Brokerages Set Extra Space Storage Inc. (NYSE:EXR) Target Price at $161.92

Extra Space Storage Inc. (NYSE:EXR) has been assigned a consensus rating of “Hold” from the twelve analysts that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $161.92.

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company raised their price target on Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Scotiabank lifted their price target on Extra Space Storage from $140.00 to $159.00 and gave the company a “sector underperform” rating in a report on Friday, July 19th. Evercore ISI upped their price target on shares of Extra Space Storage from $140.00 to $151.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $172.00 to $155.00 in a research report on Monday, August 5th. Finally, Raymond James upped their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd.

Extra Space Storage Stock Performance

NYSE EXR opened at $171.02 on Friday. The firm has a market cap of $36.21 billion, a price-to-earnings ratio of 38.09, a PEG ratio of 3.37 and a beta of 0.83. The company has a current ratio of 0.20, a quick ratio of 0.15 and a debt-to-equity ratio of 0.76. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $171.46. The company has a 50 day moving average of $160.99 and a 200-day moving average of $149.32.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $1.62 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.79%. Extra Space Storage’s dividend payout ratio is currently 144.32%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the transaction, the chief executive officer now owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Joseph J. Bonner sold 677 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the completion of the transaction, the director now owns 5,229 shares in the company, valued at $775,042.38. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the sale, the chief executive officer now owns 31,690 shares in the company, valued at $4,835,260.20. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Extra Space Storage

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Extra Space Storage by 0.5% during the first quarter. Vanguard Group Inc. now owns 33,686,389 shares of the real estate investment trust’s stock worth $4,951,899,000 after acquiring an additional 170,380 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Extra Space Storage by 8.9% during the 4th quarter. Principal Financial Group Inc. now owns 7,083,752 shares of the real estate investment trust’s stock valued at $1,135,738,000 after purchasing an additional 577,918 shares in the last quarter. Norges Bank bought a new position in shares of Extra Space Storage during the 4th quarter valued at about $1,022,811,000. Massachusetts Financial Services Co. MA grew its position in shares of Extra Space Storage by 4.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock valued at $551,586,000 after purchasing an additional 157,763 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Extra Space Storage by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock worth $485,973,000 after purchasing an additional 45,717 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.