Extra Space Storage Inc. (NYSE:EXR) Receives $171.50 Average PT from Analysts

Shares of Extra Space Storage Inc. (NYSE:EXR) have been given an average recommendation of “Hold” by the fourteen ratings firms that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $171.36.

A number of equities research analysts have issued reports on EXR shares. KeyCorp raised their target price on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Scotiabank dropped their price target on shares of Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating on the stock in a research note on Monday. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. Royal Bank of Canada assumed coverage on Extra Space Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price on the stock. Finally, Wells Fargo & Company reiterated 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.

Extra Space Storage Trading Up 0.6 %

NYSE EXR opened at $172.68 on Monday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. Extra Space Storage has a one year low of $125.82 and a one year high of $184.87. The company has a 50-day simple moving average of $169.97 and a 200-day simple moving average of $164.09. The firm has a market capitalization of $36.60 billion, a PE ratio of 45.20, a price-to-earnings-growth ratio of 8.58 and a beta of 0.87.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The company had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.02 earnings per share. On average, equities analysts forecast that Extra Space Storage will post 8.09 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a $1.62 dividend. The ex-dividend date is Monday, December 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.75%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Transactions at Extra Space Storage

In other news, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now owns 5,877 shares of the company’s stock, valued at $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the transaction, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,228 shares of company stock valued at $3,023,957 in the last three months. 1.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Extra Space Storage

Several institutional investors and hedge funds have recently bought and sold shares of EXR. EdgeRock Capital LLC acquired a new position in shares of Extra Space Storage in the second quarter worth $25,000. Centerpoint Advisors LLC purchased a new stake in shares of Extra Space Storage during the 2nd quarter worth about $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Extra Space Storage during the 3rd quarter valued at about $33,000. Blue Trust Inc. increased its holdings in Extra Space Storage by 540.5% in the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 200 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in Extra Space Storage during the third quarter valued at approximately $42,000. Hedge funds and other institutional investors 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.