Extra Space Storage (NYSE:EXR) Price Target Cut to $165.00 by Analysts at Wells Fargo & Company

Extra Space Storage (NYSE:EXR) had its price objective lowered by Wells Fargo & Company from $170.00 to $165.00 in a research report report published on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued reports about the company. Truist Financial increased their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 target price on the stock in a report on Friday, January 10th. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, January 28th. Finally, Barclays decreased their price target on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $173.09.

Extra Space Storage Stock Performance

Shares of EXR opened at $155.85 on Friday. The business’s fifty day simple moving average is $151.65 and its two-hundred day simple moving average is $163.74. 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 has a 12 month low of $131.02 and a 12 month high of $184.87. The company has a market cap of $33.04 billion, a price-to-earnings ratio of 40.80, a P/E/G ratio of 7.65 and a beta of 0.91.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.16%. Extra Space Storage’s dividend payout ratio is presently 169.63%.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now owns 16,690 shares of the company’s stock, valued at $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of large investors have recently bought and sold shares of the business. State Street Corp raised its stake in Extra Space Storage by 1.7% in the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock worth $2,412,894,000 after buying an additional 227,006 shares in the last quarter. Cohen & Steers Inc. grew its holdings in Extra Space Storage by 5.9% in the fourth quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock worth $1,383,094,000 after purchasing an additional 516,941 shares during the last quarter. Norges Bank purchased a new position in Extra Space Storage in the fourth quarter worth $938,647,000. Dimensional Fund Advisors LP grew its holdings in Extra Space Storage by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust’s stock worth $469,229,000 after purchasing an additional 24,533 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Extra Space Storage by 3.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust’s stock worth $458,520,000 after purchasing an additional 104,986 shares during 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.