Extra Space Storage (NYSE:EXR) Upgraded at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Extra Space Storage (NYSE:EXR) from a hold rating to a buy rating in a research note released on Wednesday morning, MarketBeat.com reports. Jefferies Financial Group currently has $204.00 price target on the real estate investment trust’s stock, up from their prior price target of $162.00.

A number of other brokerages also recently commented on EXR. Truist Financial raised their price objective on Extra Space Storage from $152.00 to $167.00 and gave the stock a hold rating in a research report on Friday, August 16th. Evercore ISI lifted their price target on shares of Extra Space Storage from $167.00 to $170.00 and gave the stock an in-line rating in a research note on Monday, September 16th. Barclays increased their price objective on shares of Extra Space Storage from $158.00 to $188.00 and gave the company an overweight rating in a research note on Thursday, August 22nd. Citigroup lowered their target price on shares of Extra Space Storage from $168.00 to $160.00 and set a neutral rating on the stock in a research note on Friday, June 7th. Finally, Bank of America lowered shares of Extra Space Storage from a neutral rating to an underperform rating and dropped their price target for the stock from $172.00 to $155.00 in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $170.93.

Extra Space Storage Stock Up 0.2 %

NYSE EXR opened at $180.41 on Wednesday. Extra Space Storage has a twelve month low of $101.19 and a twelve month high of $184.87. The stock has a market cap of $38.20 billion, a PE ratio of 40.18, a PEG ratio of 2.56 and a beta of 0.86. The firm has a 50-day simple moving average of $170.03 and a 200 day simple moving average of $154.68. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.20 and a current ratio of 0.20.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $1.62 per share. The ex-dividend date is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.59%. Extra Space Storage’s dividend payout ratio is 144.32%.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the sale, the chief executive officer now directly owns 31,690 shares in the company, valued at $4,835,260.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $177.01, for a total transaction of $499,699.23. Following the transaction, the executive vice president now directly owns 32,855 shares in the company, valued at $5,815,663.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the sale, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,970 shares of company stock worth $3,172,757. 1.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Beacon Pointe Advisors LLC lifted its stake in shares of Extra Space Storage by 21.2% during the fourth quarter. Beacon Pointe Advisors LLC now owns 2,130 shares of the real estate investment trust’s stock valued at $341,000 after acquiring an additional 373 shares during the period. Financial Advocates Investment Management acquired a new position in Extra Space Storage during the 4th quarter valued at about $301,000. Brown Advisory Inc. boosted its stake in shares of Extra Space Storage by 5.4% in the 4th quarter. Brown Advisory Inc. now owns 4,336 shares of the real estate investment trust’s stock valued at $695,000 after purchasing an additional 221 shares during the last quarter. ING Groep NV raised its stake in shares of Extra Space Storage by 30.7% during the fourth quarter. ING Groep NV now owns 10,225 shares of the real estate investment trust’s stock worth $1,639,000 after buying an additional 2,401 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Extra Space Storage in the fourth quarter valued at approximately $224,000. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Company Profile

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.