Brokerages Set Extra Space Storage Inc. (NYSE:EXR) Price Target at $150.17

Shares of Extra Space Storage Inc. (NYSE:EXR) have received an average recommendation of “Hold” from the twelve brokerages that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, six 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 covered the stock in the last year is $150.17.

EXR has been the topic of a number of recent research reports. Truist Financial upped their target price on Extra Space Storage from $138.00 to $152.00 and gave the stock a “hold” rating in a research note on Thursday, December 28th. TheStreet upgraded Extra Space Storage from a “c+” rating to a “b-” rating in a research note on Thursday, January 11th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. Deutsche Bank Aktiengesellschaft assumed coverage on Extra Space Storage in a report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 price target for the company. Finally, Raymond James reaffirmed an “outperform” rating and issued a $160.00 price target on shares of Extra Space Storage in a report on Thursday, March 28th.

Extra Space Storage Stock Down 1.4 %

Extra Space Storage stock opened at $134.20 on Friday. Extra Space Storage has a fifty-two week low of $101.19 and a fifty-two week high of $164.99. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market cap of $28.40 billion, a PE ratio of 27.17, a PEG ratio of 3.34 and a beta of 0.74. The business’s 50-day simple moving average is $142.79 and its two-hundred day simple moving average is $137.43.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The company had revenue of $797.77 million during the quarter, compared to analysts’ expectations of $778.05 million. During the same quarter in the previous year, the company earned $2.09 EPS. The firm’s quarterly revenue was up 57.4% compared to the same quarter last year. Equities analysts anticipate that Extra Space Storage will post 8.05 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.83%. Extra Space Storage’s payout ratio is currently 131.17%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the transaction, the executive vice president now owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares in the company, valued at $5,369,060. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the sale, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The disclosure for this sale can be found here. Insiders sold 3,532 shares of company stock valued at $514,819 over the last quarter. 1.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Extra Space Storage

A number of large investors have recently made changes to their positions in the stock. Naviter Wealth LLC grew its position in shares of Extra Space Storage by 24.3% in the first quarter. Naviter Wealth LLC now owns 11,605 shares of the real estate investment trust’s stock valued at $1,706,000 after purchasing an additional 2,268 shares in the last quarter. LVW Advisors LLC grew its position in shares of Extra Space Storage by 24.1% in the first quarter. LVW Advisors LLC now owns 2,119 shares of the real estate investment trust’s stock valued at $311,000 after purchasing an additional 412 shares in the last quarter. Symphony Financial Ltd. Co. grew its position in shares of Extra Space Storage by 4.4% in the first quarter. Symphony Financial Ltd. Co. now owns 9,858 shares of the real estate investment trust’s stock valued at $1,449,000 after purchasing an additional 412 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Extra Space Storage by 8.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,636 shares of the real estate investment trust’s stock worth $1,122,000 after acquiring an additional 583 shares during the period. Finally, Vert Asset Management LLC grew its position in Extra Space Storage by 1.1% in the first quarter. Vert Asset Management LLC now owns 86,495 shares of the real estate investment trust’s stock worth $12,715,000 after acquiring an additional 973 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Company Profile

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.