Extra Space Storage (NYSE:EXR) Price Target Lowered to $138.00 at Truist Financial

Extra Space Storage (NYSE:EXR) had its price target cut by Truist Financial from $155.00 to $138.00 in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. They currently have a hold rating on the real estate investment trust’s stock.

A number of other equities analysts also recently weighed in on EXR. Evercore ISI raised shares of Extra Space Storage from an underperform rating to an outperform rating and set a $164.00 target price for the company in a research note on Monday, June 12th. StockNews.com cut shares of Extra Space Storage from a hold rating to a sell rating in a research report on Friday, August 25th. Finally, Bank of America started coverage on shares of Extra Space Storage in a research report on Monday, May 8th. They set a buy rating for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $163.00.

Extra Space Storage Trading Up 1.6 %

Shares of NYSE EXR opened at $130.58 on Tuesday. Extra Space Storage has a 1-year low of $123.67 and a 1-year high of $206.29. The company has a market cap of $27.59 billion, a PE ratio of 21.30, a P/E/G ratio of 6.67 and a beta of 0.54. The company has a current ratio of 0.24, a quick ratio of 0.24 and a debt-to-equity ratio of 1.86. The company has a 50-day moving average of $140.26 and a two-hundred day moving average of $149.30.

Extra Space Storage Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, September 14th. Extra Space Storage’s dividend payout ratio is currently 105.71%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EXR. First Horizon Advisors Inc. grew its holdings in Extra Space Storage by 1,272.7% during the first quarter. First Horizon Advisors Inc. now owns 151 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 140 shares during the period. Money Concepts Capital Corp bought a new stake in shares of Extra Space Storage in the fourth quarter worth $27,000. Massmutual Trust Co. FSB ADV lifted its position in shares of Extra Space Storage by 262.0% in the first quarter. Massmutual Trust Co. FSB ADV now owns 181 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 131 shares in the last quarter. CNB Bank bought a new stake in Extra Space Storage during the first quarter worth $32,000. Finally, IFP Advisors Inc raised its position in Extra Space Storage by 110.4% during the second quarter. IFP Advisors Inc now owns 223 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 117 shares in the last quarter. Institutional investors and hedge funds own 66.40% of the company’s stock.

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 June 30, 2023, the Company owned and/or operated 2,438 self-storage stores in 41 states and Washington, DC The Company's stores comprise approximately 1.7 million units and approximately 184.0 million square feet of rentable space.