Extra Space Storage (NYSE:EXR) declared that its board has approved a share repurchase plan, which permits the company to buyback $400.00 million in shares on Monday, November 13th, EventVestor reports. This buyback authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Extra Space Storage (NYSE EXR) opened at $86.34 on Wednesday. Extra Space Storage has a 1 year low of $68.09 and a 1 year high of $87.31. The stock has a market cap of $10,880.00, a price-to-earnings ratio of 20.09, a P/E/G ratio of 3.50 and a beta of 0.38. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.75 and a quick ratio of 0.75.
Extra Space Storage (NYSE:EXR) last announced its earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03. Extra Space Storage had a net margin of 33.21% and a return on equity of 14.41%. The company had revenue of $284.16 million during the quarter, compared to analyst estimates of $246.85 million. During the same period in the previous year, the business earned $1.02 earnings per share. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. analysts predict that Extra Space Storage will post 4.33 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a $0.78 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $3.12 annualized dividend and a yield of 3.61%. Extra Space Storage’s dividend payout ratio (DPR) is presently 114.71%.
EXR has been the subject of a number of recent analyst reports. Bank of America Corporation lowered shares of Extra Space Storage from a “buy” rating to a “neutral” rating and reduced their price target for the company from $83.00 to $81.00 in a research report on Thursday, July 20th. BidaskClub upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. Cantor Fitzgerald restated a “hold” rating and set a $77.00 price target on shares of Extra Space Storage in a research report on Sunday, August 20th. KeyCorp restated a “buy” rating and set a $82.00 price target on shares of Extra Space Storage in a research report on Friday, August 25th. Finally, BMO Capital Markets initiated coverage on shares of Extra Space Storage in a research report on Monday, September 11th. They set a “market perform” rating and a $78.00 price target for the company. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $83.44.
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In other Extra Space Storage news, EVP James Overturf sold 1,300 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $75.50, for a total value of $98,150.00. Following the completion of the sale, the executive vice president now directly owns 86,275 shares of the company’s stock, valued at $6,513,762.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $78.12, for a total transaction of $1,562,400.00. Following the completion of the sale, the director now directly owns 665,748 shares of the company’s stock, valued at $52,008,233.76. The disclosure for this sale can be found here. Insiders sold 63,900 shares of company stock valued at $5,089,327 over the last quarter. 3.72% of the stock is owned by company insiders.
About Extra Space Storage
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.
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