Truist Financial Cuts Extra Space Storage (NYSE:EXR) Price Target to $150.00

Extra Space Storage (NYSE:EXR) had its price objective cut by Truist Financial from $158.00 to $150.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a hold rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently commented on the stock. BNP Paribas Exane raised shares of Extra Space Storage from a “neutral” rating to an “outperform” rating and set a $154.00 target price on the stock in a report on Wednesday, March 18th. Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and set a $143.00 price target for the company. in a research note on Thursday, February 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Extra Space Storage in a research report on Tuesday, April 21st. Barclays upped their target price on shares of Extra Space Storage from $164.00 to $170.00 and gave the company an “overweight” rating in a report on Thursday, March 5th. Finally, Mizuho increased their target price on shares of Extra Space Storage from $137.00 to $143.00 and gave the stock an “outperform” rating in a research note on Monday, January 12th. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $143.93.

Extra Space Storage Trading Up 0.0%

NYSE:EXR opened at $143.33 on Wednesday. The stock’s 50 day moving average price is $139.97 and its 200 day moving average price is $138.25. The company has a market capitalization of $30.28 billion, a PE ratio of 32.14, a P/E/G ratio of 4.66 and a beta of 1.22. The company has a quick ratio of 0.39, a current ratio of 0.37 and a debt-to-equity ratio of 0.93. Extra Space Storage has a 52-week low of $125.71 and a 52-week high of $155.19.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $1.14 EPS for the quarter, missing the consensus estimate of $2.01 by ($0.87). Extra Space Storage had a return on equity of 6.65% and a net margin of 27.66%.The firm had revenue of $856.03 million for the quarter, compared to analyst estimates of $851.35 million. During the same period last year, the firm earned $2.00 EPS. The company’s quarterly revenue was up 4.4% on a year-over-year basis. Extra Space Storage has set its FY 2026 guidance at 8.050-8.350 EPS. On average, research analysts anticipate that Extra Space Storage will post 8.23 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Monday, March 16th. Extra Space Storage’s payout ratio is presently 145.29%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Friday, March 13th. The stock was sold at an average price of $142.08, for a total value of $1,065,600.00. Following the completion of the sale, the chief executive officer owned 66,495 shares of the company’s stock, valued at $9,447,609.60. The trade was a 10.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.96% of the stock is owned by company insiders.

Hedge Funds Weigh In On Extra Space Storage

Several institutional investors and hedge funds have recently bought and sold shares of the stock. NewEdge Advisors LLC raised its holdings in shares of Extra Space Storage by 9.3% in the 1st quarter. NewEdge Advisors LLC now owns 3,409 shares of the real estate investment trust’s stock worth $506,000 after purchasing an additional 291 shares during the period. Empowered Funds LLC increased its position in Extra Space Storage by 15.5% during the 1st quarter. Empowered Funds LLC now owns 4,912 shares of the real estate investment trust’s stock worth $729,000 after purchasing an additional 661 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in Extra Space Storage in the second quarter valued at approximately $457,000. First Trust Advisors LP lifted its position in Extra Space Storage by 184.1% during the second quarter. First Trust Advisors LP now owns 108,205 shares of the real estate investment trust’s stock valued at $15,954,000 after buying an additional 70,115 shares in the last quarter. Finally, Brown Advisory Inc. grew its stake in Extra Space Storage by 1.8% during the second quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust’s stock worth $653,000 after buying an additional 80 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.