Extra Space Storage Inc. (NYSE:EXR) Given Average Recommendation of “Hold” by Brokerages

Extra Space Storage Inc. (NYSE:EXR – Get Rating) has been assigned an average rating of “Hold” from the twelve ratings firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $170.56.

Several research analysts have issued reports on EXR shares. Bank of America started coverage on Extra Space Storage in a research report on Monday, May 8th. They set a “buy” rating for the company. Truist Financial boosted their price target on Extra Space Storage from $160.00 to $165.00 and gave the company a “hold” rating in a report on Wednesday, March 8th. KeyCorp lowered their price target on Extra Space Storage from $190.00 to $172.00 and set an “overweight” rating for the company in a report on Wednesday, April 5th. Raymond James upgraded Extra Space Storage from an “outperform” rating to a “strong-buy” rating and set a $185.00 price target for the company in a report on Tuesday, April 4th. Finally, StockNews.com began coverage on Extra Space Storage in a report on Thursday, May 18th. They issued a “hold” rating for the company.

Insider Transactions at Extra Space Storage

In other news, CMO Samrat Sondhi sold 6,290 shares of the company’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $161.88, for a total transaction of $1,018,225.20. Following the transaction, the chief marketing officer now directly owns 82,653 shares of the company’s stock, valued at $13,379,867.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CMO Samrat Sondhi sold 6,290 shares of the company’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $161.88, for a total value of $1,018,225.20. Following the transaction, the chief marketing officer now directly owns 82,653 shares of the company’s stock, valued at approximately $13,379,867.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Matthew T. Herrington sold 650 shares of the company’s stock in a transaction on Wednesday, March 8th. The shares were sold at an average price of $165.75, for a total value of $107,737.50. Following the completion of the transaction, the chief operating officer now directly owns 6,405 shares in the company, valued at $1,061,628.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,440 shares of company stock valued at $2,172,313. Corporate insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Several hedge funds have recently made changes to their positions in the company. State Street Corp increased its position in shares of Extra Space Storage by 6.0% in the 1st quarter. State Street Corp now owns 9,397,883 shares of the real estate investment trust’s stock valued at $1,531,197,000 after acquiring an additional 533,145 shares during the period. Principal Financial Group Inc. increased its position in shares of Extra Space Storage by 10.1% in the 1st quarter. Principal Financial Group Inc. now owns 5,160,449 shares of the real estate investment trust’s stock valued at $840,779,000 after acquiring an additional 474,396 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Extra Space Storage by 0.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,648,605 shares of the real estate investment trust’s stock valued at $630,149,000 after acquiring an additional 10,610 shares during the period. Geode Capital Management LLC boosted its holdings in Extra Space Storage by 1.5% in the first quarter. Geode Capital Management LLC now owns 3,183,153 shares of the real estate investment trust’s stock valued at $517,605,000 after purchasing an additional 47,305 shares during the last quarter. Finally, Norges Bank purchased a new stake in Extra Space Storage in the fourth quarter valued at $380,823,000. 95.32% of the stock is owned by institutional investors and hedge funds.

Extra Space Storage Trading Down 1.1 %

EXR opened at $146.46 on Thursday. The firm has a market cap of $19.78 billion, a P/E ratio of 23.03, a P/E/G ratio of 5.09 and a beta of 0.54. Extra Space Storage has a 12 month low of $139.97 and a 12 month high of $216.52. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 1.82. The stock has a 50-day moving average of $154.50 and a 200 day moving average of $155.32.

Extra Space Storage (NYSE:EXR – Get Rating) last released its quarterly earnings results on Wednesday, February 22nd. The real estate investment trust reported $1.52 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.56). Extra Space Storage had a return on equity of 21.62% and a net margin of 43.79%. The company had revenue of $506.70 million during the quarter, compared to analysts’ expectations of $433.39 million. During the same quarter in the prior year, the business posted $1.91 EPS. The company’s revenue was up 18.4% on a year-over-year basis. As a group, research analysts forecast that Extra Space Storage will post 8.51 EPS for the current year.

About Extra Space Storage

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Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.