Stock Traders Buy High Volume of Put Options on Extra Space Storage (EXR)

Extra Space Storage (NYSE:EXR) saw unusually large options trading activity on Wednesday. Traders bought 2,086 put options on the stock. This is an increase of 1,127% compared to the average daily volume of 170 put options.

Extra Space Storage stock opened at $99.65 on Thursday. Extra Space Storage has a fifty-two week low of $73.70 and a fifty-two week high of $101.96. The stock has a market cap of $12.73 billion, a P/E ratio of 22.75, a PEG ratio of 4.38 and a beta of 0.22. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.50 and a current ratio of 0.50.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, May 1st. The real estate investment trust reported $0.70 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.39). Extra Space Storage had a return on equity of 18.85% and a net margin of 44.28%. The firm had revenue of $247.88 million for the quarter, compared to analysts’ expectations of $248.26 million. During the same quarter last year, the firm posted $1.03 earnings per share. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. research analysts anticipate that Extra Space Storage will post 4.62 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be issued a dividend of $0.86 per share. The ex-dividend date of this dividend is Thursday, June 14th. This is a boost from Extra Space Storage’s previous quarterly dividend of $0.78. This represents a $3.44 annualized dividend and a yield of 3.45%. Extra Space Storage’s payout ratio is 78.54%.

In other news, SVP Grace Kunde sold 3,570 shares of the business’s stock in a transaction dated Monday, May 7th. The shares were sold at an average price of $92.89, for a total transaction of $331,617.30. Following the completion of the sale, the senior vice president now directly owns 12,328 shares of the company’s stock, valued at $1,145,147.92. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP James Overturf sold 880 shares of the business’s stock in a transaction dated Wednesday, June 13th. The stock was sold at an average price of $97.94, for a total transaction of $86,187.20. Following the sale, the executive vice president now directly owns 75,617 shares of the company’s stock, valued at $7,405,928.98. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,961 shares of company stock valued at $2,775,261. 3.52% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in Extra Space Storage by 4.1% in the fourth quarter. Geode Capital Management LLC now owns 1,508,360 shares of the real estate investment trust’s stock valued at $131,665,000 after acquiring an additional 59,298 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in Extra Space Storage by 3.4% in the fourth quarter. TIAA CREF Investment Management LLC now owns 619,194 shares of the real estate investment trust’s stock valued at $54,149,000 after acquiring an additional 20,591 shares during the last quarter. Cornerstone Capital Management Holdings LLC. boosted its stake in Extra Space Storage by 3.6% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 85,426 shares of the real estate investment trust’s stock valued at $7,470,000 after acquiring an additional 2,936 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Extra Space Storage by 7.8% in the first quarter. Russell Investments Group Ltd. now owns 948,477 shares of the real estate investment trust’s stock valued at $82,790,000 after acquiring an additional 68,553 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in Extra Space Storage by 2.5% in the fourth quarter. Deutsche Bank AG now owns 2,923,110 shares of the real estate investment trust’s stock valued at $255,617,000 after acquiring an additional 71,286 shares during the last quarter.

Several equities research analysts have recently commented on the stock. Zacks Investment Research raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $109.00 target price for the company in a research report on Wednesday, June 20th. Wells Fargo & Co boosted their target price on shares of Extra Space Storage from $99.00 to $104.00 and gave the stock an “outperform” rating in a research report on Monday, June 18th. Morgan Stanley boosted their target price on shares of Extra Space Storage from $83.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 14th. Bank of America raised shares of Extra Space Storage from a “neutral” rating to a “buy” rating and set a $105.00 target price for the company in a research report on Tuesday, May 8th. Finally, BMO Capital Markets set a $84.00 target price on shares of Extra Space Storage and gave the stock a “hold” rating in a research report on Tuesday, May 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. Extra Space Storage presently has a consensus rating of “Hold” and an average price target of $91.33.

Extra Space Storage Company Profile

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.

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