Extra Space Storage (NYSE:EXR) Price Target Lowered to $150.00 at Truist Financial

Extra Space Storage (NYSE:EXR) had its price objective reduced by Truist Financial from $158.00 to $150.00 in a research note released on Tuesday morning, MarketBeat reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

Other research analysts have also issued research reports about the stock. Royal Bank Of Canada lowered their price objective on shares of Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating for the company in a research note on Monday, August 4th. Mizuho raised their price objective on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an “outperform” rating in a research note on Wednesday, May 28th. Benchmark decreased their price target on shares of Extra Space Storage from $61.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, May 13th. JPMorgan Chase & Co. lifted their price target on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a “neutral” rating in a research note on Friday, June 13th. Finally, Barclays decreased their price target on shares of Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. Seven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Extra Space Storage presently has an average rating of “Hold” and an average target price of $154.46.

Extra Space Storage Price Performance

Shares of EXR opened at $139.4530 on Tuesday. Extra Space Storage has a 1-year low of $121.03 and a 1-year high of $184.87. The stock has a market cap of $29.60 billion, a PE ratio of 30.25, a P/E/G ratio of 3.31 and a beta of 1.07. The firm has a 50-day simple moving average of $145.78 and a two-hundred day simple moving average of $147.05. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business had revenue of $841.62 million during the quarter, compared to analysts’ expectations of $719.43 million. During the same period in the previous year, the business posted $2.06 EPS. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, analysts forecast that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.6%. Extra Space Storage’s dividend payout ratio (DPR) is presently 140.56%.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the sale, the chief executive officer owned 27,260 shares of the company’s stock, valued at approximately $4,098,541. This trade represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors have recently modified their holdings of EXR. Norges Bank acquired a new position in shares of Extra Space Storage in the 2nd quarter valued at $1,058,303,000. JPMorgan Chase & Co. increased its holdings in shares of Extra Space Storage by 205.7% in the 1st quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust’s stock valued at $608,001,000 after acquiring an additional 2,755,265 shares during the period. Nuveen LLC acquired a new position in shares of Extra Space Storage in the 1st quarter valued at $257,917,000. Resolution Capital Ltd increased its holdings in shares of Extra Space Storage by 116.2% in the 2nd quarter. Resolution Capital Ltd now owns 1,950,842 shares of the real estate investment trust’s stock valued at $287,632,000 after acquiring an additional 1,048,685 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Extra Space Storage by 570.3% in the 1st quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust’s stock valued at $166,180,000 after acquiring an additional 956,500 shares during the period. 99.11% of the stock is 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.