Extra Space Storage (NYSE:EXR) Price Target Raised to $167.00 at Evercore ISI

Extra Space Storage (NYSE:EXR) had its price objective upped by Evercore ISI from $166.00 to $167.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has an in-line rating on the real estate investment trust’s stock.

Several other equities research analysts also recently commented on the stock. Barclays upped 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 report on Thursday, August 22nd. Scotiabank upped their price target on shares of Extra Space Storage from $159.00 to $169.00 and gave the company a sector underperform rating in a research report on Thursday, August 22nd. Raymond James upped their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an outperform rating in a research report on Tuesday, July 23rd. Bank of America downgraded shares of Extra Space Storage from a neutral rating to an underperform rating and reduced their price target for the company from $172.00 to $155.00 in a research report on Monday, August 5th. Finally, Citigroup dropped their price objective 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. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Extra Space Storage has a consensus rating of Hold and a consensus target price of $166.58.

Extra Space Storage Stock Down 2.0 %

EXR stock opened at $174.71 on Wednesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.15. The firm has a market cap of $36.99 billion, a PE ratio of 38.91, a P/E/G ratio of 3.37 and a beta of 0.83. Extra Space Storage has a 12 month low of $101.19 and a 12 month high of $179.23. The firm has a 50 day simple moving average of $162.86 and a 200 day simple moving average of $150.52.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.71%. Extra Space Storage’s dividend payout ratio (DPR) is 144.32%.

Insider Transactions at Extra Space Storage

In other news, Director Joseph J. Bonner sold 677 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the transaction, the director now owns 5,229 shares in the company, valued at approximately $775,042.38. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the transaction, the director now directly owns 5,229 shares in the company, valued at approximately $775,042.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the transaction, the chief executive officer now owns 31,690 shares in the company, valued at $4,835,260.20. The disclosure for this sale can be found here. Insiders have sold a total of 11,000 shares of company stock worth $1,744,394 in the last 90 days. 1.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cetera Investment Advisers boosted its holdings in Extra Space Storage by 0.4% in the 2nd quarter. Cetera Investment Advisers now owns 45,643 shares of the real estate investment trust’s stock valued at $7,093,000 after purchasing an additional 193 shares during the period. Truist Financial Corp boosted its holdings in Extra Space Storage by 15.6% in the 2nd quarter. Truist Financial Corp now owns 34,371 shares of the real estate investment trust’s stock valued at $5,342,000 after purchasing an additional 4,641 shares during the period. Pathway Financial Advisers LLC boosted its holdings in Extra Space Storage by 1.6% in the 2nd quarter. Pathway Financial Advisers LLC now owns 11,258 shares of the real estate investment trust’s stock valued at $1,742,000 after purchasing an additional 177 shares during the period. Quarry LP boosted its holdings in Extra Space Storage by 1,480.0% in the 2nd quarter. Quarry LP now owns 869 shares of the real estate investment trust’s stock valued at $135,000 after purchasing an additional 814 shares during the period. Finally, Sunbelt Securities Inc. boosted its holdings in Extra Space Storage by 441.2% in the 2nd quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust’s stock valued at $96,000 after purchasing an additional 503 shares during the period. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.