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

Extra Space Storage Inc. (NYSE:EXR) has been given a consensus recommendation of “Hold” by the twelve brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $171.09.

EXR has been the subject of several analyst reports. Royal Bank of Canada lowered their target price on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. Wells Fargo & Company reduced their target price on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Barclays lowered their price target on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday, March 7th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares of the company’s stock, valued at $3,077,320.28. The trade was a 5.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph J. Bonner sold 672 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the sale, the director now owns 4,557 shares of the company’s stock, valued at approximately $679,448.70. This represents a 12.85 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,392 shares of company stock valued at $1,392,315. 1.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Golden State Wealth Management LLC purchased a new stake in Extra Space Storage during the fourth quarter worth about $25,000. Harbour Investments Inc. grew its position in shares of Extra Space Storage by 90.9% during the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 80 shares during the period. Continuum Advisory LLC increased its stake in shares of Extra Space Storage by 68.1% during the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 126 shares during the last quarter. Quent Capital LLC raised its holdings in shares of Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 154 shares during the period. Finally, Asset Planning Inc purchased a new position in Extra Space Storage in the fourth quarter valued at approximately $52,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

NYSE:EXR opened at $138.05 on Friday. The stock’s 50-day moving average is $151.74 and its 200-day moving average is $158.88. 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. The stock has a market cap of $29.27 billion, a P/E ratio of 36.14, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The firm had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Equities research analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is currently 160.40%.

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.