Extra Space Storage (EXR) PT Set at $99.00 by Wells Fargo & Co

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Extra Space Storage (NYSE:EXR) has been given a $99.00 target price by Wells Fargo & Co in a note issued to investors on Tuesday, May 22nd. The firm presently has a “buy” rating on the real estate investment trust’s stock. Wells Fargo & Co’s target price would suggest a potential upside of 2.10% from the stock’s previous close. The analysts noted that the move was a valuation call.

Other research analysts have also issued research reports about the stock. ValuEngine upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating in a research report on Tuesday, May 1st. Zacks Investment Research raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $97.00 price target for the company in a report on Tuesday, March 6th. Bank of America raised shares of Extra Space Storage from a “neutral” rating to a “buy” rating and set a $105.00 price target for the company in a report on Tuesday, May 8th. BMO Capital Markets set a $84.00 price target on shares of Extra Space Storage and gave the stock a “hold” rating in a report on Tuesday, May 1st. Finally, Cantor Fitzgerald set a $83.00 price target on shares of Extra Space Storage and gave the stock a “hold” rating in a report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $90.33.

Shares of Extra Space Storage traded down $1.47, reaching $96.96, on Tuesday, MarketBeat.com reports. 1,241,870 shares of the company’s stock were exchanged, compared to its average volume of 1,039,303. Extra Space Storage has a twelve month low of $73.70 and a twelve month high of $99.56. The firm has a market cap of $12.34 billion, a PE ratio of 22.14, a PEG ratio of 4.24 and a beta of 0.22. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 1.66.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, May 1st. The real estate investment trust reported $0.70 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.09 by ($0.39). Extra Space Storage had a return on equity of 18.85% and a net margin of 44.28%. The business had revenue of $247.88 million for the quarter, compared to analyst estimates of $248.26 million. During the same quarter in the previous year, the company earned $1.03 EPS. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. research analysts expect that Extra Space Storage will post 4.62 EPS for the current year.

In related news, CFO P Scott Stubbs sold 9,250 shares of the stock in a transaction that occurred on Tuesday, May 8th. The shares were sold at an average price of $93.40, for a total value of $863,950.00. Following the completion of the transaction, the chief financial officer now owns 144,973 shares of the company’s stock, valued at approximately $13,540,478.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP James Overturf sold 880 shares of the stock in a transaction that occurred on Thursday, March 22nd. The shares were sold at an average price of $85.33, for a total transaction of $75,090.40. Following the completion of the transaction, the executive vice president now directly owns 81,257 shares of the company’s stock, valued at approximately $6,933,659.81. The disclosure for this sale can be found here. In the last three months, insiders sold 39,211 shares of company stock valued at $3,557,167. 3.52% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in EXR. Centersquare Investment Management LLC bought a new position in shares of Extra Space Storage during the first quarter valued at $85,043,000. Daiwa Securities Group Inc. raised its stake in shares of Extra Space Storage by 39.2% during the first quarter. Daiwa Securities Group Inc. now owns 3,333,071 shares of the real estate investment trust’s stock valued at $291,177,000 after acquiring an additional 938,851 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Extra Space Storage by 59.4% during the fourth quarter. Bank of New York Mellon Corp now owns 2,209,113 shares of the real estate investment trust’s stock valued at $193,186,000 after acquiring an additional 823,278 shares during the last quarter. APG Asset Management N.V. raised its stake in shares of Extra Space Storage by 65.4% during the fourth quarter. APG Asset Management N.V. now owns 1,712,948 shares of the real estate investment trust’s stock valued at $124,748,000 after acquiring an additional 677,392 shares during the last quarter. Finally, Heitman Real Estate Securities LLC bought a new position in shares of Extra Space Storage during the first quarter valued at $45,893,000.

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, 2017, the Company owned and/or operated 1,483 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1,020,000 units and approximately 112 million square feet of rentable space.

Analyst Recommendations for Extra Space Storage (NYSE:EXR)

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