Raymond James Downgrades Extra Space Storage (NYSE:EXR) to Market Perform

Raymond James lowered shares of Extra Space Storage (NYSE:EXR) from an outperform rating to a market perform rating in a research report sent to investors on Thursday, March 21st, 24/7 WallStreet reports. The brokerage currently has $99.27 target price on the real estate investment trust’s stock.

Other equities research analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of Extra Space Storage from a hold rating to a sell rating in a research report on Tuesday, March 19th. ValuEngine upgraded shares of Extra Space Storage from a hold rating to a buy rating in a research report on Wednesday, March 6th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $97.83.

Shares of EXR stock traded down $0.51 during mid-day trading on Thursday, hitting $101.68. 462,492 shares of the stock were exchanged, compared to its average volume of 853,157. The firm has a market cap of $13.01 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 4.35 and a beta of 0.30. Extra Space Storage has a 12-month low of $83.70 and a 12-month high of $102.78. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.72 and a current ratio of 0.72.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Wednesday, February 20th. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.02. The company had revenue of $266.60 million for the quarter, compared to analyst estimates of $265.39 million. Extra Space Storage had a return on equity of 16.40% and a net margin of 37.36%. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.17 earnings per share. As a group, research analysts predict that Extra Space Storage will post 4.8 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a dividend of $0.86 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.38%. Extra Space Storage’s dividend payout ratio (DPR) is 73.66%.

In other news, CEO Joseph D. Margolis sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $100.05, for a total transaction of $250,125.00. Following the completion of the transaction, the chief executive officer now directly owns 113,732 shares of the company’s stock, valued at approximately $11,378,886.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Spencer Kirk sold 45,000 shares of the firm’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $93.12, for a total transaction of $4,190,400.00. Following the transaction, the director now directly owns 630,029 shares of the company’s stock, valued at $58,668,300.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 130,254 shares of company stock valued at $12,477,037. Corporate insiders own 3.52% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in EXR. Snow Park Capital Partners LP purchased a new stake in Extra Space Storage in the 4th quarter worth approximately $2,168,000. PGGM Investments boosted its holdings in shares of Extra Space Storage by 162.1% in the 1st quarter. PGGM Investments now owns 1,975,934 shares of the real estate investment trust’s stock valued at $201,367,000 after purchasing an additional 1,221,934 shares during the last quarter. Norges Bank acquired a new position in shares of Extra Space Storage in the 4th quarter valued at $98,655,000. Janus Henderson Group PLC boosted its holdings in shares of Extra Space Storage by 249.3% in the 3rd quarter. Janus Henderson Group PLC now owns 1,139,069 shares of the real estate investment trust’s stock valued at $98,689,000 after purchasing an additional 812,925 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Extra Space Storage by 18.5% in the 4th quarter. Principal Financial Group Inc. now owns 3,662,714 shares of the real estate investment trust’s stock valued at $331,403,000 after purchasing an additional 571,706 shares during the last quarter. 98.80% of the stock is owned by hedge funds and other 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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