Extra Space Storage (NYSE:EXR) Earns Equal Weight Rating from Wells Fargo & Company

Wells Fargo & Company reaffirmed their equal weight rating on shares of Extra Space Storage (NYSE:EXR) in a research report released on Monday morning, Marketbeat Ratings reports. They currently have a $175.00 price objective on the real estate investment trust’s stock.

Other equities research analysts have also recently issued reports about the stock. Barclays lifted their price objective on shares of Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Scotiabank upped their price objective on Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research report on Thursday, August 22nd. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $172.00 to $155.00 in a report on Monday, August 5th. Finally, Evercore ISI dropped their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $170.80.

Extra Space Storage Stock Up 1.8 %

Shares of NYSE:EXR opened at $169.06 on Monday. Extra Space Storage has a fifty-two week low of $101.19 and a fifty-two week high of $184.87. The firm’s 50 day moving average price is $174.54 and its 200 day moving average price is $159.45. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.76. The stock has a market cap of $35.79 billion, a price-to-earnings ratio of 37.65, a price-to-earnings-growth ratio of 6.47 and a beta of 0.86.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $1.62 per share. The ex-dividend date was Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.83%. Extra Space Storage’s payout ratio is 144.32%.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at $4,318,398.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the transaction, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at $4,318,398.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP William N. Springer sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the sale, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,970 shares of company stock valued at $3,367,307. Company insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Boston Partners acquired a new position in shares of Extra Space Storage during the 1st quarter worth $130,554,000. Janus Henderson Group PLC grew its position in Extra Space Storage by 2,244.2% during the first quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust’s stock worth $87,824,000 after buying an additional 572,231 shares during the period. Canada Pension Plan Investment Board increased its holdings in Extra Space Storage by 43.7% in the first quarter. Canada Pension Plan Investment Board now owns 1,557,135 shares of the real estate investment trust’s stock valued at $228,899,000 after buying an additional 473,559 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Extra Space Storage by 543.5% during the 2nd quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock valued at $61,724,000 after acquiring an additional 335,447 shares during the period. Finally, Swedbank AB purchased a new stake in shares of Extra Space Storage during the 1st quarter worth approximately $33,912,000. 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.