Extra Space Storage Inc. (NYSE:EXR) Receives $171.50 Consensus Target Price from Brokerages

Extra Space Storage Inc. (NYSE:EXR) has been assigned an average rating of “Hold” from the fourteen brokerages that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $171.36.

A number of research analysts recently weighed in on EXR shares. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and lifted their target price for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Evercore ISI reduced their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. KeyCorp lifted their target price on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a report on Monday, September 9th. Barclays lifted their target price on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a research report on Monday, October 21st.

Extra Space Storage Stock Performance

NYSE EXR opened at $170.96 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The business has a 50 day moving average price of $169.64 and a 200 day moving average price of $164.51. The company has a market capitalization of $36.24 billion, a P/E ratio of 44.75, a PEG ratio of 8.61 and a beta of 0.87. Extra Space Storage has a 1-year low of $129.23 and a 1-year high of $184.87.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. During the same quarter last year, the business earned $2.02 EPS. Extra Space Storage’s revenue for the quarter was up 10.2% compared to the same quarter last year. Sell-side analysts expect that Extra Space Storage will post 8.09 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.79%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the transaction, the director now directly owns 5,877 shares in the company, valued at $967,119.12. The trade was a 34.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the transaction, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,228 shares of company stock valued at $3,023,957 over the last three months. 1.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of hedge funds and other institutional investors have recently bought and sold shares of EXR. State Street Corp boosted its position in shares of Extra Space Storage by 1.7% during the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock worth $2,412,894,000 after buying an additional 227,006 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Extra Space Storage by 4.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock worth $551,586,000 after buying an additional 157,763 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Extra Space Storage by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock worth $485,973,000 after buying an additional 45,717 shares during the period. Diamond Hill Capital Management Inc. boosted its position in shares of Extra Space Storage by 7.2% during the second quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock worth $460,890,000 after buying an additional 198,888 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Extra Space Storage by 4.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,366,107 shares of the real estate investment trust’s stock worth $426,349,000 after buying an additional 111,137 shares during the period. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.