Extra Space Storage (NYSE:EXR) Price Target Lowered to $167.00 at Scotiabank

Extra Space Storage (NYSE:EXR) had its price objective lowered by Scotiabank from $169.00 to $167.00 in a research note released on Monday,Benzinga reports. The brokerage currently has a sector underperform rating on the real estate investment trust’s stock.

A number of other analysts have also commented on EXR. Evercore ISI cut their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their price target for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Truist Financial increased their price target on shares of Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a research note on Friday, August 16th. KeyCorp increased their price target on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Finally, Royal Bank of Canada assumed coverage on shares of Extra Space Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $171.36.

Extra Space Storage Stock Up 0.6 %

Shares of NYSE EXR opened at $172.68 on Monday. The firm’s 50-day moving average is $169.97 and its 200-day moving average is $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 has a 1 year low of $125.82 and a 1 year high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. During the same period last year, the firm earned $2.02 EPS. Extra Space Storage’s quarterly revenue was up 10.2% on a year-over-year basis. Equities analysts expect that Extra Space Storage will post 8.09 EPS 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. Investors of record on Monday, December 16th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 169.63%.

Insider Buying and Selling

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the sale, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. This represents a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kenneth M. Woolley sold 6,647 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $177.23, for a total value of $1,178,047.81. Following the sale, the director now owns 404,306 shares in the company, valued at approximately $71,655,152.38. This represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,228 shares of company stock valued at $3,023,957. 1.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Graypoint LLC increased its position in shares of 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 during the last quarter. Hummer Financial Advisory Services Inc increased its position in shares of Extra Space Storage by 1.2% in the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock worth $1,067,000 after purchasing an additional 70 shares during the last quarter. Buckley Wealth Management LLC increased its position in shares of Extra Space Storage by 1.9% in the third quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock worth $687,000 after purchasing an additional 71 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of 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 purchasing an additional 76 shares during the last quarter. Finally, Bleakley Financial Group LLC boosted its stake in Extra Space Storage by 4.1% in the third quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock worth $356,000 after buying an additional 77 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

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.