Extra Space Storage (NYSE:EXR) Reaches New 52-Week High Following Analyst Upgrade

Extra Space Storage Inc. (NYSE:EXR)’s share price reached a new 52-week high on Tuesday after Evercore ISI raised their price target on the stock from $167.00 to $170.00. Evercore ISI currently has an in-line rating on the stock. Extra Space Storage traded as high as $179.42 and last traded at $178.77, with a volume of 646106 shares traded. The stock had previously closed at $177.63.

A number of other equities research analysts have also issued reports on EXR. Scotiabank raised their price target on Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research note on Thursday, August 22nd. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $172.00 to $155.00 in a research report on Monday, August 5th. StockNews.com upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Royal Bank of Canada began coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective for the company. Finally, Truist Financial upped their target price on shares of Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $168.57.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the transaction, the chief executive officer now owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the sale, the chief executive officer now owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth M. Woolley sold 6,647 shares of the business’s stock in a transaction 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 transaction, the director now owns 404,306 shares in the company, valued at $71,655,152.38. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,970 shares of company stock worth $3,172,757. 1.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Extra Space Storage

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Extra Space Storage by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 33,686,389 shares of the real estate investment trust’s stock valued at $4,951,899,000 after purchasing an additional 170,380 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Extra Space Storage by 4.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock valued at $551,586,000 after acquiring an additional 157,763 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Extra Space Storage by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock valued at $485,973,000 after acquiring an additional 45,717 shares during the period. Diamond Hill Capital Management Inc. raised its stake in Extra Space Storage by 7.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock worth $460,890,000 after acquiring an additional 198,888 shares during the last quarter. Finally, Centersquare Investment Management LLC lifted its position in Extra Space Storage by 1.3% during the 1st quarter. Centersquare Investment Management LLC now owns 2,546,475 shares of the real estate investment trust’s stock worth $341,941,000 after acquiring an additional 32,591 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Trading Up 0.8 %

The company has a 50 day simple moving average of $168.68 and a two-hundred day simple moving average of $154.08. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a market cap of $37.90 billion, a PE ratio of 39.87, a P/E/G ratio of 2.56 and a beta of 0.86.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.62%. The ex-dividend date is Monday, September 16th. Extra Space Storage’s payout ratio is 144.32%.

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.