Extra Space Storage (NYSE:EXR) Price Target Raised to $174.00

Extra Space Storage (NYSE:EXR) had its price objective boosted by UBS Group from $152.00 to $174.00 in a research note issued to investors on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the real estate investment trust’s stock.

Several other equities analysts also recently issued reports on the stock. The Goldman Sachs Group reissued a “neutral” rating and set a $160.00 price target (up from $152.00) on shares of Extra Space Storage in a report on Thursday, July 30th. Truist Financial raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $148.00 to $147.00 in a report on Thursday, October 1st. Royal Bank Of Canada dropped their price objective on shares of Extra Space Storage from $157.00 to $156.00 and set a “sector perform” rating for the company in a report on Thursday, October 29th. Wells Fargo & Company cut their target price on shares of Extra Space Storage from $158.00 to $157.00 and set an “overweight” rating for the company in a research note on Tuesday, September 1st. Finally, Barclays boosted their target price on Extra Space Storage from $170.00 to $172.00 and gave the stock an “overweight” rating in a report on Friday, July 10th. Eight equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $156.75.

Extra Space Storage Price Performance

NYSE:EXR traded down $0.95 during trading hours on Wednesday, reaching $159.16. The company had a trading volume of 1,264,063 shares, compared to its average volume of 1,356,646. The stock has a 50-day moving average of $139.90 and a two-hundred day moving average of $142.68. Extra Space Storage has a one year low of $125.71 and a one year high of $163.18. The firm has a market capitalization of $33.22 billion, a PE ratio of 32.35, a PEG ratio of 4.56 and a beta of 1.07. The company has a quick ratio of 1.56, a current ratio of 0.25 and a debt-to-equity ratio of 0.97.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 27th. The real estate investment trust reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.93). Extra Space Storage had a net margin of 29.90% and a return on equity of 7.36%. The company had revenue of $889.79 million for the quarter, compared to the consensus estimate of $886.61 million. During the same period in the previous year, the business posted $2.08 earnings per share. The firm’s revenue was up 3.6% compared to the same quarter last year. Analysts forecast that Extra Space Storage will post 8.46 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a dividend of $1.62 per share. The ex-dividend date is Tuesday, December 15th. This represents a $6.48 annualized dividend and a yield of 4.1%. Extra Space Storage’s dividend payout ratio is 131.71%.

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. Northwestern Mutual Wealth Management Co. lifted its position in shares of Extra Space Storage by 4.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,960 shares of the real estate investment trust’s stock worth $285,000 after purchasing an additional 79 shares in the last quarter. Raiffeisen Bank International AG increased its holdings in shares of Extra Space Storage by 82.4% in the second quarter. Raiffeisen Bank International AG now owns 186 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 84 shares in the last quarter. Angeles Wealth Management LLC increased its holdings in shares of Extra Space Storage by 3.2% in the first quarter. Angeles Wealth Management LLC now owns 2,794 shares of the real estate investment trust’s stock valued at $366,000 after purchasing an additional 87 shares in the last quarter. IRON Financial LLC increased its holdings in shares of Extra Space Storage by 5.7% in the third quarter. IRON Financial LLC now owns 1,731 shares of the real estate investment trust’s stock valued at $228,000 after purchasing an additional 94 shares in the last quarter. Finally, Van Hulzen Asset Management LLC raised its position in Extra Space Storage by 2.8% in the 2nd quarter. Van Hulzen Asset Management LLC now owns 3,630 shares of the real estate investment trust’s stock worth $527,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

About Extra Space Storage