Extra Space Storage Inc. (NYSE:EXR) Receives $150.17 Average PT from Analysts

Extra Space Storage Inc. (NYSE:EXR) has earned an average rating of “Hold” from the twelve brokerages that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $150.17.

Several research firms recently commented on EXR. The Goldman Sachs Group boosted their price target on Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Raymond James reiterated an “outperform” rating and issued a $160.00 price target on shares of Extra Space Storage in a research note on Thursday, March 28th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, March 2nd. Wells Fargo & Company upped their price objective on Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. Finally, Scotiabank initiated coverage on Extra Space Storage in a research note on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 price objective on the stock.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $132.46 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.30 and a quick ratio of 0.30. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $164.99. The business has a 50-day moving average of $142.57 and a 200-day moving average of $137.67. The company has a market capitalization of $28.03 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 3.30 and a beta of 0.74.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The business had revenue of $797.77 million during the quarter, compared to analyst estimates of $778.05 million. During the same quarter last year, the firm posted $2.09 EPS. The company’s revenue was up 57.4% compared to the same quarter last year. On average, equities analysts anticipate that Extra Space Storage will post 8.05 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.89%. The ex-dividend date was Thursday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 131.17%.

Insider Activity

In other news, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the transaction, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the transaction, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the transaction, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at $5,369,060. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,532 shares of company stock valued at $514,819. 1.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. grew its holdings in Extra Space Storage by 1,272.7% in the 1st quarter. First Horizon Advisors Inc. now owns 151 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 140 shares in the last quarter. Zions Bancorporation N.A. boosted its stake in Extra Space Storage by 241.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 150 shares in the last quarter. EdgeRock Capital LLC bought a new position in Extra Space Storage during the 4th quarter valued at $26,000. Creekmur Asset Management LLC bought a new position in Extra Space Storage during the 4th quarter valued at $26,000. Finally, Money Concepts Capital Corp bought a new position in Extra Space Storage during the 4th quarter valued at $27,000. 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.