Extra Space Storage Inc. (NYSE:EXR) Receives $171.43 Consensus PT from Analysts

Shares of Extra Space Storage Inc. (NYSE:EXR) have been assigned a consensus rating of “Hold” from the thirteen research firms that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $173.08.

A number of analysts have weighed in on EXR shares. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and upped their target price for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Truist Financial upped their price objective on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Barclays lifted their target price on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Wells Fargo & Company reissued an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. Finally, KeyCorp lifted their price objective on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research report on Monday, September 9th.

Insider Activity

In related news, 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 transaction of $1,338,900.00. Following the completion of the transaction, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. This trade represents a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of the business’s 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 transaction, the director now owns 5,877 shares of the company’s stock, valued at $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC increased its holdings in shares of Extra Space Storage by 17,832.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock valued at $363,783,000 after purchasing an additional 2,007,626 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Extra Space Storage by 724.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after buying an additional 1,741,320 shares in the last quarter. American Century Companies Inc. raised its position in shares of Extra Space Storage by 543.5% in the second quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock worth $61,724,000 after acquiring an additional 335,447 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Extra Space Storage by 20.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock worth $291,720,000 after acquiring an additional 319,965 shares in the last quarter. Finally, Mizuho Securities USA LLC grew its position in shares of Extra Space Storage by 1,664.3% during the 3rd quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust’s stock valued at $51,912,000 after acquiring an additional 271,765 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

EXR stock opened at $147.00 on Friday. Extra Space Storage has a 1-year low of $131.02 and a 1-year high of $184.87. The business has a 50-day moving average price of $164.45 and a 200 day moving average price of $165.86. The company has a market capitalization of $31.16 billion, a P/E ratio of 38.48, a PEG ratio of 8.03 and a beta of 0.89. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. During the same quarter in the prior year, the firm posted $2.02 EPS. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities research analysts forecast that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business 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 dividend of $1.62 per share. The ex-dividend date is Monday, December 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.41%. Extra Space Storage’s payout ratio is currently 169.63%.

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.