Extra Space Storage (NYSE:EXR) Upgraded at Scotiabank

Scotiabank upgraded shares of Extra Space Storage (NYSE:EXR) from a sector underperform rating to a sector perform rating in a report released on Friday, Marketbeat Ratings reports. The brokerage currently has $167.00 price objective on the real estate investment trust’s stock.

Other analysts have also issued research reports about the company. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Barclays upped their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Truist Financial raised their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and increased their price target for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a research report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $171.92.

Extra Space Storage Stock Down 0.9 %

Extra Space Storage stock opened at $146.72 on Friday. Extra Space Storage has a 12 month low of $131.02 and a 12 month high of $184.87. The stock has a fifty day simple moving average of $158.78 and a two-hundred day simple moving average of $165.14. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a market cap of $31.10 billion, a price-to-earnings ratio of 38.41, a PEG ratio of 7.96 and a beta of 0.91.

Extra Space Storage (NYSE:EXR) last issued its earnings results 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 analysts’ expectations of $826.93 million. During the same period last year, the firm posted $2.02 EPS. Extra Space Storage’s quarterly revenue was up 10.2% compared to the same quarter last year. Equities analysts predict that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date was Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 169.63%.

Insider Activity

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the transaction, the director now owns 5,877 shares in the company, valued at $967,119.12. This trade represents a 34.39 % 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, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in EXR. Ashton Thomas Securities LLC bought a new stake in shares of Extra Space Storage in the 3rd quarter valued at approximately $33,000. Harvest Fund Management Co. Ltd purchased a new stake in Extra Space Storage during the 3rd quarter valued at $42,000. Continuum Advisory LLC lifted its position in Extra Space Storage by 68.1% in the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after buying an additional 126 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in Extra Space Storage during the second quarter worth $80,000. Finally, Sunbelt Securities Inc. increased its position in Extra Space Storage by 441.2% during the second quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust’s stock valued at $96,000 after acquiring an additional 503 shares during the last quarter. 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.