BMO Capital Maintains a Hold Rating on Extra Space Storage

By Ryan Adsit

In a report issued on November 4, Paul Adornato from BMO Capital maintained a Hold rating on Extra Space Storage (NYSE: EXR), with a price target of $80. The company’s shares closed yesterday at $75.38.

According to TipRanks.com, Adornato is a 3-star analyst with an average return of 0.9% and a 53.2% success rate. Adornato covers the Financial sector, focusing on stocks such as Forest City Realty Trust, Inc., Retail Opportunity Investments, and Urstadt Biddle Properties Inc.

Extra Space Storage has an analyst consensus of Moderate Buy.

Based on Extra Space Storage’s latest earnings report from September 30, the company posted quarterly revenue of $257.2M and quarterly net profit of $118.1M. In comparison, last year the company earned revenue of $198.6M and had a net profit of $71.72M.

Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of EXR in relation to earlier this year.

Extra Space Storage, Inc. is a real estate investment trust, which engages in the acquisition, operation, management, development, and redevelopment of professionally managed self-storage properties. It operates through the following segments: Rental Operations; Tenant Reinsurance; and Property Management, Acquisition, and Development. The Rental Operations segment includes lease operations of stores. The Tenant Reinsurance segment consists of reinsurance of risks relating to the loss of good stored by tenants in the firm’s stores. The Property Management, Acquisition, and Development segment manages, owns, develops, and sells stores. The company was founded by Kenneth Musser Woolley on April 30, 2004 and is headquartered in Salt Lake City, UT.