Extra Space Storage (NYSE:EXR) Hits New 1-Year High After Analyst Upgrade

Shares of Extra Space Storage Inc (NYSE:EXR) reached a new 52-week high during trading on Wednesday after UBS Group raised their price target on the stock from $152.00 to $174.00. UBS Group currently has a buy rating on the stock. Extra Space Storage traded as high as $159.93 and last traded at $159.0350, with a volume of 38,960 shares. The stock had previously closed at $156.23.

EXR has been the topic of a number of other reports. JPMorgan Chase & Co. cut their price target on shares of Extra Space Storage from $157.00 to $153.00 and set a “neutral” rating on the stock in a report on Monday, September 21st. Truist Financial upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and decreased their price objective for the company from $148.00 to $147.00 in a report on Thursday, October 1st. Barclays boosted their price objective on shares of Extra Space Storage from $170.00 to $172.00 and gave the company an “overweight” rating in a research report on Friday, July 10th. BMO Capital Markets upgraded shares of Extra Space Storage from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $160.00 to $170.00 in a research note on Thursday, August 27th. Finally, Wells Fargo & Company reduced their target price on shares of Extra Space Storage from $158.00 to $157.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 1st. Eight analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Extra Space Storage has a consensus rating of “Moderate Buy” and a consensus price target of $156.75.

Institutional Investors Weigh In On Extra Space Storage

Several hedge funds have recently modified their holdings of the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Extra Space Storage during the second quarter worth $5,535,000. Squarepoint Ops LLC boosted its holdings in Extra Space Storage by 359.9% in the second quarter. Squarepoint Ops LLC now owns 25,949 shares of the real estate investment trust’s stock valued at $3,770,000 after purchasing an additional 20,307 shares during the last quarter. Osmosis Investment Management UK Ltd acquired a new stake in Extra Space Storage during the 2nd quarter worth about $924,000. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Extra Space Storage during the 2nd quarter worth about $6,042,000. Finally, Legal & General Group Plc acquired a new stake in Extra Space Storage during the 2nd quarter worth about $299,746,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Price Performance

The stock has a 50 day simple moving average of $139.58 and a two-hundred day simple moving average of $142.62. The firm has a market cap of $33.46 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 4.45 and a beta of 1.07. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.56 and a current ratio of 0.25.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.93). The company had revenue of $889.79 million during the quarter, compared to analysts’ expectations of $886.61 million. Extra Space Storage had a return on equity of 7.36% and a net margin of 29.90%. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.08 EPS. Sell-side analysts expect that Extra Space Storage Inc will post 8.46 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.0%. The ex-dividend date is Tuesday, December 15th. Extra Space Storage’s dividend payout ratio is currently 131.71%.

Extra Space Storage Company Profile

Extra Space Storage Inc is a real estate investment trust that owns, operates, manages and develops self-storage properties in the United States. The company provides storage units for residential, business and vehicle-storage customers, with facilities offering a range of unit sizes and access options.

In addition to operating properties under the Extra Space Storage brand, the company provides third-party property management, acquisition and development services for self-storage owners.