Extra Space Storage Inc. (NYSE:EXR) Receives $171.50 Average Price Target from Brokerages

Shares of Extra Space Storage Inc. (NYSE:EXR) have earned a consensus recommendation of “Hold” from the fourteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and five have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $171.36.

Several equities research analysts have issued reports on EXR shares. Evercore ISI decreased their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Barclays raised their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Finally, Royal Bank of Canada began coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective on the stock.

Insider Activity

In related news, Director Kenneth M. Woolley sold 6,647 shares of Extra Space Storage stock in a transaction on Friday, September 13th. The shares were sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now owns 404,306 shares in the company, valued at approximately $71,655,152.38. The trade was a 1.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This trade represents a 23.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,228 shares of company stock worth $3,023,957 over the last 90 days. Company insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Tidal Investments LLC increased its stake in shares of Extra Space Storage by 34.4% in the third quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock worth $2,278,000 after buying an additional 3,234 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Extra Space Storage in the third quarter worth $654,000. World Investment Advisors LLC bought a new stake in Extra Space Storage during the third quarter valued at $216,000. Sanctuary Advisors LLC increased its stake in Extra Space Storage by 9.1% during the third quarter. Sanctuary Advisors LLC now owns 18,480 shares of the real estate investment trust’s stock valued at $3,107,000 after purchasing an additional 1,549 shares during the last quarter. Finally, Brown Financial Advisors increased its stake in Extra Space Storage by 69.1% during the third quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock valued at $1,646,000 after purchasing an additional 3,731 shares during the last quarter. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $171.21 on Monday. The stock has a market cap of $36.29 billion, a price-to-earnings ratio of 44.82, a PEG ratio of 8.69 and a beta of 0.87. Extra Space Storage has a 52 week low of $129.23 and a 52 week high of $184.87. The company’s 50-day moving average price is $169.64 and its 200 day moving average price is $164.31. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. During the same period in the previous year, the company posted $2.02 earnings per share. Extra Space Storage’s revenue was up 10.2% on a year-over-year basis. As a group, research analysts forecast that Extra Space Storage will post 8.09 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.78%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

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.