Extra Space Storage Inc. (NYSE:EXR) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Extra Space Storage Inc. (NYSE:EXR) have received an average recommendation of “Hold” from the fourteen research firms that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $171.43.

A number of equities analysts have commented on EXR shares. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Scotiabank lowered their price objective on 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. Evercore ISI cut their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and upped their price objective for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Finally, Truist Financial raised their target price on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th.

Extra Space Storage Price Performance

Extra Space Storage stock opened at $142.35 on Friday. Extra Space Storage has a 12-month low of $131.02 and a 12-month high of $184.87. The stock has a market cap of $30.18 billion, a P/E ratio of 37.26, a price-to-earnings-growth ratio of 8.03 and a beta of 0.89. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The company has a fifty day simple moving average of $164.92 and a 200-day simple moving average of $165.61.

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 net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same period last year, the business earned $2.02 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. Equities analysts expect that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm 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. The ex-dividend date is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.55%. Extra Space Storage’s payout ratio is currently 169.63%.

Insider Buying and Selling

In related news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The shares were 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 approximately $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the transaction, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at $4,318,398.80. The trade was a 23.67 % 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.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Pathway Financial Advisers LLC raised its position in shares of Extra Space Storage by 17,832.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock valued at $363,783,000 after acquiring an additional 2,007,626 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Extra Space Storage by 724.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock worth $357,100,000 after purchasing an additional 1,741,320 shares during the period. American Century Companies Inc. boosted its position in shares of Extra Space Storage by 543.5% during the second quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock worth $61,724,000 after purchasing an additional 335,447 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Extra Space Storage by 20.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock valued at $291,720,000 after buying an additional 319,965 shares during the period. Finally, Mizuho Securities USA LLC increased its position in shares of Extra Space Storage by 1,664.3% in the 3rd quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust’s stock valued at $51,912,000 after buying an additional 271,765 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.