UBS Group Cuts Extra Space Storage (NYSE:EXR) Price Target to $160.00

Extra Space Storage (NYSE:EXR) had its price objective trimmed by UBS Group from $169.00 to $160.00 in a report released on Tuesday morning, MarketBeat reports. The firm currently has a buy rating on the real estate investment trust’s stock.

A number of other research firms have also recently commented on EXR. Wells Fargo & Company upgraded Extra Space Storage from an “equal weight” rating to an “overweight” rating and set a $160.00 target price on the stock in a research report on Tuesday, August 26th. BNP Paribas Exane initiated coverage on Extra Space Storage in a research report on Tuesday, June 24th. They set a “neutral” rating and a $156.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on Extra Space Storage from $160.00 to $162.00 and gave the company a “neutral” rating in a report on Friday, June 13th. Royal Bank Of Canada reduced their target price on Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating for the company in a research note on Monday, August 4th. Finally, Barclays decreased their target price on Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. Six analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $148.50.

Extra Space Storage Price Performance

NYSE:EXR opened at $142.86 on Tuesday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. The company has a 50 day moving average price of $143.43 and a 200-day moving average price of $145.30. Extra Space Storage has a 1-year low of $121.03 and a 1-year high of $183.49. The firm has a market cap of $30.32 billion, a price-to-earnings ratio of 30.99, a price-to-earnings-growth ratio of 3.47 and a beta of 1.09.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.01). The firm had revenue of $841.62 million for the quarter, compared to analysts’ expectations of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the company posted $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities research analysts forecast that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.5%. Extra Space Storage’s dividend payout ratio is presently 140.56%.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the transaction, the chief executive officer directly owned 27,260 shares of the company’s stock, valued at approximately $4,098,541. This trade represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.96% of the stock is owned by company insiders.

Institutional Trading of Extra Space Storage

Several large investors have recently bought and sold shares of the business. D.A. Davidson & CO. lifted its stake in Extra Space Storage by 7.2% in the 1st quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust’s stock worth $281,000 after purchasing an additional 127 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Extra Space Storage by 1.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust’s stock valued at $3,285,000 after purchasing an additional 398 shares during the last quarter. QRG Capital Management Inc. lifted its position in Extra Space Storage by 21.4% during the first quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust’s stock worth $399,000 after buying an additional 474 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Extra Space Storage by 24.3% during the first quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust’s stock worth $216,000 after buying an additional 286 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in Extra Space Storage by 1,376.5% in the 1st quarter. IFP Advisors Inc now owns 1,698 shares of the real estate investment trust’s stock valued at $252,000 after buying an additional 1,583 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.