Extra Space Storage Inc. (NYSE:EXR) Receives $171.07 Consensus Price Target from Brokerages

Shares of Extra Space Storage Inc. (NYSE:EXR) have earned an average recommendation of “Hold” from the fifteen ratings firms that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $171.07.

Several equities research analysts recently weighed in on the company. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and lifted their price target for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Raymond James lifted their price target on Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Wells Fargo & Company restated an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. Scotiabank lifted their price target on 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. Finally, Barclays lifted their price target on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research report on Monday, October 28th.

Extra Space Storage Price Performance

Shares of EXR stock opened at $161.13 on Thursday. The firm has a market cap of $34.15 billion, a P/E ratio of 42.18, a P/E/G ratio of 6.20 and a beta of 0.86. Extra Space Storage has a fifty-two week low of $104.72 and a fifty-two week high of $184.87. The business’s 50 day moving average price is $173.78 and its 200-day moving average price is $160.54. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.20 and a current ratio of 0.23.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. During the same quarter in the prior year, the business posted $2.02 earnings per share. Extra Space Storage’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts anticipate that Extra Space Storage will post 8.08 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend was Monday, September 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Transactions at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the transaction, the chief executive officer now owns 24,190 shares in the company, valued at $4,318,398.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the transaction, the chief executive officer now owns 24,190 shares in the company, valued at $4,318,398.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the sale, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,970 shares of company stock worth $3,367,307 over the last quarter. 1.36% of the stock is currently owned by insiders.

Institutional Trading of Extra Space Storage

Hedge funds have recently bought and sold shares of the company. EdgeRock Capital LLC purchased a new stake in Extra Space Storage during the second quarter valued at $25,000. Centerpoint Advisors LLC purchased a new stake in Extra Space Storage during the second quarter valued at $27,000. Blue Trust Inc. increased its position in Extra Space Storage by 540.5% during the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 200 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in Extra Space Storage by 2,760.0% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 286 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 276 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its position in Extra Space Storage by 19.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock worth $72,000 after buying an additional 76 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

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.