Wells Fargo & Co Analysts Give Extra Space Storage (EXR) a $99.00 Price Target

Wells Fargo & Co set a $99.00 price objective on Extra Space Storage (NYSE:EXR) in a research report released on Tuesday. The firm currently has a buy rating on the real estate investment trust’s stock. The analysts noted that the move was a valuation call.

EXR has been the topic of a number of other reports. Bank of America upgraded Extra Space Storage from a neutral rating to a buy rating and set a $105.00 price objective on the stock in a research note on Tuesday, May 8th. Jefferies Group set a $92.00 price objective on Extra Space Storage and gave the stock a hold rating in a research note on Tuesday, March 6th. SunTrust Banks reiterated a hold rating and issued a $88.00 price objective on shares of Extra Space Storage in a research note on Friday, April 13th. ValuEngine upgraded Extra Space Storage from a hold rating to a buy rating in a research note on Tuesday, May 1st. Finally, Zacks Investment Research upgraded Extra Space Storage from a hold rating to a buy rating and set a $97.00 price objective on the stock in a research note on Tuesday, March 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. Extra Space Storage has a consensus rating of Hold and an average target price of $89.33.

Extra Space Storage stock opened at $95.10 on Tuesday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.50 and a current ratio of 0.50. The stock has a market capitalization of $11.82 billion, a PE ratio of 21.71, a price-to-earnings-growth ratio of 3.95 and a beta of 0.19. Extra Space Storage has a 52 week low of $73.70 and a 52 week high of $95.96.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.55. The business had revenue of $281.84 million for the quarter, compared to analyst estimates of $283.74 million. Extra Space Storage had a return on equity of 18.85% and a net margin of 44.28%. analysts anticipate that Extra Space Storage will post 4.62 EPS for the current year.

In related news, Director Diane Olmstead sold 1,436 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $87.04, for a total transaction of $124,989.44. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Kenneth M. Woolley sold 46,779 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $86.82, for a total value of $4,061,352.78. The disclosure for this sale can be found here. Insiders have sold 89,181 shares of company stock worth $7,891,771 over the last 90 days. Corporate insiders own 3.52% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Amalgamated Bank increased its stake in Extra Space Storage by 8.9% during the first quarter. Amalgamated Bank now owns 17,455 shares of the real estate investment trust’s stock valued at $1,525,000 after acquiring an additional 1,433 shares during the period. Royal Bank of Canada grew its stake in shares of Extra Space Storage by 54.4% in the 1st quarter. Royal Bank of Canada now owns 210,097 shares of the real estate investment trust’s stock valued at $18,353,000 after purchasing an additional 73,986 shares during the period. Eventide Asset Management LLC grew its stake in shares of Extra Space Storage by 1.2% in the 1st quarter. Eventide Asset Management LLC now owns 83,000 shares of the real estate investment trust’s stock valued at $7,251,000 after purchasing an additional 1,000 shares during the period. Legal & General Group Plc grew its stake in shares of Extra Space Storage by 3.9% in the 1st quarter. Legal & General Group Plc now owns 914,548 shares of the real estate investment trust’s stock valued at $79,895,000 after purchasing an additional 34,022 shares during the period. Finally, Highbridge Capital Management LLC bought a new stake in shares of Extra Space Storage in the 1st quarter valued at approximately $7,426,000.

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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