Extra Space Storage Inc. (NYSE:EXR) Given Average Recommendation of “Hold” by Analysts

Extra Space Storage Inc. (NYSE:EXR) has been assigned a consensus rating of “Hold” from the fourteen ratings firms that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $171.50.

A number of research analysts have weighed in on EXR shares. Royal Bank of Canada assumed coverage on Extra Space Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price on the stock. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and increased their price target for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. KeyCorp boosted 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 report on Monday, September 9th. Finally, Truist Financial raised their target price on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a report on Friday, August 16th.

Insiders Place Their Bets

In related news, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the sale, the director now directly owns 5,877 shares in the company, valued at $967,119.12. This represents a 34.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the completion of the transaction, the executive vice president now owns 11,919 shares in the company, valued at $2,089,758.27. This trade represents a 14.37 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,228 shares of company stock worth $3,374,617. 1.36% of the stock is currently owned by company insiders.

Institutional Trading of Extra Space Storage

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Graypoint LLC raised its holdings in shares of Extra Space Storage by 4.3% in the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock worth $284,000 after buying an additional 65 shares during the last quarter. Hummer Financial Advisory Services Inc lifted its position in Extra Space Storage by 1.2% during the 3rd quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock worth $1,067,000 after acquiring an additional 70 shares during the period. Buckley Wealth Management LLC lifted its position in Extra Space Storage by 1.9% during the 3rd quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock worth $687,000 after acquiring an additional 71 shares during the period. Massmutual Trust Co. FSB ADV grew its stake in Extra Space Storage by 19.7% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after purchasing an additional 76 shares during the last quarter. Finally, Bleakley Financial Group LLC increased its holdings 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 purchasing an additional 77 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Up 0.8 %

Shares of Extra Space Storage stock opened at $168.14 on Monday. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a 12-month low of $125.32 and a 12-month high of $184.87. The company has a market cap of $35.64 billion, a P/E ratio of 44.02, a PEG ratio of 8.40 and a beta of 0.87. The company’s fifty day simple moving average is $170.44 and its two-hundred day simple moving average is $163.52.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. During the same period in the prior year, the company posted $2.02 EPS. The firm’s revenue was up 10.2% on a year-over-year basis. Research analysts anticipate that Extra Space Storage will post 8.09 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently declared 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 is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.85%. Extra Space Storage’s payout ratio is 169.63%.

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.