Extra Space Storage Inc. (NYSE:EXR) Receives $168.36 Consensus PT from Analysts

Shares of Extra Space Storage Inc. (NYSE:EXR) have been given an average rating of “Hold” by the fourteen brokerages that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $168.36.

A number of analysts have recently commented on the stock. Raymond James boosted their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. KeyCorp lifted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. Scotiabank lifted their price target on shares of Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a research report on Thursday, August 22nd. Barclays increased their price objective on Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Citigroup reduced their target price on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, June 7th.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $177.90 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a fifty day moving average of $167.71 and a 200 day moving average of $153.38. The firm has a market cap of $37.70 billion, a PE ratio of 39.62, a PEG ratio of 2.56 and a beta of 0.86. Extra Space Storage has a one year low of $101.19 and a one year high of $179.23.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.64%. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Insider Activity

In related news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $177.01, for a total transaction of $499,699.23. Following the sale, the executive vice president now directly owns 32,855 shares of the company’s stock, valued at approximately $5,815,663.55. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the sale, the executive vice president now owns 32,855 shares of the company’s stock, valued at approximately $5,815,663.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the transaction, the chief executive officer now 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. Over the last quarter, insiders sold 12,323 shares of company stock valued at $1,994,709. 1.36% of the stock is currently owned by company insiders.

Institutional Trading of Extra Space Storage

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Extra Space Storage by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 33,686,389 shares of the real estate investment trust’s stock valued at $4,951,899,000 after purchasing an additional 170,380 shares during the last quarter. Norges Bank purchased a new stake in Extra Space Storage in the fourth quarter valued at approximately $1,022,811,000. Massachusetts Financial Services Co. MA lifted its stake in Extra Space Storage by 4.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock valued at $551,586,000 after buying an additional 157,763 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Extra Space Storage by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock valued at $485,973,000 after acquiring an additional 45,717 shares during the period. Finally, Diamond Hill Capital Management Inc. grew its position in shares of Extra Space Storage by 7.2% during the second quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock worth $460,890,000 after acquiring an additional 198,888 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.