Extra Space Storage (NYSE:EXR) Reaches New 52-Week High at $143.09

Extra Space Storage Inc. (NYSE:EXR) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $143.09 and last traded at $142.97, with a volume of 877 shares changing hands. The stock had previously closed at $142.61.

Several analysts have issued reports on the company. BMO Capital Markets raised Extra Space Storage from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $122.00 to $145.00 in a research note on Monday, March 8th. Truist lifted their price target on Extra Space Storage from $125.00 to $137.00 in a research note on Friday, March 5th. Wells Fargo & Company lifted their price target on Extra Space Storage from $125.00 to $147.00 and gave the company an “overweight” rating in a research note on Monday, March 29th. Raymond James raised Extra Space Storage from a “market perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research note on Thursday, February 4th. Finally, Zacks Investment Research downgraded Extra Space Storage from a “buy” rating to a “hold” rating and set a $118.00 price target on the stock. in a research note on Tuesday, January 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $128.08.

The company’s 50-day simple moving average is $132.76 and its 200-day simple moving average is $119.27. The company has a debt-to-equity ratio of 1.91, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market capitalization of $19.57 billion, a price-to-earnings ratio of 43.44, a P/E/G ratio of 5.80 and a beta of 0.17.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Sunday, February 21st. The real estate investment trust reported $1.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.35 by ($0.16). The company had revenue of $301.10 million for the quarter, compared to analyst estimates of $293.09 million. Extra Space Storage had a return on equity of 16.54% and a net margin of 34.54%. The company’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business earned $0.82 earnings per share. Research analysts expect that Extra Space Storage Inc. will post 5.12 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 31st. Stockholders of record on Monday, March 15th were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.73%. This is an increase from Extra Space Storage’s previous quarterly dividend of $0.90. The ex-dividend date was Friday, March 12th. Extra Space Storage’s payout ratio is presently 81.97%.

In other Extra Space Storage news, CEO Joseph D. Margolis sold 3,750 shares of the business’s stock in a transaction that occurred on Thursday, April 1st. The shares were sold at an average price of $134.24, for a total transaction of $503,400.00. Following the completion of the transaction, the chief executive officer now directly owns 52,492 shares in the company, valued at $7,046,526.08. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 56,000 shares of the business’s stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $132.69, for a total transaction of $7,430,640.00. Following the transaction, the chief executive officer now owns 102,492 shares of the company’s stock, valued at $13,599,663.48. The disclosure for this sale can be found here. 2.64% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of EXR. First Horizon Advisors Inc. grew its stake in shares of Extra Space Storage by 58.9% in the fourth quarter. First Horizon Advisors Inc. now owns 294 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 109 shares during the last quarter. Lindbrook Capital LLC grew its stake in shares of Extra Space Storage by 440.6% in the fourth quarter. Lindbrook Capital LLC now owns 373 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 304 shares during the last quarter. TCTC Holdings LLC bought a new stake in shares of Extra Space Storage in the fourth quarter worth $44,000. HM Payson & Co. bought a new stake in shares of Extra Space Storage in the third quarter worth $49,000. Finally, International Assets Investment Management LLC bought a new stake in shares of Extra Space Storage in the fourth quarter worth $51,000. 96.89% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Company Profile (NYSE:EXR)

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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