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

Shares of Extra Space Storage Inc. (NYSE:EXR) have earned a consensus recommendation of “Hold” from the thirteen brokerages that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $173.08.

A number of analysts have recently issued reports on EXR shares. Royal Bank of Canada initiated coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target on the stock. Scotiabank dropped their target price on shares of Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating on the stock in a report on Monday, November 25th. Barclays boosted their target price on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Finally, Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and upped their price objective for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th.

Extra Space Storage Price Performance

Shares of EXR opened at $149.56 on Friday. Extra Space Storage has a twelve month low of $131.02 and a twelve month high of $184.87. The company has a market capitalization of $31.70 billion, a P/E ratio of 39.15, a price-to-earnings-growth ratio of 8.03 and a beta of 0.89. The firm has a 50 day moving average of $163.99 and a 200 day moving average of $165.86. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $826.93 million. During the same period in the previous year, the business posted $2.02 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities research analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently announced 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 4.33%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the sale, the chief executive officer now directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of the business’s stock in a transaction dated 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 sale, the director now owns 5,877 shares in the company, valued at $967,119.12. This represents 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 currently owned by company 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 the business. Graypoint LLC increased its position in shares of Extra Space Storage by 4.3% during the 3rd quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock valued at $284,000 after purchasing an additional 65 shares during the last quarter. Hummer Financial Advisory Services Inc boosted its stake in Extra Space Storage by 1.2% during the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock worth $1,067,000 after buying an additional 70 shares during the period. Buckley Wealth Management LLC increased its position in Extra Space Storage by 1.9% during the third quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock valued at $687,000 after acquiring an additional 71 shares during the last quarter. Bleakley Financial Group LLC increased its position in Extra Space Storage by 4.1% during the third quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock valued at $356,000 after acquiring an additional 77 shares during the last quarter. Finally, Aptus Capital Advisors LLC raised its stake in shares of Extra Space Storage by 5.5% in the third quarter. Aptus Capital Advisors LLC now owns 1,570 shares of the real estate investment trust’s stock valued at $283,000 after acquiring an additional 82 shares during the period. 99.11% of the stock is owned by hedge funds and other 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.