Extra Space Storage Inc. (NYSE:EXR) Receives $171.43 Average Target Price from Brokerages

Shares of Extra Space Storage Inc. (NYSE:EXR) have been given a consensus rating of “Hold” by the thirteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Two 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. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $173.08.

Several analysts recently issued reports on EXR shares. Evercore ISI cut their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. KeyCorp upped their price objective on Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Truist Financial lifted their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Finally, Barclays increased their target price on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a report on Monday, October 28th.

Extra Space Storage Stock Performance

EXR stock opened at $147.00 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. Extra Space Storage has a 1 year low of $131.02 and a 1 year high of $184.87. The company has a market cap of $31.16 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 8.03 and a beta of 0.89. The stock’s fifty day moving average price is $164.45 and its 200-day moving average price is $165.86.

Extra Space Storage (NYSE:EXR) last announced its earnings results 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 firm had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same period in the previous year, the business posted $2.02 earnings per share. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts forecast that Extra Space Storage will post 8.1 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 Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a $1.62 dividend. The ex-dividend date is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.41%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the sale, the chief executive officer now directly owns 24,190 shares in the company, valued at approximately $4,318,398.80. This represents a 23.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the transaction, the director now directly owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of EXR. Tidal Investments LLC grew its position in Extra Space Storage by 34.4% in the 3rd quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock valued at $2,278,000 after acquiring an additional 3,234 shares during the last quarter. Swedbank AB boosted its stake in shares of Extra Space Storage by 4.5% during the third quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust’s stock valued at $43,810,000 after purchasing an additional 10,408 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Extra Space Storage by 724.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock worth $357,100,000 after purchasing an additional 1,741,320 shares during the last quarter. Duff & Phelps Investment Management Co. increased its stake in Extra Space Storage by 9.5% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock worth $6,397,000 after buying an additional 3,093 shares during the period. Finally, Brown Financial Advisors lifted its holdings in Extra Space Storage by 69.1% during the 3rd quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock valued at $1,646,000 after buying an additional 3,731 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.