Citigroup Raises Extra Space Storage (NYSE:EXR) Price Target to $105.00

Extra Space Storage (NYSE:EXR) had its target price boosted by analysts at Citigroup from $100.00 to $105.00 in a note issued to investors on Tuesday, BenzingaRatingsTable reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Citigroup‘s target price would suggest a potential upside of 14.34% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. KeyCorp cut Extra Space Storage from a “sector weight” rating to an “underweight” rating and set a $82.00 price objective for the company. in a research note on Friday, April 17th. Morgan Stanley decreased their price objective on shares of Extra Space Storage from $94.00 to $68.00 and set an “underweight” rating for the company in a research note on Tuesday, April 28th. Raymond James lowered shares of Extra Space Storage from a “market perform” rating to an “underperform” rating in a report on Sunday, April 19th. JPMorgan Chase & Co. lowered their target price on Extra Space Storage from $115.00 to $105.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 31st. Finally, Wells Fargo & Co dropped their price target on shares of Extra Space Storage from $101.00 to $100.00 and set an “overweight” rating on the stock in a research report on Monday, June 22nd. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $103.45.

Extra Space Storage stock opened at $91.83 on Tuesday. Extra Space Storage has a twelve month low of $72.70 and a twelve month high of $124.46. The business has a fifty day moving average of $93.32 and a two-hundred day moving average of $99.54. The firm has a market cap of $11.75 billion, a P/E ratio of 27.58, a P/E/G ratio of 10.36 and a beta of 0.20. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.85.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.83 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.37). Extra Space Storage had a net margin of 34.99% and a return on equity of 16.27%. The firm had revenue of $286.70 million for the quarter, compared to analysts’ expectations of $284.34 million. During the same period in the previous year, the company posted $1.16 earnings per share. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. Equities analysts expect that Extra Space Storage will post 4.85 earnings per share for the current year.

In related news, CMO James Overturf sold 833 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $97.66, for a total value of $81,350.78. Following the completion of the sale, the chief marketing officer now owns 59,612 shares in the company, valued at approximately $5,821,707.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 5,525 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $104.59, for a total value of $577,859.75. Following the completion of the sale, the executive vice president now directly owns 29,033 shares in the company, valued at approximately $3,036,561.47. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,609 shares of company stock worth $1,908,327. Corporate insiders own 2.64% of the company’s stock.

Several hedge funds have recently bought and sold shares of EXR. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Extra Space Storage by 1.3% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,340 shares of the real estate investment trust’s stock valued at $881,000 after acquiring an additional 105 shares in the last quarter. Mutual of America Capital Management LLC increased its position in shares of Extra Space Storage by 0.6% in the first quarter. Mutual of America Capital Management LLC now owns 17,650 shares of the real estate investment trust’s stock worth $1,690,000 after acquiring an additional 112 shares in the last quarter. CSat Investment Advisory L.P. grew its position in Extra Space Storage by 33.8% during the 4th quarter. CSat Investment Advisory L.P. now owns 519 shares of the real estate investment trust’s stock worth $54,000 after purchasing an additional 131 shares in the last quarter. Colony Group LLC lifted its holdings in shares of Extra Space Storage by 0.6% in the fourth quarter. Colony Group LLC now owns 23,557 shares of the real estate investment trust’s stock valued at $2,488,000 after purchasing an additional 145 shares in the last quarter. Finally, Cigna Investments Inc. New boosted its position in shares of Extra Space Storage by 4.3% in the first quarter. Cigna Investments Inc. New now owns 3,623 shares of the real estate investment trust’s stock worth $347,000 after buying an additional 150 shares during the period. Hedge funds and other institutional investors own 98.40% of the company’s stock.

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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