Extra Space Storage (NYSE:EXR) Reaches New 12-Month High on Analyst Upgrade

Extra Space Storage Inc. (NYSE:EXR) shares reached a new 52-week high during trading on Thursday after Barclays raised their price target on the stock from $158.00 to $188.00. Barclays currently has an overweight rating on the stock. Extra Space Storage traded as high as $172.51 and last traded at $172.11, with a volume of 79883 shares traded. The stock had previously closed at $171.02.

A number of other research firms have also issued reports on EXR. Citigroup lowered their price target on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, June 7th. Truist Financial upped their price target on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Scotiabank boosted their price objective on shares of Extra Space Storage from $140.00 to $159.00 and gave the company a “sector underperform” rating in a research note on Friday, July 19th. Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. Finally, Wells Fargo & Company increased their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Extra Space Storage has a consensus rating of “Hold” and an average price target of $164.42.

Insider Buying and Selling at Extra Space Storage

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

Institutional Investors Weigh In On Extra Space Storage

Institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP bought a new position in Extra Space Storage in the 4th quarter valued at about $3,304,000. State of Tennessee Treasury Department lifted its stake in Extra Space Storage by 252.1% during the fourth quarter. State of Tennessee Treasury Department now owns 114,819 shares of the real estate investment trust’s stock valued at $18,409,000 after purchasing an additional 82,207 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Extra Space Storage by 19.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 247,203 shares of the real estate investment trust’s stock worth $36,307,000 after buying an additional 40,055 shares in the last quarter. Norden Group LLC acquired a new position in Extra Space Storage in the first quarter worth approximately $1,947,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Extra Space Storage by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,198,631 shares of the real estate investment trust’s stock valued at $352,507,000 after buying an additional 54,393 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Price Performance

The company has a current ratio of 0.20, a quick ratio of 0.15 and a debt-to-equity ratio of 0.76. The company has a market cap of $36.58 billion, a price-to-earnings ratio of 38.29, a P/E/G ratio of 3.37 and a beta of 0.83. The business has a 50-day moving average price of $160.99 and a 200 day moving average price of $149.32.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a dividend of $1.62 per share. The ex-dividend date is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.75%. Extra Space Storage’s dividend payout ratio is currently 144.32%.

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.