Extra Space Storage (NYSE:EXR) Stock Rating Lowered by Morgan Stanley

Morgan Stanley lowered shares of Extra Space Storage (NYSE:EXR) from an equal weight rating to an underweight rating in a research note published on Monday, 24/7 WallStreet reports. They currently have $105.00 price target on the real estate investment trust’s stock, up from their prior price target of $93.00.

Several other brokerages also recently weighed in on EXR. Wells Fargo & Co upped their target price on shares of Extra Space Storage from $114.00 to $130.00 and gave the company an outperform rating in a research note on Thursday, August 22nd. Citigroup upped their target price on shares of Extra Space Storage from $103.00 to $119.00 and gave the company a neutral rating in a research note on Wednesday, September 11th. Stifel Nicolaus began coverage on shares of Extra Space Storage in a research note on Monday, August 19th. They issued a buy rating and a $131.00 target price for the company. Zacks Investment Research downgraded shares of Extra Space Storage from a buy rating to a hold rating and set a $125.00 target price for the company. in a research note on Tuesday, September 10th. Finally, Robert W. Baird set a $121.00 target price on shares of Extra Space Storage and gave the company a hold rating in a research note on Wednesday, August 21st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The company currently has an average rating of Hold and an average price target of $115.53.

Shares of EXR stock opened at $116.85 on Monday. The company has a market capitalization of $15.05 billion, a PE ratio of 25.02, a price-to-earnings-growth ratio of 5.04 and a beta of 0.19. The firm has a fifty day simple moving average of $118.98 and a 200-day simple moving average of $108.43. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 1.78. Extra Space Storage has a twelve month low of $83.70 and a twelve month high of $124.46.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $0.90 dividend. The ex-dividend date is Friday, September 13th. This represents a $3.60 annualized dividend and a dividend yield of 3.08%. Extra Space Storage’s dividend payout ratio (DPR) is presently 77.09%.

In other Extra Space Storage news, SVP Grace Kunde sold 1,738 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $120.45, for a total transaction of $209,342.10. Following the transaction, the senior vice president now directly owns 7,202 shares in the company, valued at approximately $867,480.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Spencer Kirk sold 248,103 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $121.33, for a total transaction of $30,102,336.99. Following the transaction, the director now owns 153,069 shares in the company, valued at $18,571,861.77. The disclosure for this sale can be found here. Insiders have sold a total of 265,524 shares of company stock worth $32,159,600 over the last quarter. 3.29% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of EXR. Geode Capital Management LLC boosted its stake in Extra Space Storage by 8.3% during the 4th quarter. Geode Capital Management LLC now owns 1,950,053 shares of the real estate investment trust’s stock valued at $176,181,000 after acquiring an additional 149,614 shares during the last quarter. CIBC Asset Management Inc boosted its stake in Extra Space Storage by 3.6% during the 1st quarter. CIBC Asset Management Inc now owns 12,526 shares of the real estate investment trust’s stock valued at $1,277,000 after acquiring an additional 441 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Extra Space Storage by 2.7% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 13,397 shares of the real estate investment trust’s stock valued at $1,365,000 after acquiring an additional 356 shares during the last quarter. Raymond James & Associates boosted its stake in Extra Space Storage by 2.7% during the 1st quarter. Raymond James & Associates now owns 30,760 shares of the real estate investment trust’s stock valued at $3,135,000 after acquiring an additional 820 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Extra Space Storage by 7.8% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,442 shares of the real estate investment trust’s stock worth $758,000 after purchasing an additional 540 shares during the period. Hedge funds and other institutional investors own 97.32% of the company’s stock.

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, 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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