Extra Space Storage (NYSE:EXR) Price Target Raised to $167.00

Extra Space Storage (NYSE:EXR) had its target price boosted by Truist Financial from $152.00 to $167.00 in a research report report published on Friday morning, Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

Other equities research analysts have also issued research reports about the stock. Barclays raised their price target on shares of Extra Space Storage from $157.00 to $158.00 and gave the stock an overweight rating in a research note on Monday, May 20th. Bank of America lowered shares of Extra Space Storage from a neutral rating to an underperform rating and decreased their price target for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. Scotiabank raised their price target on shares of Extra Space Storage from $140.00 to $159.00 and gave the stock a sector underperform rating in a research note on Friday, July 19th. Wells Fargo & Company raised their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an overweight rating in a research note on Friday, July 26th. Finally, Citigroup decreased their price target on shares of Extra Space Storage from $168.00 to $160.00 and set a neutral rating for the company in a research note on Friday, June 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Extra Space Storage has an average rating of Hold and an average price target of $161.92.

Extra Space Storage Price Performance

Extra Space Storage stock opened at $167.27 on Friday. Extra Space Storage has a 52 week low of $101.19 and a 52 week high of $171.46. The company’s 50 day moving average price is $159.92 and its two-hundred day moving average price is $148.83. The company has a quick ratio of 0.15, a current ratio of 0.20 and a debt-to-equity ratio of 0.76. The stock has a market cap of $35.42 billion, a P/E ratio of 37.25, a P/E/G ratio of 3.37 and a beta of 0.83.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.87%. The ex-dividend date was Friday, June 14th. Extra Space Storage’s payout ratio is 144.32%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were 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 directly owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Joseph J. Bonner sold 677 shares of Extra Space Storage stock in a transaction on Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $1,144,350.00. Following the sale, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

Several hedge funds have recently added to or reduced their stakes in EXR. Massmutual Trust Co. FSB ADV increased its position in shares of Extra Space Storage by 19.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after acquiring an additional 76 shares during the period. QRG Capital Management Inc. raised its stake in shares of Extra Space Storage by 5.2% during the first quarter. QRG Capital Management Inc. now owns 1,588 shares of the real estate investment trust’s stock valued at $233,000 after acquiring an additional 78 shares during the last quarter. Park Avenue Securities LLC raised its stake in shares of Extra Space Storage by 2.1% during the second quarter. Park Avenue Securities LLC now owns 3,773 shares of the real estate investment trust’s stock valued at $586,000 after acquiring an additional 79 shares during the last quarter. Gallacher Capital Management LLC raised its stake in shares of Extra Space Storage by 1.2% during the second quarter. Gallacher Capital Management LLC now owns 7,433 shares of the real estate investment trust’s stock valued at $1,155,000 after acquiring an additional 86 shares during the last quarter. Finally, Profund Advisors LLC raised its stake in shares of Extra Space Storage by 2.9% during the second quarter. Profund Advisors LLC now owns 3,279 shares of the real estate investment trust’s stock valued at $510,000 after acquiring an additional 93 shares during the last quarter. 99.11% of the stock is owned by institutional investors.

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.