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

Extra Space Storage Inc. (NYSE:EXR) has been assigned a consensus recommendation of “Hold” from the twelve analysts that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $171.25.

A number of equities research analysts have recently commented on the stock. Truist Financial increased their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Evercore ISI lowered their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and increased their price target for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a research report on Monday, October 21st.

Extra Space Storage Stock Performance

EXR opened at $147.50 on Tuesday. The stock has a market cap of $31.27 billion, a P/E ratio of 38.61, a P/E/G ratio of 7.96 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. The firm has a fifty day moving average price of $158.46 and a 200 day moving average price of $165.08. Extra Space Storage has a 1 year low of $131.02 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The business had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.02 EPS. Equities research analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is 169.63%.

Insider Transactions at Extra Space Storage

In other news, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the sale, the director now owns 5,877 shares in the company, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

A number of hedge funds have recently added to or reduced their stakes in the stock. Graypoint LLC raised its stake in shares of Extra Space Storage by 4.3% during the 3rd 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 in the last quarter. Hummer Financial Advisory Services Inc boosted its stake in shares of Extra Space Storage by 1.2% in the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock valued at $1,067,000 after buying an additional 70 shares in the last quarter. Buckley Wealth Management LLC grew its holdings in Extra Space Storage by 1.9% during the third 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. Bleakley Financial Group LLC raised its position in 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 worth $356,000 after acquiring an additional 77 shares in the last quarter. Finally, Aptus Capital Advisors LLC lifted its holdings in Extra Space Storage by 5.5% in the third quarter. Aptus Capital Advisors LLC now owns 1,570 shares of the real estate investment trust’s stock valued at $283,000 after acquiring an additional 82 shares during the period. 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.