Extra Space Storage (NYSE:EXR) Receives “Neutral” Rating from The Goldman Sachs Group

The Goldman Sachs Group reaffirmed their neutral rating on shares of Extra Space Storage (NYSE:EXR) in a research report sent to investors on Thursday, Marketbeat reports. The Goldman Sachs Group currently has a $146.00 price target on the real estate investment trust’s stock, down from their previous price target of $169.00.

A number of other equities analysts have also recently issued reports on EXR. BNP Paribas Exane started coverage on shares of Extra Space Storage in a research report on Tuesday, June 24th. They issued a “neutral” rating and a $156.00 price objective on the stock. Barclays decreased their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. Evercore ISI decreased their price objective on shares of Extra Space Storage from $148.00 to $146.00 and set an “in-line” rating on the stock in a research report on Monday, August 4th. Benchmark decreased their price objective on shares of Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, May 13th. Finally, Truist Financial decreased their price objective on shares of Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a research report on Tuesday. Six equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $153.86.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $139.0050 on Thursday. The stock has a market cap of $29.50 billion, a PE ratio of 30.15, a PEG ratio of 3.38 and a beta of 1.07. The company’s fifty day moving average is $145.34 and its 200 day moving average is $146.90. Extra Space Storage has a 52 week low of $121.03 and a 52 week high of $184.87. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88.

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

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.7%. Extra Space Storage’s payout ratio is 140.56%.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated 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 $4,098,541. The trade was a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.96% of the stock is owned by insiders.

Institutional Investors Weigh In On Extra Space Storage

Several hedge funds have recently bought and sold shares of EXR. Norges Bank bought a new stake in Extra Space Storage during the second quarter worth about $1,058,303,000. JPMorgan Chase & Co. boosted its stake in Extra Space Storage by 205.7% during the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust’s stock worth $608,001,000 after acquiring an additional 2,755,265 shares in the last quarter. Nuveen LLC bought a new stake in Extra Space Storage during the first quarter worth about $257,917,000. Resolution Capital Ltd boosted its stake in Extra Space Storage by 116.2% during the second quarter. Resolution Capital Ltd now owns 1,950,842 shares of the real estate investment trust’s stock worth $287,632,000 after acquiring an additional 1,048,685 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Extra Space Storage by 570.3% during the first quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust’s stock worth $166,180,000 after acquiring an additional 956,500 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

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.