Extra Space Storage (NYSE:EXR) Reaches New 12-Month High on Analyst Upgrade

Extra Space Storage Inc. (NYSE:EXR)’s stock price hit a new 52-week high during mid-day trading on Thursday after Scotiabank raised their price target on the stock from $159.00 to $169.00. Scotiabank currently has a sector underperform rating on the stock. Extra Space Storage traded as high as $172.51 and last traded at $172.11, with a volume of 79883 shares changing hands. The stock had previously closed at $171.02.

EXR has been the topic of a number of other reports. Evercore ISI upped their price target on Extra Space Storage from $140.00 to $151.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Barclays upped their price target on Extra Space Storage from $158.00 to $188.00 and gave the company an “overweight” rating in a report on Thursday. Truist Financial upped their price objective on Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Wells Fargo & Company upped their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $165.25.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the sale, the chief executive officer now owns 31,690 shares in the company, valued at $4,835,260.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Joseph J. Bonner sold 677 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $148.22, for a total value of $100,344.94. Following the completion of the transaction, the director now owns 5,229 shares of the company’s stock, valued at $775,042.38. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the transaction, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

A number of hedge funds have recently made changes to their positions in EXR. Cetera Investment Advisers boosted its stake in Extra Space Storage by 0.4% during the second quarter. Cetera Investment Advisers now owns 45,643 shares of the real estate investment trust’s stock valued at $7,093,000 after buying an additional 193 shares during the last quarter. Truist Financial Corp boosted its stake in Extra Space Storage by 15.6% during the second quarter. Truist Financial Corp now owns 34,371 shares of the real estate investment trust’s stock valued at $5,342,000 after buying an additional 4,641 shares during the last quarter. Pathway Financial Advisers LLC boosted its stake in Extra Space Storage by 1.6% during the second quarter. Pathway Financial Advisers LLC now owns 11,258 shares of the real estate investment trust’s stock valued at $1,742,000 after buying an additional 177 shares during the last quarter. Quarry LP boosted its stake in Extra Space Storage by 1,480.0% during the second quarter. Quarry LP now owns 869 shares of the real estate investment trust’s stock valued at $135,000 after buying an additional 814 shares during the last quarter. Finally, Sunbelt Securities Inc. boosted its stake in Extra Space Storage by 441.2% during the second quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust’s stock valued at $96,000 after buying an additional 503 shares during the last quarter. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

The business has a 50 day moving average of $161.29 and a 200 day moving average of $149.49. The company has a market capitalization of $36.78 billion, a P/E ratio of 38.69, a price-to-earnings-growth ratio of 3.37 and a beta of 0.83. The company has a quick ratio of 0.15, a current ratio of 0.20 and a debt-to-equity ratio of 0.76.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend is Monday, September 16th. Extra Space Storage’s payout ratio is presently 144.32%.

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.