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

Extra Space Storage Inc. (NYSE:EXR) has been given a consensus rating of “Hold” by the twelve ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $149.67.

Several brokerages have recently issued reports on EXR. Raymond James reiterated an “outperform” rating and set a $160.00 price target on shares of Extra Space Storage in a report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft initiated coverage on Extra Space Storage in a report on Tuesday, January 30th. They set a “hold” rating and a $141.00 price target for the company. Evercore ISI reduced their target price on Extra Space Storage from $145.00 to $139.00 in a report on Wednesday, May 1st. Scotiabank initiated coverage on Extra Space Storage in a report on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 target price for the company. Finally, StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd.

Insiders Place Their Bets

In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the sale, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The disclosure for this sale can be found here. Insiders have sold a total of 3,532 shares of company stock valued at $514,819 in the last three months. Company insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

Institutional investors and hedge funds have recently modified their holdings of the company. EdgeRock Capital LLC bought a new stake in shares of Extra Space Storage during the fourth quarter valued at approximately $26,000. Creekmur Asset Management LLC bought a new stake in Extra Space Storage in the fourth quarter valued at $26,000. Zions Bancorporation N.A. grew its position in Extra Space Storage by 241.9% in the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 150 shares during the period. Anchor Investment Management LLC bought a new stake in Extra Space Storage in the fourth quarter valued at $35,000. Finally, EverSource Wealth Advisors LLC grew its position in Extra Space Storage by 162.5% in the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 143 shares during the period. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Trading Down 1.6 %

Shares of NYSE EXR opened at $140.95 on Thursday. The firm has a market capitalization of $29.84 billion, a PE ratio of 31.39, a PEG ratio of 3.48 and a beta of 0.76. The company has a current ratio of 0.15, a quick ratio of 0.30 and a debt-to-equity ratio of 0.73. Extra Space Storage has a one year low of $101.19 and a one year high of $164.99. The business has a 50-day moving average price of $141.74 and a two-hundred day moving average price of $139.46.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (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 analyst estimates of $778.05 million. Extra Space Storage had a net margin of 29.10% and a return on equity of 6.76%. The firm’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.09 earnings per share. As a group, analysts predict that Extra Space Storage will post 8.05 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.60%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s dividend payout ratio is currently 144.32%.

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.