Analysts Set Extra Space Storage Inc. (NYSE:EXR) PT at $171.50

Shares of Extra Space Storage Inc. (NYSE:EXR) have been assigned a consensus rating of “Hold” from the fourteen research firms that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $171.36.

A number of equities analysts have recently weighed in on the stock. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and upped their price target for the stock from $162.00 to $204.00 in a research note on Wednesday, September 18th. Bank of America lowered Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. KeyCorp raised their price objective on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Royal Bank of Canada assumed coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective on the stock. Finally, StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $172.68 on Monday. Extra Space Storage has a 52 week low of $125.82 and a 52 week high of $184.87. The company has a 50-day moving average price of $169.97 and a 200 day moving average price of $164.09. The company has a market cap of $36.60 billion, a P/E ratio of 45.20, a PEG ratio of 8.58 and a beta of 0.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

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 analyst estimates of $826.93 million. During the same period in the prior year, the business earned $2.02 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. Research analysts predict that Extra Space Storage will post 8.09 earnings per share for the current year.

Extra Space Storage Dividend Announcement

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 3.75%. Extra Space Storage’s dividend payout ratio is presently 169.63%.

Insider Transactions at Extra Space Storage

In related news, Director Diane Olmstead sold 3,081 shares of the 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 completion of the sale, the director now directly owns 5,877 shares in the company, valued at approximately $967,119.12. This represents a 34.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This trade represents a 23.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,228 shares of company stock worth $3,023,957 in the last ninety days. Insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

Several large investors have recently modified their holdings of the business. Graypoint LLC raised its holdings in Extra Space Storage by 4.3% in the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock valued at $284,000 after acquiring an additional 65 shares in the last quarter. Hummer Financial Advisory Services Inc lifted its position in shares of Extra Space Storage by 1.2% during the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock worth $1,067,000 after purchasing an additional 70 shares during the last quarter. Buckley Wealth Management LLC grew its stake in Extra Space Storage by 1.9% in the third quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock worth $687,000 after purchasing an additional 71 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its stake in Extra Space Storage by 19.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after buying an additional 76 shares in the last quarter. Finally, Bleakley Financial Group LLC lifted its holdings in Extra Space Storage by 4.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock worth $356,000 after buying an additional 77 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.