Extra Space Storage (NYSE:EXR) Earns Sector Perform Rating from Analysts at Royal Bank of Canada

Royal Bank of Canada started coverage on shares of Extra Space Storage (NYSE:EXR) in a report published on Tuesday, MarketBeat.com reports. The brokerage issued a sector perform rating and a $180.00 price objective on the real estate investment trust’s stock.

A number of other research firms have also issued reports on EXR. Raymond James increased their price target 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. Barclays lifted their target price on shares of Extra Space Storage from $158.00 to $188.00 and gave the company an overweight rating in a research note on Thursday, August 22nd. Bank of America cut shares of Extra Space Storage from a neutral rating to an underperform rating and reduced their target price for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Scotiabank lifted their price target on shares of Extra Space Storage from $159.00 to $169.00 and gave the company a sector underperform rating in a research report on Thursday, August 22nd. Finally, KeyCorp lifted their price target on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an overweight rating in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Extra Space Storage currently has an average rating of Hold and a consensus price target of $168.36.

Extra Space Storage Price Performance

NYSE EXR opened at $177.30 on Tuesday. The company has a 50 day simple moving average of $167.24 and a 200-day simple moving average of $153.11. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20. The firm has a market capitalization of $37.54 billion, a price-to-earnings ratio of 39.49, a price-to-earnings-growth ratio of 2.53 and a beta of 0.86. Extra Space Storage has a 52-week low of $101.19 and a 52-week high of $179.23.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date is Monday, September 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 144.32%.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the sale, the chief executive officer now owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the sale, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Monday, July 1st. The shares were 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 directly owns 31,690 shares in the company, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,323 shares of company stock valued at $1,994,709. 1.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On Extra Space Storage

Several institutional investors and hedge funds have recently made changes to their positions in EXR. Principal Securities Inc. acquired a new stake in shares of Extra Space Storage in the 4th quarter valued at $368,000. QRG Capital Management Inc. acquired a new stake in shares of Extra Space Storage in the 4th quarter valued at $242,000. Checchi Capital Advisers LLC boosted its stake in shares of Extra Space Storage by 4.6% in the 4th quarter. Checchi Capital Advisers LLC now owns 3,239 shares of the real estate investment trust’s stock valued at $519,000 after purchasing an additional 142 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Extra Space Storage by 4.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 335,857 shares of the real estate investment trust’s stock valued at $53,334,000 after purchasing an additional 13,274 shares in the last quarter. Finally, D Orazio & Associates Inc. acquired a new stake in shares of Extra Space Storage in the 4th quarter valued at $200,000. 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.