Extra Space Storage (NYSE:EXR) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of Extra Space Storage (NYSE:EXR – Get Rating) in a report released on Thursday morning. The firm issued a hold rating on the real estate investment trust’s stock.

A number of other equities research analysts also recently weighed in on the company. Truist Financial upped their target price on Extra Space Storage from $160.00 to $165.00 and gave the stock a hold rating in a research report on Wednesday, March 8th. JPMorgan Chase & Co. downgraded Extra Space Storage from an overweight rating to a neutral rating and cut their target price for the stock from $177.00 to $167.00 in a research report on Friday, December 16th. Wolfe Research downgraded Extra Space Storage from an outperform rating to a peer perform rating in a research report on Wednesday, January 18th. They noted that the move was a valuation call. Citigroup cut their target price on Extra Space Storage from $175.00 to $170.00 and set a neutral rating for the company in a research report on Monday, December 12th. Finally, Raymond James upgraded Extra Space Storage from a market perform rating to an outperform rating and set a $170.00 target price for the company in a research report on Monday, January 9th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $170.89.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $159.52 on Thursday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.80. The stock has a 50 day simple moving average of $158.55 and a 200-day simple moving average of $163.11. The company has a market cap of $21.53 billion, a PE ratio of 24.89, a P/E/G ratio of 6.28 and a beta of 0.54. Extra Space Storage has a 12-month low of $139.97 and a 12-month high of $222.35.

Extra Space Storage (NYSE:EXR – Get Rating) last issued its quarterly earnings data on Wednesday, February 22nd. The real estate investment trust reported $1.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.56). The business had revenue of $506.70 million for the quarter, compared to analyst estimates of $433.39 million. Extra Space Storage had a return on equity of 22.01% and a net margin of 45.52%. The business’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.91 earnings per share. On average, equities research analysts forecast that Extra Space Storage will post 8.52 EPS for the current year.

Extra Space Storage Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be issued a $1.62 dividend. The ex-dividend date is Tuesday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.06%. This is a boost from Extra Space Storage’s previous quarterly dividend of $1.50. Extra Space Storage’s dividend payout ratio is currently 101.09%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CMO Samrat Sondhi sold 6,290 shares of the business’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $161.88, for a total transaction of $1,018,225.20. Following the sale, the chief marketing officer now directly owns 82,653 shares of the company’s stock, valued at approximately $13,379,867.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Extra Space Storage news, CMO Samrat Sondhi sold 6,290 shares of the business’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $161.88, for a total transaction of $1,018,225.20. Following the sale, the chief marketing officer now directly owns 82,653 shares of the company’s stock, valued at approximately $13,379,867.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,500 shares of the business’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $164.00, for a total transaction of $246,000.00. Following the sale, the executive vice president now directly owns 32,290 shares in the company, valued at $5,295,560. The disclosure for this sale can be found here. Insiders have sold a total of 8,440 shares of company stock valued at $1,371,963 in the last three months. 1.52% of the stock is currently owned by company insiders.

Institutional Trading of Extra Space Storage

Large investors have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its holdings in shares of Extra Space Storage by 0.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,648,605 shares of the real estate investment trust’s stock valued at $630,149,000 after acquiring an additional 10,610 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Extra Space Storage by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 3,135,848 shares of the real estate investment trust’s stock valued at $460,800,000 after acquiring an additional 38,582 shares in the last quarter. FMR LLC grew its holdings in shares of Extra Space Storage by 4.3% during the 2nd quarter. FMR LLC now owns 2,608,764 shares of the real estate investment trust’s stock valued at $443,803,000 after acquiring an additional 107,178 shares in the last quarter. Norges Bank purchased a new position in shares of Extra Space Storage during the 4th quarter valued at $380,823,000. Finally, Pictet Asset Management SA grew its holdings in shares of Extra Space Storage by 7.5% during the 3rd quarter. Pictet Asset Management SA now owns 2,084,840 shares of the real estate investment trust’s stock valued at $359,005,000 after acquiring an additional 145,688 shares in the last quarter. 95.32% of the stock is owned by institutional investors and hedge funds.

Extra Space Storage Company Profile

(Get Rating)

Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.