Extra Space Storage (NYSE:EXR) Price Target Cut to $146.00 by Analysts at Royal Bank Of Canada

Extra Space Storage (NYSE:EXR) had its price objective lowered by Royal Bank Of Canada from $148.00 to $146.00 in a report published on Friday morning,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the real estate investment trust’s stock.

A number of other brokerages have also commented on EXR. Barclays decreased their price objective on Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Extra Space Storage in a research note on Wednesday, October 8th. 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 note on Friday, August 22nd. The Goldman Sachs Group reiterated a “neutral” rating and set a $146.00 price objective (down from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. Finally, Evercore ISI restated a “cautious” rating on shares of Extra Space Storage in a research note on Monday, November 3rd. Six investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $148.36.

Extra Space Storage Stock Performance

Extra Space Storage stock traded up $2.24 during mid-day trading on Friday, hitting $133.30. 866,885 shares of the company’s stock traded hands, compared to its average volume of 1,166,829. The company has a market cap of $28.29 billion, a PE ratio of 29.75, a price-to-earnings-growth ratio of 2.56 and a beta of 1.14. The firm has a 50 day moving average price of $142.90 and a 200 day moving average price of $145.00. Extra Space Storage has a one year low of $121.03 and a one year high of $175.57. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88.

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

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Monday, September 15th. Extra Space Storage’s payout ratio is currently 144.64%.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the completion of the sale, the chief executive officer owned 19,760 shares in the company, valued at $2,794,261.60. This represents a 27.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.96% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. D.A. Davidson & CO. raised its stake in Extra Space Storage by 7.2% during the 1st quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust’s stock valued at $281,000 after purchasing an additional 127 shares during the last quarter. Greenleaf Trust increased its holdings in shares of Extra Space Storage by 20.8% during the 1st quarter. Greenleaf Trust now owns 2,609 shares of the real estate investment trust’s stock worth $387,000 after purchasing an additional 449 shares during the period. Cerity Partners LLC raised its position in shares of Extra Space Storage by 127.4% during the first quarter. Cerity Partners LLC now owns 35,451 shares of the real estate investment trust’s stock valued at $5,264,000 after buying an additional 19,862 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Extra Space Storage by 1.8% in the first quarter. Arizona State Retirement System now owns 61,266 shares of the real estate investment trust’s stock valued at $9,097,000 after buying an additional 1,095 shares during the period. Finally, New York State Common Retirement Fund grew its position in Extra Space Storage by 4.1% during the first quarter. New York State Common Retirement Fund now owns 127,731 shares of the real estate investment trust’s stock worth $18,967,000 after buying an additional 5,000 shares in 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.