Extra Space Storage (NYSE:EXR) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Extra Space Storage (NYSE:EXR) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

A number of other brokerages have also commented on EXR. Barclays cut their price objective on shares of 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. Wells Fargo & Company raised shares of Extra Space Storage from an “equal weight” rating to an “overweight” rating and set a $160.00 price objective on the stock in a research report on Tuesday, August 26th. Truist Financial cut their price objective on shares of Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a research report on Tuesday, August 19th. Scotiabank cut their price objective on shares of Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 28th. Finally, Citigroup dropped their price target on shares of Extra Space Storage from $165.00 to $150.00 and set a “neutral” rating on the stock in a research report on Friday, August 22nd. Six equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, Extra Space Storage has an average rating of “Hold” and a consensus price target of $148.50.

Extra Space Storage Price Performance

EXR stock opened at $131.17 on Friday. The stock has a 50-day moving average price of $143.69 and a two-hundred day moving average price of $145.28. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. The stock has a market cap of $27.84 billion, a PE ratio of 29.28, a price-to-earnings-growth ratio of 2.56 and a beta of 1.11. Extra Space Storage has a 1 year low of $121.03 and a 1 year high of $175.57.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.02. The business had revenue of $838.53 million for the quarter, compared to analyst estimates of $736.26 million. Extra Space Storage had a net margin of 28.40% and a return on equity of 6.53%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.07 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. Equities analysts forecast that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.9%. The ex-dividend date was Monday, September 15th. Extra Space Storage’s dividend payout ratio (DPR) is 144.64%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total value of $1,060,575.00. Following the transaction, the chief executive officer directly owned 19,760 shares in the company, valued at $2,794,261.60. The trade was a 27.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.96% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Extra Space Storage

Institutional investors and hedge funds have recently modified their holdings of the stock. GKV Capital Management Co. Inc. acquired a new position in shares of Extra Space Storage in the first quarter valued at $29,000. Chung Wu Investment Group LLC acquired a new position in shares of Extra Space Storage in the second quarter valued at $29,000. Versant Capital Management Inc increased its holdings in shares of Extra Space Storage by 60.2% in the third quarter. Versant Capital Management Inc now owns 213 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 80 shares during the last quarter. Davis Capital Management acquired a new position in shares of Extra Space Storage in the third quarter valued at $35,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Extra Space Storage in the second quarter valued at $37,000. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.