Extra Space Storage Inc. (NYSE:EXR – Free Report) – Investment analysts at KeyCorp issued their Q3 2023 earnings per share estimates for Extra Space Storage in a research note issued on Sunday, September 10th. KeyCorp analyst T. Thomas expects that the real estate investment trust will earn $2.06 per share for the quarter. The consensus estimate for Extra Space Storage’s current full-year earnings is $7.96 per share. KeyCorp also issued estimates for Extra Space Storage’s Q4 2023 earnings at $2.06 EPS, Q1 2024 earnings at $2.08 EPS, Q2 2024 earnings at $2.16 EPS, Q3 2024 earnings at $2.22 EPS, Q4 2024 earnings at $2.23 EPS and FY2024 earnings at $8.70 EPS.
Other equities analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. Evercore ISI raised Extra Space Storage from an “underperform” rating to an “outperform” rating and set a $164.00 price objective for the company in a research report on Monday, June 12th. Truist Financial dropped their target price on Extra Space Storage from $155.00 to $138.00 and set a “hold” rating on the stock in a report on Tuesday, August 29th. Finally, Raymond James reduced their price target on Extra Space Storage from $185.00 to $165.00 and set a “strong-buy” rating for the company in a report on Thursday, August 31st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $160.14.
Extra Space Storage Stock Down 1.0 %
Shares of Extra Space Storage stock traded down $1.26 during trading on Wednesday, hitting $125.54. The company’s stock had a trading volume of 43,723 shares, compared to its average volume of 1,498,673. Extra Space Storage has a 52 week low of $123.67 and a 52 week high of $192.50. The company has a market capitalization of $26.53 billion, a PE ratio of 20.69, a P/E/G ratio of 12.59 and a beta of 0.56. The company has a fifty day simple moving average of $136.44 and a two-hundred day simple moving average of $147.08. The company has a debt-to-equity ratio of 1.86, a quick ratio of 0.24 and a current ratio of 0.24.
Institutional Investors Weigh In On Extra Space Storage
Large investors have recently added to or reduced their stakes in the stock. Securian Asset Management Inc. boosted its stake in shares of Extra Space Storage by 1.1% in the 1st quarter. Securian Asset Management Inc. now owns 11,201 shares of the real estate investment trust’s stock worth $1,825,000 after buying an additional 124 shares during the last quarter. Oak Thistle LLC purchased a new position in Extra Space Storage in the first quarter worth about $362,000. Capital Analysts LLC grew its stake in shares of Extra Space Storage by 1,255.1% during the 1st quarter. Capital Analysts LLC now owns 2,263 shares of the real estate investment trust’s stock valued at $369,000 after purchasing an additional 2,096 shares during the period. Credit Suisse AG increased its position in shares of Extra Space Storage by 7.1% during the 4th quarter. Credit Suisse AG now owns 230,286 shares of the real estate investment trust’s stock valued at $33,893,000 after purchasing an additional 15,327 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Extra Space Storage by 8.4% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 176,342 shares of the real estate investment trust’s stock worth $28,731,000 after purchasing an additional 13,690 shares during the period. Institutional investors own 66.40% of the company’s stock.
Insider Activity at Extra Space Storage
In other Extra Space Storage news, Director Joseph J. Bonner sold 956 shares of the business’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $125.64, for a total value of $120,111.84. Following the completion of the transaction, the director now owns 4,504 shares of the company’s stock, valued at approximately $565,882.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.55% of the stock is currently owned by insiders.
Extra Space Storage Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Thursday, September 14th. Extra Space Storage’s payout ratio is currently 39.80%.
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 June 30, 2023, the Company owned and/or operated 2,438 self-storage stores in 41 states and Washington, DC The Company's stores comprise approximately 1.7 million units and approximately 184.0 million square feet of rentable space.
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