Extra Space Storage Inc. (NYSE:EXR) Receives Consensus Rating of “Hold” from Analysts

Extra Space Storage Inc. (NYSE:EXR) has been given a consensus rating of “Hold” by the fourteen ratings firms that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $171.43.

EXR has been the subject of a number of research reports. Evercore ISI dropped their price target on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Barclays increased their target price on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Royal Bank of Canada assumed coverage on Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target on the stock. Scotiabank dropped their price objective on shares of Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a report on Monday, November 25th. Finally, KeyCorp boosted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a report on Monday, September 9th.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $142.35 on Friday. The business’s 50 day moving average is $164.92 and its 200-day moving average is $165.61. The firm has a market cap of $30.18 billion, a P/E ratio of 37.26, a price-to-earnings-growth ratio of 8.03 and a beta of 0.89. Extra Space Storage has a 1-year low of $131.02 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 released its quarterly 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). The business 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 firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.02 earnings per share. Equities research analysts predict that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.55%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is presently 169.63%.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Diane Olmstead sold 3,081 shares of Extra Space Storage 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 sale, the director now owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

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