Extra Space Storage (NYSE:EXR) Price Target Increased to $169.00 by Analysts at Scotiabank

Extra Space Storage (NYSE:EXR) had its price objective increased by Scotiabank from $159.00 to $169.00 in a research report sent to investors on Thursday, Benzinga reports. Scotiabank currently has a sector underperform rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently commented on the company. Raymond James raised their target price on Extra Space Storage from $160.00 to $175.00 and gave the stock an outperform rating in a research note on Tuesday, July 23rd. Wells Fargo & Company lifted their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an overweight rating in a research note on Friday, July 26th. Citigroup cut their target price on shares of Extra Space Storage from $168.00 to $160.00 and set a neutral rating on the stock in a research note on Friday, June 7th. Barclays lifted their price target on shares of Extra Space Storage from $158.00 to $188.00 and gave the company an overweight rating in a research note on Thursday. Finally, Evercore ISI increased their price objective on shares of Extra Space Storage from $140.00 to $151.00 and gave the stock an in-line rating in a research report on Monday, July 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $165.25.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock opened at $173.70 on Thursday. The business has a 50-day moving average price of $161.29 and a two-hundred day moving average price of $149.49. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $173.81. The company has a current ratio of 0.20, a quick ratio of 0.15 and a debt-to-equity ratio of 0.76. The company has a market cap of $36.78 billion, a P/E ratio of 38.69, a PEG ratio of 3.37 and a beta of 0.83.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend is Monday, September 16th. Extra Space Storage’s dividend payout ratio is currently 144.32%.

Insider Transactions at Extra Space Storage

In related news, Director Joseph J. Bonner sold 677 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $148.22, for a total transaction of $100,344.94. Following the completion of the sale, the director now owns 5,229 shares in the company, valued at $775,042.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the sale, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Joseph J. Bonner sold 677 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $148.22, for a total value of $100,344.94. Following the completion of the transaction, the director now owns 5,229 shares in the company, valued at approximately $775,042.38. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

A number of institutional investors and hedge funds have recently modified their holdings of the business. Massmutual Trust Co. FSB ADV grew its stake in Extra Space Storage by 19.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after purchasing an additional 76 shares during the period. QRG Capital Management Inc. raised its position in Extra Space Storage by 5.2% in the first quarter. QRG Capital Management Inc. now owns 1,588 shares of the real estate investment trust’s stock worth $233,000 after acquiring an additional 78 shares during the period. Park Avenue Securities LLC boosted its stake in Extra Space Storage by 2.1% in the second quarter. Park Avenue Securities LLC now owns 3,773 shares of the real estate investment trust’s stock valued at $586,000 after acquiring an additional 79 shares during the last quarter. Gallacher Capital Management LLC boosted its stake in Extra Space Storage by 1.2% in the second quarter. Gallacher Capital Management LLC now owns 7,433 shares of the real estate investment trust’s stock valued at $1,155,000 after acquiring an additional 86 shares during the last quarter. Finally, Profund Advisors LLC grew its position in shares of Extra Space Storage by 2.9% during the 2nd quarter. Profund Advisors LLC now owns 3,279 shares of the real estate investment trust’s stock valued at $510,000 after acquiring an additional 93 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

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 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.