Wells Fargo & Company Cuts Extra Space Storage (NYSE:EXR) Price Target to $165.00

Extra Space Storage (NYSE:EXR) had its price target lowered by Wells Fargo & Company from $170.00 to $165.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the company. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, January 28th. Scotiabank upgraded Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective for the company in a report on Friday, January 10th. Barclays decreased their price objective on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Finally, Truist Financial increased their price objective on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $173.09.

Extra Space Storage Stock Down 0.1 %

Shares of Extra Space Storage stock opened at $155.85 on Friday. Extra Space Storage has a 1 year low of $131.02 and a 1 year high of $184.87. The business has a 50-day moving average of $151.61 and a two-hundred day moving average of $163.73. The company has a market capitalization of $33.04 billion, a P/E ratio of 40.80, a price-to-earnings-growth ratio of 7.76 and a beta of 0.91. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.16%. Extra Space Storage’s dividend payout ratio is 169.63%.

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 that occurred on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the sale, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

Hedge funds have recently made changes to their positions in the business. Golden State Wealth Management LLC acquired a new stake in shares of Extra Space Storage in the fourth quarter valued at approximately $25,000. Harbour Investments Inc. lifted its position in shares of Extra Space Storage by 90.9% in the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 80 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of Extra Space Storage in the third quarter valued at approximately $33,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Extra Space Storage in the third quarter valued at approximately $42,000. Finally, Continuum Advisory LLC lifted its position in shares of Extra Space Storage by 68.1% in the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock valued at $56,000 after buying an additional 126 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

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.