StockNews.com Begins Coverage on Extra Space Storage (NYSE:EXR)

StockNews.com started coverage on shares of Extra Space Storage (NYSE:EXR – Get Rating) in a research note issued to investors on Thursday. The firm issued a hold rating on the real estate investment trust’s stock.

Other research analysts have also recently issued reports about the stock. Wolfe Research cut shares of Extra Space Storage from an outperform rating to a peer perform rating in a report on Wednesday, January 18th. They noted that the move was a valuation call. Truist Financial increased their price objective on shares of Extra Space Storage from $160.00 to $165.00 and gave the company a hold rating in a report on Wednesday, March 8th. Raymond James upgraded shares of Extra Space Storage from an outperform rating to a strong-buy rating and set a $185.00 price objective for the company in a report on Tuesday, April 4th. Bank of America assumed coverage on shares of Extra Space Storage in a report on Monday, May 8th. They issued a buy rating for the company. Finally, KeyCorp decreased their price objective on shares of Extra Space Storage from $190.00 to $172.00 and set an overweight rating for the company in a report on Wednesday, April 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $170.56.

Extra Space Storage Price Performance

NYSE EXR opened at $148.10 on Thursday. Extra Space Storage has a 52 week low of $139.97 and a 52 week 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 market cap of $20.00 billion, a price-to-earnings ratio of 23.29, a price-to-earnings-growth ratio of 5.11 and a beta of 0.54. The company has a 50-day moving average price of $155.09 and a two-hundred day moving average price of $155.49.

Extra Space Storage (NYSE:EXR – Get Rating) last posted its 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 firm had revenue of $506.70 million during the quarter, compared to the consensus estimate of $433.39 million. During the same quarter last year, the company posted $1.91 EPS. Extra Space Storage’s revenue for the quarter was up 18.4% on a year-over-year basis. Analysts forecast that Extra Space Storage will post 8.51 EPS for the current year.

Insider Activity at Extra Space Storage

In related news, EVP Gwyn Goodson Mcneal sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $164.00, for a total value of $246,000.00. Following the completion of the sale, the executive vice president now owns 32,290 shares in the company, valued at approximately $5,295,560. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Gwyn Goodson Mcneal sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $164.00, for a total value of $246,000.00. Following the completion of the sale, the executive vice president now owns 32,290 shares in the company, valued at approximately $5,295,560. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CMO Samrat Sondhi sold 6,290 shares of the company’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $161.88, for a total transaction of $1,018,225.20. Following the completion of the sale, the chief marketing officer now owns 82,653 shares of the company’s stock, valued at approximately $13,379,867.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,440 shares of company stock worth $2,172,313. 1.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Extra Space Storage

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Power Corp of Canada lifted its position in Extra Space Storage by 100.0% in the 1st quarter. Power Corp of Canada now owns 2,224 shares of the real estate investment trust’s stock worth $341,000 after buying an additional 1,112 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Extra Space Storage by 29.5% in the 1st quarter. JPMorgan Chase & Co. now owns 588,521 shares of the real estate investment trust’s stock worth $95,887,000 after buying an additional 134,123 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in Extra Space Storage in the 1st quarter worth approximately $203,000. Rockefeller Capital Management L.P. lifted its position in Extra Space Storage by 16.8% in the 1st quarter. Rockefeller Capital Management L.P. now owns 1,518 shares of the real estate investment trust’s stock worth $247,000 after buying an additional 218 shares in the last quarter. Finally, Chevy Chase Trust Holdings LLC lifted its position in Extra Space Storage by 1.0% in the 1st quarter. Chevy Chase Trust Holdings LLC now owns 77,825 shares of the real estate investment trust’s stock worth $12,680,000 after buying an additional 799 shares in the last quarter. Hedge funds and other institutional investors own 95.32% of the company’s stock.

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.