Extra Space Storage (EXR) is Downgraded by SunTrust to Neutral

Extra Space Storage (EXR) was Downgraded by SunTrust to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. SunTrust advised their investors in a research report released on Jul 25, 2016.

Many Wall Street Analysts have commented on Extra Space Storage. DA Davidson Initiated Extra Space Storage on Jun 24, 2016 to “Neutral”, Price Target of the shares are set at $95.Company shares were Reiterated by RBC Capital Mkts on May 9, 2016 to “Outperform”, Firm has raised the Price Target to $ 94 from a previous price target of $88 .

On the company’s financial health, Extra Space Storage reported $0.86 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 2, 2016. Analyst had a consensus of $0.85. The company had revenue of $229.40 million for the quarter, compared to analysts expectations of $201.01 million. The company’s revenue was up 32.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.69 EPS.

Extra Space Storage opened for trading at $92.28 and hit $92.91 on the upside on Wednesday, eventually ending the session at $92.84, with a gain of 0.65% or 0.6 points. The heightened volatility saw the trading volume jump to 8,56,504 shares. Company has a market cap of $11,624 M.

In a different news, on Jul 1, 2016, Spencer Kirk (Chief Executive Officer) sold 20,000 shares at $91.59 per share price. According to the SEC, on May 16, 2016, P Scott Stubbs (Executive VP and CFO) sold 6,250 shares at $93.31 per share price. On May 11, 2016, Gwyn Goodson Mcneal (EVP/Chief Legal Officer) sold 500 shares at $93.50 per share price, according to the Form-4 filing with the securities and exchange commission.

Extra Space Storage Inc. is a fully integrated self-administered and self-managed real estate investment trust (REIT). The Company owns operates manages acquires develops and redevelops professionally managed self-storage properties (stores). The Company operates through three segments: rental operations; tenant reinsurance and property management acquisition and development. The Company’s rental operations activities include rental operations of self-storage stores. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the Company’s self-storage facilities. The Company’s property management acquisition and development activities include managing acquiring developing and selling self-storage stores. As of December 31 2014 it held ownership interests in 828 operating stores. Of these operating stores 557 are wholly owned and 271 are owned in joint venture partnerships.

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