Extra Space Storage (NYSE:EXR) Upgraded to “Buy” at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Extra Space Storage (NYSE:EXR) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning, Marketbeat reports. They currently have $204.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $162.00.

Other analysts have also issued reports about the stock. Truist Financial lifted their price target on shares of Extra Space Storage from $152.00 to $167.00 and gave the stock a hold rating in a research note on Friday, August 16th. Evercore ISI lifted their target price on shares of Extra Space Storage from $167.00 to $170.00 and gave the stock an in-line rating in a research report on Monday. Wells Fargo & Company increased their price target on Extra Space Storage from $160.00 to $175.00 and gave the company an overweight rating in a report on Friday, July 26th. Royal Bank of Canada initiated coverage on Extra Space Storage in a report on Tuesday, September 10th. They issued a sector perform rating and a $180.00 price objective for the company. Finally, Raymond James increased their target price on Extra Space Storage from $160.00 to $175.00 and gave the company an outperform rating in a report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Extra Space Storage currently has an average rating of Hold and a consensus price target of $170.93.

Extra Space Storage Stock Performance

EXR stock opened at $181.65 on Wednesday. The stock’s 50 day simple moving average is $169.24 and its 200 day simple moving average is $154.28. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.76. Extra Space Storage has a 12-month low of $101.19 and a 12-month high of $184.87. The stock has a market capitalization of $38.46 billion, a PE ratio of 40.46, a price-to-earnings-growth ratio of 2.56 and a beta of 0.86.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a $1.62 dividend. The ex-dividend date is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.57%. Extra Space Storage’s payout ratio is presently 144.32%.

Insider Buying and Selling at Extra Space Storage

In other news, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total value of $350,660.00. Following the completion of the transaction, the executive vice president now owns 11,919 shares of the company’s stock, valued at $2,089,758.27. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the transaction, the director now directly owns 404,306 shares of the company’s stock, valued at $71,655,152.38. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP William N. Springer sold 2,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the transaction, the executive vice president now owns 11,919 shares of the company’s stock, valued at $2,089,758.27. The disclosure for this sale can be found here. Insiders have sold a total of 18,970 shares of company stock valued at $3,172,757 over the last ninety days. 1.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new stake in Extra Space Storage during the second quarter valued at approximately $2,631,000. Brown Financial Advisors purchased a new stake in Extra Space Storage during the 2nd quarter valued at $840,000. Cetera Investment Advisers raised its holdings in Extra Space Storage by 0.4% during 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 buying an additional 193 shares during the period. Truist Financial Corp lifted its position in Extra Space Storage by 15.6% in the second quarter. Truist Financial Corp now owns 34,371 shares of the real estate investment trust’s stock worth $5,342,000 after buying an additional 4,641 shares during the last quarter. Finally, Pathway Financial Advisers LLC boosted its stake in Extra Space Storage by 1.6% during the second quarter. Pathway Financial Advisers LLC now owns 11,258 shares of the real estate investment trust’s stock worth $1,742,000 after buying an additional 177 shares during the period. Institutional investors own 99.11% of the company’s stock.

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.