Royal Bank of Canada Cuts Extra Space Storage (NYSE:EXR) Price Target to $163.00

Extra Space Storage (NYSE:EXR) had its price target reduced by Royal Bank of Canada from $167.00 to $163.00 in a research report report published on Thursday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the real estate investment trust’s stock.

A number of other research analysts have also recently commented on EXR. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. Wells Fargo & Company decreased their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Scotiabank upgraded Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target on the stock in a research report on Friday, January 10th. Barclays decreased their price target on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Finally, Truist Financial raised their price target on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $171.55.

Extra Space Storage Stock Down 0.7 %

EXR opened at $152.36 on Thursday. Extra Space Storage has a fifty-two week low of $131.02 and a fifty-two week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company has a market capitalization of $32.30 billion, a P/E ratio of 39.88, a P/E/G ratio of 7.76 and a beta of 0.91. The stock has a fifty day moving average of $152.27 and a 200-day moving average of $163.45.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $821.90 million during the quarter, compared to the consensus estimate of $707.34 million. On average, equities analysts expect that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.25%. Extra Space Storage’s dividend payout ratio (DPR) is presently 160.40%.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the transaction, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On Extra Space Storage

Hedge funds and other institutional investors have recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new position in Extra Space Storage in the fourth quarter valued at $25,000. Harbour Investments Inc. lifted its holdings in 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 period. Ashton Thomas Securities LLC acquired a new position in Extra Space Storage in the third quarter valued at $33,000. Harvest Fund Management Co. Ltd acquired a new position in Extra Space Storage in the third quarter valued at $42,000. Finally, Quent Capital LLC lifted its holdings in Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 154 shares during the period. 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.