Extra Space Storage Inc (NYSE:EXR) Downgraded by Bank of America Corporation

Paterniano Del Favero
Agosto 9, 2017

Extra Space Storage posted sales of $244.27 million during the same quarter last year, which would indicate a positive year over year growth rate of 11.3%.

On average, analysts expect that Extra Space Storage will report full-year sales of $271.79 million for the current financial year, with estimates ranging from $1.06 billion to $1.12 billion. (NYSE:LSI) to report earnings of $1.37 per share for the current fiscal quarter, according to Zacks Investment Research.

Life Storage (NYSE:LSI) last posted its earnings results on Wednesday, August 2nd. The real estate investment trust reported $1.09 earnings per share for the quarter, topping the Zacks' consensus estimate of $1.05 by $0.04. Extra Space Storage had a net margin of 36.35% and a return on equity of 15.20%. The business had revenue of $276 million for the quarter, compared to analysts' expectations of $239.89 million. During the same period in the previous year, the company posted $0.94 earnings per share. Life Storage's revenue for the quarter was up 24.1% on a year-over-year basis. Jefferies Group LLC reiterated a "buy" rating and set a $28.00 target price on shares of National Storage Affiliates Trust in a research report on Monday, May 22nd. BidaskClub raised Extra Space Storage from a "hold" rating to a "buy" rating in a report on Monday, July 24th. Goldman Sachs Group, Inc. (The) upgraded Extra Space Storage from a "buy" rating to a "conviction-buy" rating and set a $95.00 price objective on the stock in a research note on Monday, May 15th.

COPYRIGHT VIOLATION NOTICE: "Chesley Taft & Associates LLC Lowers Position in Extra Space Storage Inc (NYSE:EXR)" was originally reported by The Cerbat Gem and is the property of of The Cerbat Gem. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. If you are accessing this report on another site, it was copied illegally and reposted in violation of United States & worldwide copyright law. The correct version of this story can be accessed at https://transcriptdaily.com/2017/08/08/extra-space-storage-inc-nyseexr-downgraded-by-bank-of-america-corporation-to-neutral-updated-updated.html. The stock was sold at an average price of $77.27, for a total transaction of $100,451.00. The stock increased 0.15% or $0.12 during the last trading session, reaching $77.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James Overturf sold 1,300 shares of the business's stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $78.31, for a total transaction of $1,566,200.00. Following the sale, the executive vice president now owns 89,475 shares in the company, valued at approximately $6,673,940.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 63,900 shares of company stock valued at $4,957,788. The Company owns its assets and conducts its operations through Life Storage LP (the Operating Partnership) and subsidiaries of the Operating Partnership.

Hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Life Storage by 0.9% in the first quarter. Pacer Advisors Inc. now owns 2,810 shares of the real estate investment trust's stock worth $209,000 after buying an additional 88 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of National Storage Affiliates Trust during the fourth quarter valued at approximately $359,000. Paragon Capital Management Ltd bought a new stake in Life Storage during the second quarter worth $232,000. Pictet Asset Management Ltd. now owns 66,200 shares of the real estate investment trust's stock valued at $5,129,000 after buying an additional 800 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in Extra Space Storage by 2.8% in the second quarter. State of Wisconsin Investment Board now owns 122,734 shares of the real estate investment trust's stock valued at $9,130,000 after buying an additional 15,867 shares during the period. Finally, Chevy Chase Trust Holdings Inc. boosted its position in Extra Space Storage by 3.2% in the first quarter. IFP Advisors Inc now owns 5,328 shares of the real estate investment trust's stock valued at $416,000 after buying an additional 2,217 shares in the last quarter. 935,004 shares of the stock were exchanged. Extra Space Storage Inc has a 52-week low of $68.09 and a 52-week high of $85.12. The 50 day moving average was down $-0.56 or -0.72% and the 200 day average was up $0.72. The company also recently announced a dividend for shareholders which was paid on Friday the 30th of June 2017. This represents a $4.00 annualized dividend and a yield of 5.54%. Robert W. Baird initiated the shares of EXR in report on Thursday, July 23 with "Outperform" rating. Life Storage's payout ratio is now 347.83%.

National Storage Affiliates Trust is an integrated, self-administered and self-managed real estate investment trust. The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States.

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