Extra Space Storage (NYSE:EXR) Hits New 1-Year High on Analyst Upgrade

Shares of Extra Space Storage Inc (NYSE:EXR) hit a new 52-week high on Wednesday after UBS Group raised their price target on the stock from $152.00 to $174.00. UBS Group currently has a buy rating on the stock. Extra Space Storage traded as high as $159.93 and last traded at $159.0350, with a volume of 38,960 shares. The stock had previously closed at $156.23.

Several other brokerages also recently commented on EXR. Wall Street Zen raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Raymond James Financial assumed coverage on shares of Extra Space Storage in a research report on Thursday, July 16th. They set an “outperform” rating and a $44.00 target price on the stock. Wells Fargo & Company cut their target price on shares of Extra Space Storage from $158.00 to $157.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 1st. JPMorgan Chase & Co. cut their target price on shares of Extra Space Storage from $157.00 to $153.00 and set a “neutral” rating on the stock in a research note on Monday, September 21st. Finally, Truist Financial upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and reduced their price target for the stock from $148.00 to $147.00 in a report on Thursday, October 1st. Eight analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.75.

Institutional Investors Weigh In On Extra Space Storage

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Extra Space Storage during the 2nd quarter valued at $3,334,263,000. First Eagle Investment Management LLC boosted its stake in shares of Extra Space Storage by 1.0% in the 2nd quarter. First Eagle Investment Management LLC now owns 3,876,997 shares of the real estate investment trust’s stock valued at $563,328,000 after purchasing an additional 38,306 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Extra Space Storage by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,206,587 shares of the real estate investment trust’s stock valued at $420,461,000 after purchasing an additional 33,631 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Extra Space Storage by 24,295.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,241,413 shares of the real estate investment trust’s stock valued at $325,677,000 after purchasing an additional 2,232,225 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in shares of Extra Space Storage during the 2nd quarter valued at $299,746,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

The company has a market cap of $33.46 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 4.45 and a beta of 1.07. The company’s fifty day moving average is $139.58 and its 200 day moving average is $142.62. The company has a current ratio of 0.25, a quick ratio of 1.56 and a debt-to-equity ratio of 0.97.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.17 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.93). Extra Space Storage had a return on equity of 7.36% and a net margin of 29.90%. The business had revenue of $889.79 million during the quarter, compared to the consensus estimate of $886.61 million. During the same period in the prior year, the firm earned $2.08 earnings per share. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, equities analysts predict that Extra Space Storage Inc will post 8.46 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be issued a dividend of $1.62 per share. The ex-dividend date is Tuesday, December 15th. This represents a $6.48 annualized dividend and a yield of 4.0%. Extra Space Storage’s dividend payout ratio is currently 131.71%.

Extra Space Storage Company Profile

Extra Space Storage Inc is a real estate investment trust that owns, operates, manages and develops self-storage properties in the United States. The company provides storage units for residential, business and vehicle-storage customers, with facilities offering a range of unit sizes and access options.

In addition to operating properties under the Extra Space Storage brand, the company provides third-party property management, acquisition and development services for self-storage owners.