Extra Space Storage (NYSE:EXR) Lowered to “Underperform” at Evercore ISI

Evercore ISI cut shares of Extra Space Storage (NYSE:EXRGet Rating) from an in-line rating to an underperform rating in a research note released on Monday morning, MarketBeat.com reports. Evercore ISI currently has $150.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $162.00.

Other equities analysts also recently issued research reports about the company. UBS Group dropped their price target on Extra Space Storage from $234.00 to $197.00 and set a buy rating for the company in a research report on Monday, July 25th. Morgan Stanley reduced their price objective on Extra Space Storage from $156.00 to $153.00 and set an underweight rating on the stock in a research note on Thursday, October 13th. Citigroup boosted their price target on Extra Space Storage to $229.00 in a research note on Monday, August 22nd. StockNews.com assumed coverage on Extra Space Storage in a research note on Wednesday, October 12th. They issued a hold rating on the stock. Finally, Truist Financial upped their price objective on Extra Space Storage from $200.00 to $225.00 and gave the company a buy rating in a research note on Monday, August 15th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Extra Space Storage has an average rating of Hold and an average price target of $197.89.

Extra Space Storage Stock Down 0.3 %

EXR opened at $157.59 on Monday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.49 and a quick ratio of 0.49. The business has a 50 day simple moving average of $168.46 and a 200-day simple moving average of $178.01. The stock has a market capitalization of $21.10 billion, a P/E ratio of 22.87, a P/E/G ratio of 2.32 and a beta of 0.52. Extra Space Storage has a 12 month low of $149.78 and a 12 month high of $228.84.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Wednesday, December 14th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 3.81%. Extra Space Storage’s payout ratio is 87.08%.

Institutional Trading of Extra Space Storage

Hedge funds have recently modified their holdings of the company. State of Michigan Retirement System increased its holdings in shares of Extra Space Storage by 0.3% in the first quarter. State of Michigan Retirement System now owns 33,779 shares of the real estate investment trust’s stock valued at $6,945,000 after purchasing an additional 98 shares in the last quarter. CRA Financial Services LLC increased its holdings in shares of Extra Space Storage by 15.4% in the second quarter. CRA Financial Services LLC now owns 1,500 shares of the real estate investment trust’s stock valued at $255,000 after purchasing an additional 200 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Extra Space Storage by 69.5% in the first quarter. Victory Capital Management Inc. now owns 321,855 shares of the real estate investment trust’s stock valued at $65,195,000 after purchasing an additional 131,977 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in Extra Space Storage during the 1st quarter worth $251,000. Finally, Mutual of America Capital Management LLC grew its holdings in Extra Space Storage by 1.1% during the 2nd quarter. Mutual of America Capital Management LLC now owns 22,567 shares of the real estate investment trust’s stock worth $3,839,000 after acquiring an additional 256 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.

About Extra Space Storage

(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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