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

Extra Space Storage Inc. (NYSE:EXR) has earned an average rating of “Hold” from the twelve brokerages that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $150.17.

EXR has been the subject of several research analyst reports. Wells Fargo & Company lifted their target price on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Scotiabank initiated coverage on shares of Extra Space Storage in a research report on Tuesday, February 13th. They set a “sector underperform” rating and a $131.00 target price for the company. TheStreet upgraded shares of Extra Space Storage from a “c+” rating to a “b-” rating in a research report on Thursday, January 11th. Barclays initiated coverage on shares of Extra Space Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $157.00 target price for the company. Finally, Morgan Stanley upgraded shares of Extra Space Storage from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $115.00 to $150.00 in a research report on Thursday, December 21st.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $140.69 on Friday. The company has a 50 day moving average of $143.28 and a 200 day moving average of $137.12. The stock has a market cap of $29.77 billion, a P/E ratio of 28.48, a P/E/G ratio of 3.52 and a beta of 0.74. Extra Space Storage has a 12 month low of $101.19 and a 12 month high of $164.99. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.01). The firm had revenue of $797.77 million for the quarter, compared to analysts’ expectations of $778.05 million. Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. Extra Space Storage’s revenue was up 57.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.09 EPS. As a group, sell-side analysts forecast that Extra Space Storage will post 8.05 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.61%. Extra Space Storage’s dividend payout ratio is currently 131.17%.

Insider Activity at Extra Space Storage

In related news, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the sale, the chief marketing officer now directly owns 94,126 shares in the company, valued at approximately $13,785,693.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the sale, the chief marketing officer now directly owns 94,126 shares in the company, valued at approximately $13,785,693.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the sale, the executive vice president now owns 37,028 shares of the company’s stock, valued at $5,369,060. The disclosure for this sale can be found here. Insiders sold 3,532 shares of company stock worth $514,819 in the last three months. 1.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in EXR. Vanguard Group Inc. increased its position in Extra Space Storage by 55.7% during the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after purchasing an additional 12,055,172 shares during the period. Norges Bank purchased a new position in Extra Space Storage during the 4th quarter valued at $1,022,811,000. JPMorgan Chase & Co. increased its position in Extra Space Storage by 599.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock valued at $406,781,000 after purchasing an additional 2,867,657 shares during the period. Diamond Hill Capital Management Inc. purchased a new position in Extra Space Storage during the 3rd quarter valued at $173,621,000. Finally, First Eagle Investment Management LLC grew its position in shares of Extra Space Storage by 233,362.8% in the 3rd quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock worth $160,940,000 after buying an additional 1,323,167 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Company Profile

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 December 31, 2023, the Company owned and/or operated 3,714 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.6 million units and approximately 283.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.