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

Extra Space Storage (NYSE:EXR) had its price target increased by Citigroup from $100.00 to $105.00 in a research report sent to investors on Tuesday, BenzingaRatingsTable reports. Citigroup currently has a buy rating on the real estate investment trust’s stock.

EXR has been the topic of several other research reports. Raymond James cut Extra Space Storage from a market perform rating to an underperform rating in a report on Sunday, April 19th. KeyCorp cut Extra Space Storage from a sector weight rating to an underweight rating and set a $82.00 price target on the stock. in a report on Friday, April 17th. JPMorgan Chase & Co. reduced their target price on Extra Space Storage from $115.00 to $105.00 and set a neutral rating on the stock in a report on Tuesday, March 31st. Wells Fargo & Co reduced their target price on Extra Space Storage from $101.00 to $100.00 and set an overweight rating on the stock in a report on Monday, June 22nd. Finally, SunTrust Banks reduced their target price on Extra Space Storage from $114.00 to $102.00 and set a hold rating on the stock in a report on Friday, April 17th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $103.45.

Extra Space Storage stock opened at $97.28 on Tuesday. The business’s 50-day simple moving average is $93.43 and its 200 day simple moving average is $99.38. The stock has a market cap of $12.52 billion, a price-to-earnings ratio of 29.21, a P/E/G ratio of 11.06 and a beta of 0.18. Extra Space Storage has a 12-month low of $72.70 and a 12-month high of $124.46. 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 posted its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.37). The firm had revenue of $286.70 million during the quarter, compared to the consensus estimate of $284.34 million. Extra Space Storage had a net margin of 34.99% and a return on equity of 16.27%. Extra Space Storage’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 EPS. As a group, sell-side analysts expect that Extra Space Storage will post 4.84 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 3.70%. The ex-dividend date was Friday, June 12th. Extra Space Storage’s dividend payout ratio (DPR) is presently 73.77%.

In other news, EVP Gwyn Goodson Mcneal sold 5,525 shares of Extra Space Storage stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $104.59, for a total transaction of $577,859.75. Following the transaction, the executive vice president now owns 29,033 shares in the company, valued at approximately $3,036,561.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO James Overturf sold 833 shares of Extra Space Storage stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $97.66, for a total value of $81,350.78. Following the transaction, the chief marketing officer now owns 59,612 shares in the company, valued at approximately $5,821,707.92. The disclosure for this sale can be found here. Insiders have sold a total of 18,609 shares of company stock worth $1,908,327 in the last quarter. 2.64% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Extra Space Storage by 1.3% in the 4th 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 buying an additional 105 shares during the last quarter. Mutual of America Capital Management LLC raised its position in Extra Space Storage by 0.6% in the 1st quarter. Mutual of America Capital Management LLC now owns 17,650 shares of the real estate investment trust’s stock valued at $1,690,000 after buying an additional 112 shares during the last quarter. CSat Investment Advisory L.P. raised its position in Extra Space Storage by 33.8% in the 4th quarter. CSat Investment Advisory L.P. now owns 519 shares of the real estate investment trust’s stock valued at $54,000 after buying an additional 131 shares during the last quarter. Colony Group LLC raised its position in Extra Space Storage by 0.6% in the 4th quarter. Colony Group LLC now owns 23,557 shares of the real estate investment trust’s stock valued at $2,488,000 after buying an additional 145 shares during the last quarter. Finally, Cigna Investments Inc. New raised its position in Extra Space Storage by 4.3% in the 1st quarter. Cigna Investments Inc. New now owns 3,623 shares of the real estate investment trust’s stock valued at $347,000 after buying an additional 150 shares during the last quarter. 98.40% of the stock is currently owned by institutional investors and hedge funds.

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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