Extra Space Storage Inc. (NYSE:EXR) Receives Consensus Rating of “Hold” from Analysts

Extra Space Storage Inc. (NYSE:EXR) has received an average recommendation of “Hold” from the nine research firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $160.14.

A number of equities analysts recently weighed in on EXR shares. Truist Financial decreased their price objective on shares of Extra Space Storage from $155.00 to $138.00 and set a “hold” rating for the company in a report on Tuesday. Bank of America initiated coverage on shares of Extra Space Storage in a research note on Monday, May 8th. They set a “buy” rating for the company. Evercore ISI upgraded 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. Raymond James decreased their target price on shares of Extra Space Storage from $185.00 to $165.00 and set a “strong-buy” rating for the company in a research note on Thursday. Finally, StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, August 25th.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $128.83 on Friday. Extra Space Storage has a twelve month low of $123.67 and a twelve month high of $206.29. The firm has a market cap of $27.22 billion, a P/E ratio of 21.02, a PEG ratio of 6.71 and a beta of 0.54. The company has a 50 day moving average of $139.40 and a 200 day moving average of $148.79. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 1.86.

Extra Space Storage Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 1.89%. The ex-dividend date is Thursday, September 14th. Extra Space Storage’s dividend payout ratio is currently 39.80%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of EXR. First Horizon Advisors Inc. boosted its holdings in Extra Space Storage by 1,272.7% in the 1st quarter. First Horizon Advisors Inc. now owns 151 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 140 shares during the period. Money Concepts Capital Corp bought a new position in Extra Space Storage in the 4th quarter worth $27,000. Massmutual Trust Co. FSB ADV boosted its holdings in Extra Space Storage by 262.0% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 181 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 131 shares during the period. CNB Bank bought a new position in Extra Space Storage in the 1st quarter worth $32,000. Finally, IFP Advisors Inc boosted its holdings in Extra Space Storage by 110.4% in the 2nd quarter. IFP Advisors Inc now owns 223 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 117 shares during the period. Institutional investors 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.