Extra Space Storage (NYSE:EXR) Raised to Sector Perform at Scotiabank

Scotiabank upgraded shares of Extra Space Storage (NYSE:EXR) from a sector underperform rating to a sector perform rating in a research note released on Friday morning, MarketBeat reports. The firm currently has $167.00 price target on the real estate investment trust’s stock.

Several other research firms have also recently commented on EXR. Truist Financial boosted their price target on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Evercore ISI lowered their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and raised their price target for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Finally, Barclays increased their price objective on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Extra Space Storage currently has an average rating of “Hold” and a consensus target price of $173.08.

Extra Space Storage Trading Down 0.9 %

NYSE EXR opened at $146.72 on Friday. Extra Space Storage has a one year low of $131.02 and a one year high of $184.87. The firm has a 50 day simple moving average of $158.78 and a 200-day simple moving average of $165.03. The firm has a market cap of $31.10 billion, a price-to-earnings ratio of 38.41, a PEG ratio of 7.96 and a beta of 0.89. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS 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 business had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same period in the prior year, the business earned $2.02 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. Equities research analysts anticipate that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were issued a $1.62 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.42%. Extra Space Storage’s payout ratio is 169.63%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the transaction, the director now owns 5,877 shares in the company, valued at $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of large investors have recently bought and sold shares of EXR. State Street Corp increased its stake in shares of Extra Space Storage by 1.7% during the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock worth $2,412,894,000 after acquiring an additional 227,006 shares during the period. Massachusetts Financial Services Co. MA increased its position in Extra Space Storage by 4.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock worth $551,586,000 after purchasing an additional 157,763 shares during the period. Dimensional Fund Advisors LP increased its position in Extra Space Storage by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock worth $485,973,000 after purchasing an additional 45,717 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in shares of Extra Space Storage by 7.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock valued at $460,890,000 after buying an additional 198,888 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Extra Space Storage by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,366,107 shares of the real estate investment trust’s stock valued at $426,349,000 after buying an additional 111,137 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

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.