Extra Space Storage Inc (NYSE:EXR) Receives $146.53 Consensus Price Target from Analysts

Shares of Extra Space Storage Inc (NYSE:EXR) have earned a consensus rating of “Hold” from the sixteen brokerages that are presently covering the company, Marketbeat.com reports. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $146.5333.

Several equities research analysts have issued reports on the stock. Evercore ISI reissued a “cautious” rating on shares of Extra Space Storage in a research report on Monday, November 3rd. Royal Bank Of Canada lowered their target price on shares of Extra Space Storage from $148.00 to $146.00 and set a “sector perform” rating for the company in a research note on Friday, November 7th. Mizuho increased their price target on shares of Extra Space Storage from $137.00 to $143.00 and gave the stock an “outperform” rating in a report on Monday, January 12th. UBS Group lowered their price objective on Extra Space Storage from $156.00 to $148.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Finally, Barclays restated an “overweight” rating and set a $164.00 target price on shares of Extra Space Storage in a research report on Tuesday, January 13th.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock opened at $137.78 on Friday. Extra Space Storage has a 52 week low of $121.03 and a 52 week high of $162.77. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $29.24 billion, a price-to-earnings ratio of 30.76, a PEG ratio of 2.68 and a beta of 1.27. The stock’s 50-day simple moving average is $135.02 and its 200-day simple moving average is $139.27.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, October 29th. The real estate investment trust reported $2.08 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.02. Extra Space Storage had a net margin of 28.40% and a return on equity of 6.56%. The company had revenue of $858.46 million during the quarter, compared to analysts’ expectations of $736.26 million. During the same period last year, the company posted $2.07 earnings per share. Extra Space Storage’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, analysts expect that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Monday, December 15th. Extra Space Storage’s dividend payout ratio is 144.64%.

Institutional Trading of Extra Space Storage

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Extra Space Storage by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 34,430,823 shares of the real estate investment trust’s stock worth $4,852,680,000 after purchasing an additional 161,171 shares during the last quarter. State Street Corp lifted its stake in shares of Extra Space Storage by 1.7% in the third quarter. State Street Corp now owns 13,910,878 shares of the real estate investment trust’s stock worth $1,960,599,000 after buying an additional 230,697 shares in the last quarter. Norges Bank acquired a new position in Extra Space Storage during the second quarter worth about $1,058,303,000. Capital World Investors grew its stake in Extra Space Storage by 0.5% during the 3rd quarter. Capital World Investors now owns 7,161,360 shares of the real estate investment trust’s stock valued at $1,009,371,000 after acquiring an additional 33,622 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Extra Space Storage by 6.4% in the 3rd quarter. Principal Financial Group Inc. now owns 6,715,901 shares of the real estate investment trust’s stock valued at $946,540,000 after acquiring an additional 406,146 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 (NYSE: EXR) is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.