Extra Space Storage (NYSE:EXR) Reaches New 12-Month Low – Time to Sell?

Extra Space Storage Inc. (NYSE:EXR)’s stock price reached a new 52-week low on Tuesday . The stock traded as low as $130.74 and last traded at $131.99, with a volume of 1644715 shares changing hands. The stock had previously closed at $138.21.

Analyst Ratings Changes

EXR has been the subject of several analyst reports. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday, March 7th. Wells Fargo & Company lowered their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Scotiabank lowered their price target on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Finally, Barclays lowered their target price on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Extra Space Storage has an average rating of “Hold” and a consensus target price of $171.09.

Extra Space Storage Price Performance

The company’s 50 day moving average is $151.26 and its 200-day moving average is $158.38. The firm has a market capitalization of $28.43 billion, a price-to-earnings ratio of 35.01, a P/E/G ratio of 7.76 and a beta of 0.96. 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 quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $821.90 million for the quarter, compared to analysts’ expectations of $707.34 million. Equities research analysts anticipate that Extra Space Storage Inc. will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $1.62 per share. The ex-dividend date was Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.84%. Extra Space Storage’s dividend payout ratio (DPR) is presently 160.40%.

Insider Transactions at Extra Space Storage

In related news, EVP William N. Springer sold 1,220 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares of the company’s stock, valued at approximately $3,077,320.28. This trade represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the completion of the sale, the chief executive officer now directly owns 9,190 shares of the company’s stock, valued at $1,355,065.50. This represents a 44.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,392 shares of company stock worth $1,392,315. Company insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in EXR. Oregon Public Employees Retirement Fund lifted its position in shares of Extra Space Storage by 0.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,160 shares of the real estate investment trust’s stock valued at $2,717,000 after acquiring an additional 66 shares during the period. Wedge Capital Management L L P NC raised its holdings in shares of Extra Space Storage by 1.3% during the 4th quarter. Wedge Capital Management L L P NC now owns 5,138 shares of the real estate investment trust’s stock worth $769,000 after buying an additional 68 shares in the last quarter. Lindbrook Capital LLC lifted its stake in shares of Extra Space Storage by 14.9% in the 4th quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust’s stock valued at $78,000 after acquiring an additional 68 shares during the last quarter. Aptus Capital Advisors LLC increased its holdings in Extra Space Storage by 4.3% in the 4th quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust’s stock worth $245,000 after purchasing an additional 68 shares in the last quarter. Finally, Siemens Fonds Invest GmbH raised its position in Extra Space Storage by 3.0% in the fourth quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust’s stock valued at $342,000 after purchasing an additional 68 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

About Extra Space Storage

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.