Analysts Set Extra Space Storage Inc. (NYSE:EXR) PT at $171.43

Extra Space Storage Inc. (NYSE:EXR) has received an average recommendation of “Hold” from the thirteen brokerages that are covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $173.08.

Several equities research analysts have issued reports on the stock. Royal Bank of Canada initiated coverage on shares of Extra Space Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective for the company. Evercore ISI lowered their price target on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and raised their price objective for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a research note on Monday, October 21st.

Insider Transactions at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. This trade represents a 23.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now directly owns 5,877 shares in the company, valued at $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Several hedge funds and other institutional investors have recently modified their holdings of the stock. SMART Wealth LLC increased its position in shares of Extra Space Storage by 21.4% in the 3rd quarter. SMART Wealth LLC now owns 4,945 shares of the real estate investment trust’s stock valued at $891,000 after acquiring an additional 871 shares during the period. Copley Financial Group Inc. purchased a new stake in Extra Space Storage during the 3rd quarter valued at about $659,000. Tidal Investments LLC grew its stake in Extra Space Storage by 34.4% during the 3rd quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock valued at $2,278,000 after purchasing an additional 3,234 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Extra Space Storage in the third quarter valued at about $654,000. Finally, World Investment Advisors LLC purchased a new position in shares of Extra Space Storage in the third quarter worth about $216,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Trading Up 1.1 %

Shares of NYSE EXR opened at $149.56 on Friday. The business’s 50 day moving average price is $163.99 and its 200-day moving average price is $165.86. Extra Space Storage has a fifty-two week low of $131.02 and a fifty-two week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company has a market cap of $31.70 billion, a price-to-earnings ratio of 39.15, a PEG ratio of 8.03 and a beta of 0.89.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The business had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.02 EPS. On average, sell-side analysts expect that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders 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 dividend yield of 4.33%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s payout ratio is 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.