Extra Space Storage (NYSE:EXR) Rating Increased 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 report published on Wednesday morning, Marketbeat.com reports. They currently have $204.00 price target on the real estate investment trust’s stock, up from their prior price target of $162.00.

EXR has been the topic of a number of other reports. Bank of America lowered shares of Extra Space Storage from a neutral rating to an underperform rating and decreased their price target for the company from $172.00 to $155.00 in a report on Monday, August 5th. Truist Financial increased their price target on Extra Space Storage from $152.00 to $167.00 and gave the stock a hold rating in a report on Friday, August 16th. Evercore ISI lifted their price objective on Extra Space Storage from $167.00 to $170.00 and gave the company an in-line rating in a report on Monday, September 16th. KeyCorp increased their target price on Extra Space Storage from $172.00 to $178.00 and gave the stock an overweight rating in a research note on Monday, September 9th. Finally, Royal Bank of Canada started coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They issued a sector perform rating and a $180.00 price target on the stock. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $170.93.

Extra Space Storage Stock Performance

Shares of NYSE:EXR opened at $180.41 on Wednesday. The firm’s 50 day simple moving average is $170.03 and its 200 day simple moving average is $154.68. Extra Space Storage has a fifty-two week low of $101.19 and a fifty-two week high of $184.87. The company has a market capitalization of $38.20 billion, a price-to-earnings ratio of 40.18, a P/E/G ratio of 2.56 and a beta of 0.86. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20.

Extra Space Storage Announces Dividend

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 given a dividend of $1.62 per share. The ex-dividend date is Monday, September 16th. This represents a $6.48 annualized dividend and a yield of 3.59%. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the sale, the chief executive officer now owns 31,690 shares in the company, valued at $4,835,260.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the transaction, the chief executive officer now owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 completion of the sale, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. The disclosure for this sale can be found here. Insiders sold 18,970 shares of company stock worth $3,172,757 in the last quarter. Corporate insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. GSA Capital Partners LLP acquired a new stake in Extra Space Storage in the 4th quarter valued at about $3,304,000. State of Tennessee Treasury Department boosted its stake in shares of Extra Space Storage by 252.1% during the 4th quarter. State of Tennessee Treasury Department now owns 114,819 shares of the real estate investment trust’s stock worth $18,409,000 after acquiring an additional 82,207 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Extra Space Storage by 19.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 247,203 shares of the real estate investment trust’s stock worth $36,307,000 after acquiring an additional 40,055 shares during the last quarter. Norden Group LLC bought a new stake in Extra Space Storage in the 1st quarter valued at $1,947,000. Finally, Gateway Investment Advisers LLC acquired a new stake in Extra Space Storage during the 2nd quarter valued at $16,026,000. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.