Extra Space Storage (NYSE:EXR) Downgraded to Sell Rating by StockNews.com

StockNews.com downgraded shares of Extra Space Storage (NYSE:EXR) from a hold rating to a sell rating in a research note issued to investors on Thursday.

EXR has been the topic of a number of other research reports. Raymond James boosted their price objective on 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 raised their price objective on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research report on Monday, September 9th. Scotiabank boosted their target price on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a report on Thursday, August 22nd. Royal Bank of Canada initiated coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 target price for the company. Finally, Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and upped their price target for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Extra Space Storage presently has a consensus rating of “Hold” and an average price target of $171.07.

Extra Space Storage Trading Down 1.3 %

NYSE:EXR opened at $161.13 on Thursday. The stock has a market cap of $34.15 billion, a price-to-earnings ratio of 42.18, a PEG ratio of 6.14 and a beta of 0.88. 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 has a 1 year low of $104.72 and a 1 year high of $184.87. The business has a fifty day moving average of $173.78 and a 200-day moving average of $160.71.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company 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 company earned $2.02 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. Equities analysts predict that Extra Space Storage will post 8.08 earnings per share for the current year.

Extra Space Storage Announces Dividend

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

Insider Buying and Selling

In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 11,919 shares in the company, valued at approximately $2,089,758.27. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Gwyn Goodson Mcneal sold 2,823 shares of Extra Space Storage stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the completion of the sale, the executive vice president now owns 32,855 shares of the company’s stock, valued at approximately $5,815,663.55. This trade represents 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 accessible through the SEC website. Also, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total value of $350,660.00. Following the completion of the transaction, the executive vice president now directly owns 11,919 shares in the company, valued at approximately $2,089,758.27. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,970 shares of company stock worth $3,367,307. 1.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On Extra Space Storage

Several institutional investors have recently made changes to their positions in the company. Assetmark Inc. lifted its stake in Extra Space Storage by 4.5% in the third quarter. Assetmark Inc. now owns 6,413 shares of the real estate investment trust’s stock valued at $1,156,000 after acquiring an additional 277 shares during the last quarter. CWA Asset Management Group LLC bought a new position in shares of Extra Space Storage during the 3rd quarter valued at $693,000. Montecito Bank & Trust acquired a new stake in shares of Extra Space Storage in the 3rd quarter valued at $326,000. Graypoint LLC boosted its holdings in Extra Space Storage by 4.3% in the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock worth $284,000 after purchasing an additional 65 shares in the last quarter. Finally, M&G PLC acquired a new position in Extra Space Storage during the third quarter worth $210,000. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.