Extra Space Storage (NYSE:EXR) Lowered to Underperform Rating by Bank of America

Bank of America lowered shares of Extra Space Storage (NYSE:EXR) from a neutral rating to an underperform rating in a report published on Thursday, MarketBeat reports. Bank of America currently has $143.00 price objective on the real estate investment trust’s stock.

Several other analysts also recently commented on the stock. Truist Financial increased their target price on shares of Extra Space Storage from $142.00 to $146.00 and gave the company a “hold” rating in a report on Tuesday, January 20th. UBS Group reduced their price objective on shares of Extra Space Storage from $156.00 to $148.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Mizuho increased their price objective on shares of Extra Space Storage from $137.00 to $143.00 and gave the company an “outperform” rating in a research note on Monday, January 12th. Wall Street Zen cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Finally, Barclays reaffirmed an “overweight” rating and issued a $164.00 target price on shares of Extra Space Storage in a report on Tuesday, January 13th. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Extra Space Storage presently has an average rating of “Hold” and a consensus price target of $144.67.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock opened at $138.47 on Thursday. Extra Space Storage has a 52 week low of $121.03 and a 52 week high of $162.77. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 0.89. The business has a 50 day moving average price of $135.49 and a 200-day moving average price of $139.00. The company has a market cap of $29.39 billion, a PE ratio of 30.91, a price-to-earnings-growth ratio of 2.73 and a beta of 1.27.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were paid a dividend of $1.62 per share. The ex-dividend date was Monday, December 15th. This represents a $6.48 annualized dividend and a dividend yield of 4.7%. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.64%.

Institutional Trading of Extra Space Storage

A number of large investors have recently bought and sold shares of the company. Cromwell Holdings LLC grew its stake in shares of Extra Space Storage by 14.6% during the 4th quarter. Cromwell Holdings LLC now owns 574 shares of the real estate investment trust’s stock worth $75,000 after acquiring an additional 73 shares during the period. Versant Capital Management Inc boosted its position in Extra Space Storage by 60.2% during the third quarter. Versant Capital Management Inc now owns 213 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 80 shares during the period. Gilman Hill Asset Management LLC increased its stake in shares of Extra Space Storage by 5.0% in the fourth quarter. Gilman Hill Asset Management LLC now owns 1,690 shares of the real estate investment trust’s stock worth $220,000 after purchasing an additional 80 shares in the last quarter. Brown Advisory Inc. raised its position in shares of Extra Space Storage by 1.8% in the second quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust’s stock valued at $653,000 after purchasing an additional 80 shares during the period. Finally, Prestige Wealth Management Group LLC lifted its stake in shares of Extra Space Storage by 2.9% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 3,128 shares of the real estate investment trust’s stock valued at $441,000 after buying an additional 88 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

About Extra Space Storage

Extra Space Storage (NYSE: EXR) is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.