Extra Space Storage (NYSE:EXR) Reaches New 52-Week High After Analyst Upgrade

Extra Space Storage Inc. (NYSE:EXR) shares reached a new 52-week high during mid-day trading on Tuesday after Jefferies Financial Group upgraded the stock from a hold rating to a buy rating. Jefferies Financial Group now has a $204.00 price target on the stock, up from their previous price target of $162.00. Extra Space Storage traded as high as $179.42 and last traded at $178.77, with a volume of 646106 shares changing hands. The stock had previously closed at $177.63.

Other equities analysts have also recently issued research reports about the company. Evercore ISI increased their target price on Extra Space Storage from $167.00 to $170.00 and gave the company an “in-line” rating in a report on Monday. Truist Financial upped their target price on Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a report on Friday, August 16th. KeyCorp upped their price objective on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a report on Monday, September 9th. Raymond James lifted their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $170.93.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the transaction, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the sale, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP William N. Springer sold 2,000 shares of Extra Space Storage 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 completion of the sale, the executive vice president now directly owns 11,919 shares in the company, valued at approximately $2,089,758.27. The disclosure for this sale can be found here. Insiders have sold 18,970 shares of company stock worth $3,172,757 over the last three months. Insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

A number of institutional investors and hedge funds have recently modified their holdings of the company. Boston Partners acquired a new stake in Extra Space Storage in the first quarter valued at $130,554,000. Capital Research Global Investors raised its position in Extra Space Storage by 111.4% during the fourth quarter. Capital Research Global Investors now owns 1,537,317 shares of the real estate investment trust’s stock worth $246,478,000 after acquiring an additional 810,158 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Extra Space Storage by 2,244.2% in the first quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust’s stock valued at $87,824,000 after purchasing an additional 572,231 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Extra Space Storage by 43.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,557,135 shares of the real estate investment trust’s stock worth $228,899,000 after purchasing an additional 473,559 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Extra Space Storage by 25.8% during the 4th quarter. Wellington Management Group LLP now owns 2,199,347 shares of the real estate investment trust’s stock worth $352,621,000 after purchasing an additional 451,242 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Trading Up 1.6 %

The business has a 50 day moving average of $169.24 and a 200-day moving average of $154.28. The stock has a market cap of $38.46 billion, a PE ratio of 40.46, a price-to-earnings-growth ratio of 2.56 and a beta of 0.86. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.76.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend is Monday, September 16th. Extra Space Storage’s payout ratio is currently 144.32%.

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.