Barclays Has Lowered Expectations for Extra Space Storage (NYSE:EXR) Stock Price

Extra Space Storage (NYSE:EXR) had its price target trimmed by Barclays from $192.00 to $184.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Several other analysts have also issued reports on the stock. Scotiabank upgraded shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target for the company in a research report on Friday. Evercore ISI cut their price target 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. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and upped their price target for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Wells Fargo & Company restated an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. Finally, Truist Financial increased their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $171.25.

Extra Space Storage Stock Up 0.5 %

Shares of NYSE:EXR opened at $147.50 on Monday. Extra Space Storage has a 52-week low of $131.02 and a 52-week high of $184.87. The firm has a fifty day moving average of $158.46 and a 200 day moving average of $165.08. The firm has a market capitalization of $31.27 billion, a PE ratio of 38.61, a price-to-earnings-growth ratio of 7.96 and a beta of 0.91. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23.

Extra Space Storage (NYSE:EXR) last posted its quarterly 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 net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. During the same quarter in the previous year, the company earned $2.02 earnings per share. The business’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, research analysts anticipate that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date was Monday, December 16th. Extra Space Storage’s payout ratio is currently 169.63%.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors and hedge funds have recently made changes to their positions in EXR. Pathway Financial Advisers LLC increased its stake in shares of Extra Space Storage by 17,832.9% during the third quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock valued at $363,783,000 after purchasing an additional 2,007,626 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Extra Space Storage by 724.1% during 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 valued at $357,100,000 after purchasing an additional 1,741,320 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Extra Space Storage by 543.5% during the second quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock valued at $61,724,000 after purchasing an additional 335,447 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Extra Space Storage by 20.5% during the second quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock valued at $291,720,000 after purchasing an additional 319,965 shares in the last quarter. Finally, Mizuho Securities USA LLC increased its stake in shares of Extra Space Storage by 1,664.3% during the third quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust’s stock valued at $51,912,000 after purchasing an additional 271,765 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

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.