3% during the second quarter. APG Asset Management US Inc. now owns 2,072,941 shares of the real estate investment trust’s stock worth $219,939,000 after purchasing an additional 787,468 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in shares of Extra Space Storage by 10.3% during 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 purchasing an additional 348,072 shares in the last quarter. 97.32% 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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Analyst Recommendations for Extra Space Storage (NYSE:EXR)

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