Extra Space Storage Inc. (NYSE:EXR) Given Consensus Recommendation of “Hold” by Brokerages

Extra Space Storage Inc. (NYSE:EXR) has been assigned an average rating of “Hold” from the twelve research firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $171.09.

Several equities research analysts recently commented on the stock. Barclays cut their target price on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 12th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Scotiabank cut their target price on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Wells Fargo & Company reduced their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Finally, Royal Bank of Canada lowered their price objective on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th.

Extra Space Storage Stock Up 0.2 %

Shares of NYSE:EXR opened at $145.41 on Friday. Extra Space Storage has a 52-week low of $131.02 and a 52-week high of $184.87. The company has a market capitalization of $30.83 billion, a PE ratio of 38.07, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company has a fifty day moving average of $152.33 and a 200-day moving average of $160.01.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The business had revenue of $821.90 million during the quarter, compared to analysts’ expectations of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. On average, equities analysts predict that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.46%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 160.40%.

Insiders Place Their Bets

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the transaction, the executive vice president now owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph J. Bonner sold 672 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the sale, the director now owns 4,557 shares of the company’s stock, valued at approximately $679,448.70. This represents a 12.85 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,392 shares of company stock worth $1,396,515. Corporate insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

Hedge funds have recently bought and sold shares of the business. State Street Corp raised its holdings in 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 last quarter. Cohen & Steers Inc. increased its position in shares of Extra Space Storage by 5.9% during the fourth quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock worth $1,383,094,000 after acquiring an additional 516,941 shares in the last quarter. Norges Bank acquired a new stake in shares of Extra Space Storage in the 4th quarter worth about $938,647,000. Dimensional Fund Advisors LP lifted its position in Extra Space Storage by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust’s stock valued at $469,229,000 after acquiring an additional 24,533 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in Extra Space Storage by 3.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust’s stock valued at $458,520,000 after purchasing an additional 104,986 shares during the last quarter. Institutional investors and hedge funds 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.