Scotiabank Raises Extra Space Storage (NYSE:EXR) Price Target to $159.00

Extra Space Storage (NYSE:EXR) had its price target hoisted by Scotiabank from $140.00 to $159.00 in a research note published on Friday, Benzinga reports. They currently have a sector underperform rating on the real estate investment trust’s stock.

Several other equities research analysts also recently issued reports on EXR. Wells Fargo & Company lifted their price objective on Extra Space Storage from $150.00 to $160.00 and gave the stock an overweight rating in a report on Friday, April 5th. Evercore ISI lifted their target price on 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. Barclays lifted their target price on Extra Space Storage from $157.00 to $158.00 and gave the stock an overweight rating in a research report on Monday, May 20th. Citigroup decreased their target price on Extra Space Storage from $168.00 to $160.00 and set a neutral rating for the company in a research report on Friday, June 7th. Finally, Raymond James reiterated an outperform rating and issued a $160.00 target price on shares of Extra Space Storage in a research report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $155.17.

Extra Space Storage Price Performance

EXR stock opened at $164.10 on Friday. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.73. Extra Space Storage has a 52-week low of $101.19 and a 52-week high of $171.46. The stock’s 50 day moving average is $153.03 and its two-hundred day moving average is $147.01. The company has a market capitalization of $34.74 billion, a PE ratio of 36.55, a P/E/G ratio of 3.46 and a beta of 0.83.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a yield of 3.95%. Extra Space Storage’s dividend payout ratio is currently 144.32%.

Insider Activity at Extra Space Storage

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 stock was 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 approximately $775,042.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Joseph J. Bonner sold 677 shares of the stock in a transaction on 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 transaction, the director now owns 5,229 shares of the company’s stock, valued at $775,042.38. The transaction was disclosed in a document filed with the SEC, which is available at 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 value of $1,144,350.00. Following the completion of the transaction, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. EdgeRock Capital LLC bought a new position in shares of Extra Space Storage in the fourth quarter worth $26,000. Creekmur Asset Management LLC bought a new position in shares of Extra Space Storage in the fourth quarter worth $26,000. Blue Trust Inc. grew its stake in shares of Extra Space Storage by 540.5% in the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 200 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of Extra Space Storage by 200.0% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 300 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 200 shares in the last quarter. Finally, Exchange Traded Concepts LLC bought a new position in shares of Extra Space Storage in the fourth quarter worth $57,000. Institutional investors 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.