Scotiabank Cuts Extra Space Storage (NYSE:EXR) Price Target to $167.00

Extra Space Storage (NYSE:EXR) had its target price lowered by Scotiabank from $169.00 to $167.00 in a report released on Monday,Benzinga reports. The brokerage currently has a sector underperform rating on the real estate investment trust’s stock.

EXR has been the topic of a number of other reports. Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 target price on shares of Extra Space Storage in a report on Monday, October 21st. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $172.00 to $155.00 in a research report on Monday, August 5th. Barclays increased their price objective on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Royal Bank of Canada initiated coverage on Extra Space Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price on the stock. Finally, Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and increased their price objective for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $171.36.

Extra Space Storage Stock Up 0.6 %

Shares of NYSE EXR opened at $172.68 on Monday. The stock has a market cap of $36.60 billion, a PE ratio of 45.20, a P/E/G ratio of 8.58 and a beta of 0.87. The company has a 50-day moving average of $169.97 and a 200 day moving average of $164.09. Extra Space Storage has a 12-month low of $125.82 and a 12-month high of $184.87. 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 (NYSE:EXR) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. During the same quarter in the previous year, the firm earned $2.02 earnings per share. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts predict that Extra Space Storage will post 8.09 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is 169.63%.

Insider Buying and Selling at Extra Space Storage

In related news, Director Kenneth M. Woolley sold 6,647 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $177.23, for a total value 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 approximately $71,655,152.38. This trade represents a 1.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now directly owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,228 shares of company stock valued at $3,023,957. 1.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Extra Space Storage

A number of large investors have recently bought and sold shares of the business. Pathway Financial Advisers LLC grew its holdings in Extra Space Storage by 17,832.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock valued at $363,783,000 after buying an additional 2,007,626 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Extra Space Storage by 724.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after buying an additional 1,741,320 shares during the period. Boston Partners acquired a new stake in shares of Extra Space Storage during the 1st quarter worth approximately $130,554,000. Janus Henderson Group PLC increased its position in shares of Extra Space Storage by 2,244.2% during the first quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust’s stock valued at $87,824,000 after purchasing an additional 572,231 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Extra Space Storage by 543.5% in the second quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock valued at $61,724,000 after purchasing an additional 335,447 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

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.