Extra Space Storage (NYSE:EXR) Price Target Lowered to $165.00 at Scotiabank

Extra Space Storage (NYSE:EXR) had its target price reduced by Scotiabank from $167.00 to $165.00 in a research report report published on Wednesday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

Several other equities research analysts also recently weighed in on the stock. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. Royal Bank of Canada reduced their target price on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Wells Fargo & Company lowered their price target 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. Truist Financial lifted their price objective on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Finally, Barclays lowered their target price on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Extra Space Storage has a consensus rating of “Hold” and an average price target of $171.36.

Extra Space Storage Stock Up 2.5 %

EXR stock opened at $157.24 on Wednesday. Extra Space Storage has a twelve month low of $131.02 and a twelve month high of $184.87. The firm has a market cap of $33.33 billion, a PE ratio of 41.16, a price-to-earnings-growth ratio of 7.76 and a beta of 0.91. The business has a 50 day moving average of $152.63 and a 200 day moving average of $163.21. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

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

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s payout ratio is 160.40%.

Insider Buying and Selling at Extra Space Storage

In related news, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction on Friday, February 28th. The stock was 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 in the company, valued at approximately $3,077,320.28. The trade was a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the sale, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in EXR. Farther Finance Advisors LLC raised its stake in Extra Space Storage by 39.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,277 shares of the real estate investment trust’s stock worth $230,000 after acquiring an additional 362 shares during the period. Harbor Capital Advisors Inc. increased its stake in shares of Extra Space Storage by 4.7% in the third quarter. Harbor Capital Advisors Inc. now owns 5,631 shares of the real estate investment trust’s stock worth $1,015,000 after purchasing an additional 252 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Extra Space Storage by 11.6% during the 3rd quarter. Van ECK Associates Corp now owns 96,609 shares of the real estate investment trust’s stock valued at $16,333,000 after purchasing an additional 10,063 shares during the period. National Pension Service lifted its stake in shares of Extra Space Storage by 18.3% during the 3rd quarter. National Pension Service now owns 333,865 shares of the real estate investment trust’s stock valued at $60,159,000 after buying an additional 51,623 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its stake in shares of Extra Space Storage by 35.6% during the 3rd quarter. QRG Capital Management Inc. now owns 2,769 shares of the real estate investment trust’s stock valued at $499,000 after buying an additional 727 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

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.