Extra Space Storage Inc. (NYSE:EXR) Receives Consensus Rating of “Hold” from Analysts

Shares of Extra Space Storage Inc. (NYSE:EXR) have been given an average rating of “Hold” by the fourteen ratings firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $171.50.

Several analysts have recently issued reports on EXR shares. Wells Fargo & Company reiterated an “equal weight” rating and issued a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. Scotiabank increased their target price on Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a report on Thursday, August 22nd. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and raised their target price for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Evercore ISI dropped their price target on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Finally, Bank of America lowered Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $172.00 to $155.00 in a report on Monday, August 5th.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the transaction, the director now owns 404,306 shares of the company’s stock, valued at $71,655,152.38. This trade represents a 1.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This represents a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,228 shares of company stock worth $3,374,617 in the last ninety days. 1.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of hedge funds have recently made changes to their positions in the stock. EdgeRock Capital LLC purchased a new stake in Extra Space Storage during the second quarter worth about $25,000. Centerpoint Advisors LLC purchased a new stake in Extra Space Storage during the 2nd quarter worth approximately $27,000. Ashton Thomas Securities LLC acquired a new stake in Extra Space Storage during the 3rd quarter worth approximately $33,000. Harvest Fund Management Co. Ltd purchased a new position in Extra Space Storage in the 3rd quarter valued at approximately $42,000. Finally, Blue Trust Inc. grew its stake in shares of Extra Space Storage by 540.5% in the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

Shares of EXR stock opened at $168.14 on Monday. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a 12-month low of $125.32 and a 12-month high of $184.87. The business’s 50 day moving average is $170.44 and its two-hundred day moving average is $163.52. The company has a market capitalization of $35.64 billion, a P/E ratio of 44.02, a P/E/G ratio of 8.40 and a beta of 0.87.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. During the same quarter last year, the business earned $2.02 EPS. The company’s quarterly revenue was up 10.2% on a year-over-year basis. Analysts expect that Extra Space Storage will post 8.09 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.85%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s payout ratio is currently 169.63%.

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, 2023, the Company owned and/or operated 3,714 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.6 million units and approximately 283.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.