Extra Space Storage Inc. (NYSE:EXR) Receives Average Recommendation of “Hold” from Brokerages

Extra Space Storage Inc. (NYSE:EXR) has received a consensus rating of “Hold” from the fifteen analysts that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $171.07.

Several research analysts have recently issued reports on EXR shares. Barclays raised their target price on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a report on Monday. Evercore ISI cut their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and raised their target price for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Truist Financial raised their target price on shares of Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Finally, Royal Bank of Canada started coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price on the stock.

Extra Space Storage Stock Down 0.5 %

Shares of NYSE EXR opened at $164.74 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20. Extra Space Storage has a one year low of $101.19 and a one year high of $184.87. The stock has a market capitalization of $34.88 billion, a P/E ratio of 36.69, a PEG ratio of 6.25 and a beta of 0.86. The firm’s 50 day simple moving average is $174.33 and its two-hundred day simple moving average is $160.18.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.93%. The ex-dividend date was Monday, September 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 144.32%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the transaction, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the transaction, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 18,970 shares of company stock worth $3,367,307 over the last quarter. Corporate insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp lifted its position in Extra Space Storage by 19.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 247,203 shares of the real estate investment trust’s stock valued at $36,307,000 after buying an additional 40,055 shares during the period. Norden Group LLC purchased a new position in shares of Extra Space Storage in the 1st quarter worth about $1,947,000. Gateway Investment Advisers LLC purchased a new position in shares of Extra Space Storage in the 2nd quarter worth about $16,026,000. Centersquare Investment Management LLC raised its position in shares of Extra Space Storage by 1.3% in the 1st quarter. Centersquare Investment Management LLC now owns 2,546,475 shares of the real estate investment trust’s stock worth $341,941,000 after purchasing an additional 32,591 shares during the last quarter. Finally, MADDEN SECURITIES Corp purchased a new position in shares of Extra Space Storage in the 2nd quarter worth about $1,002,000. 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.