Extra Space Storage Inc. (NYSE:EXR) Receives $149.33 Consensus PT from Analysts

Shares of Extra Space Storage Inc. (NYSE:EXR) have been assigned an average recommendation of “Hold” from the twelve ratings firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $149.33.

EXR has been the topic of several recent research reports. Morgan Stanley raised Extra Space Storage from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $115.00 to $150.00 in a research report on Thursday, December 21st. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. Truist Financial increased their price objective on Extra Space Storage from $138.00 to $152.00 and gave the company a “hold” rating in a report on Thursday, December 28th. Scotiabank initiated coverage on Extra Space Storage in a report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective on Extra Space Storage from $168.00 to $187.00 and gave the company a “buy” rating in a report on Thursday, January 11th.

Insider Buying and Selling

In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the transaction, the executive vice president now owns 37,028 shares in the company, valued at approximately $5,369,060. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the sale, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The disclosure for this sale can be found here. Insiders sold 3,532 shares of company stock worth $514,819 in the last 90 days. Insiders own 1.55% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. grew its position in shares of Extra Space Storage by 1,272.7% during the 1st quarter. First Horizon Advisors Inc. now owns 151 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 140 shares during the period. EdgeRock Capital LLC acquired a new stake in shares of Extra Space Storage during the 4th quarter valued at about $26,000. Creekmur Asset Management LLC acquired a new stake in shares of Extra Space Storage during the 4th quarter valued at about $26,000. Money Concepts Capital Corp acquired a new stake in shares of Extra Space Storage during the 4th quarter valued at about $27,000. Finally, Zions Bancorporation N.A. grew its position in shares of Extra Space Storage by 241.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 150 shares during the period. 99.11% of the stock is owned by institutional investors and hedge funds.

Extra Space Storage Stock Down 0.0 %

Shares of NYSE:EXR opened at $140.47 on Wednesday. Extra Space Storage has a 52-week low of $101.19 and a 52-week high of $165.85. The stock has a market cap of $29.72 billion, a P/E ratio of 28.44, a price-to-earnings-growth ratio of 3.47 and a beta of 0.74. The business’s 50 day moving average is $143.71 and its 200 day moving average is $135.23. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.01). The company had revenue of $797.77 million for the quarter, compared to the consensus estimate of $778.05 million. Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The firm’s revenue was up 57.4% compared to the same quarter last year. During the same period last year, the business posted $2.09 EPS. Sell-side analysts predict that Extra Space Storage will post 8.04 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.61%. Extra Space Storage’s dividend payout ratio (DPR) is 131.17%.

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.