Extra Space Storage Inc. (NYSE:EXR) Receives $171.50 Average PT from Analysts

Shares of Extra Space Storage Inc. (NYSE:EXR) have received a consensus recommendation of “Hold” from the fourteen brokerages that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $171.36.

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada assumed coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price target for the company. Barclays upped their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Truist Financial upped their price target on shares of Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a report on Friday, August 16th. Bank of America downgraded shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their price target for the company from $172.00 to $155.00 in a report on Monday, August 5th. Finally, KeyCorp upped their price objective on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 24,190 shares in the company, valued at approximately $4,318,398.80. This represents a 23.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kenneth M. Woolley sold 6,647 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the sale, the director now directly owns 404,306 shares of the company’s stock, valued at $71,655,152.38. The trade was a 1.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,228 shares of company stock worth $3,023,957. Insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

A number of large investors have recently added to or reduced their stakes in the stock. Graypoint LLC boosted its position in Extra Space Storage by 4.3% during the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock worth $284,000 after purchasing an additional 65 shares during the period. Hummer Financial Advisory Services Inc boosted its position 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 purchasing an additional 70 shares during the period. Buckley Wealth Management LLC boosted 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 worth $687,000 after purchasing an additional 71 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in shares of Extra Space Storage by 19.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after acquiring an additional 76 shares during the period. Finally, Bleakley Financial Group LLC boosted its position in shares of Extra Space Storage by 4.1% in 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 period. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

EXR stock opened at $171.21 on Monday. The company has a market capitalization of $36.29 billion, a P/E ratio of 44.82, a PEG ratio of 8.69 and a beta of 0.87. The company has a 50-day simple moving average of $169.64 and a 200 day simple moving average of $164.31. Extra Space Storage has a fifty-two week low of $129.23 and a fifty-two week high of $184.87. 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 quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12). The company had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.02 EPS. Sell-side analysts predict that Extra Space Storage will post 8.09 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.78%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

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.