Extra Space Storage (NYSE:EXR) Downgraded by StockNews.com to “Sell”

StockNews.com downgraded shares of Extra Space Storage (NYSE:EXRFree Report) from a hold rating to a sell rating in a research report report published on Friday morning.

Other analysts have also recently issued research reports about the stock. TheStreet raised shares of Extra Space Storage from a c+ rating to a b- rating in a research note on Thursday, January 11th. Morgan Stanley raised shares of Extra Space Storage from an underweight rating to an equal weight rating and boosted their price objective for the stock from $115.00 to $150.00 in a research note on Thursday, December 21st. Truist Financial boosted their price objective on shares of Extra Space Storage from $138.00 to $152.00 and gave the stock a hold rating in a research note on Thursday, December 28th. Bank of America cut shares of Extra Space Storage from a buy rating to a neutral rating and reduced their price objective for the stock from $155.00 to $119.00 in a research note on Monday, October 30th. Finally, The Goldman Sachs Group boosted their price objective on shares of Extra Space Storage from $168.00 to $187.00 and gave the stock a buy rating in a research note on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $151.45.

Read Our Latest Stock Report on Extra Space Storage

Extra Space Storage Stock Performance

NYSE EXR opened at $143.38 on Friday. The firm’s fifty day moving average price is $149.72 and its two-hundred day moving average price is $132.81. The stock has a market cap of $30.29 billion, a PE ratio of 26.36, a PEG ratio of 3.52 and a beta of 0.75. Extra Space Storage has a fifty-two week low of $101.19 and a fifty-two week high of $170.30. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.50 and a current ratio of 0.50.

Extra Space Storage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were issued a dividend of $1.62 per share. The ex-dividend date was Thursday, December 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.52%. This is a positive change from Extra Space Storage’s previous quarterly dividend of $0.61. Extra Space Storage’s dividend payout ratio is currently 119.12%.

Insider Activity

In related news, CEO Joseph D. Margolis acquired 4,200 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were purchased at an average price of $118.21 per share, for a total transaction of $496,482.00. Following the completion of the acquisition, the chief executive officer now owns 31,301 shares of the company’s stock, valued at $3,700,091.21. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Joseph D. Margolis acquired 4,200 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were purchased at an average price of $118.21 per share, for a total transaction of $496,482.00. Following the completion of the acquisition, the chief executive officer now owns 31,301 shares of the company’s stock, valued at $3,700,091.21. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph Saffire sold 10,000 shares of the company’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $139.32, for a total transaction of $1,393,200.00. Following the transaction, the director now owns 82,344 shares in the company, valued at approximately $11,472,166.08. The disclosure for this sale can be found here. Company insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Several institutional investors have recently made changes to their positions in EXR. Whittier Trust Co. lifted its holdings in shares of Extra Space Storage by 4.5% during the 4th quarter. Whittier Trust Co. now owns 1,656 shares of the real estate investment trust’s stock worth $266,000 after acquiring an additional 72 shares during the last quarter. Private Advisor Group LLC lifted its holdings in shares of Extra Space Storage by 5.6% during the 1st quarter. Private Advisor Group LLC now owns 1,404 shares of the real estate investment trust’s stock worth $289,000 after acquiring an additional 74 shares during the last quarter. U.S. Capital Wealth Advisors LLC lifted its stake in Extra Space Storage by 1.0% in the second quarter. U.S. Capital Wealth Advisors LLC now owns 7,816 shares of the real estate investment trust’s stock worth $1,163,000 after purchasing an additional 80 shares during the last quarter. Thomas White International Ltd. lifted its stake in Extra Space Storage by 5.9% in the fourth quarter. Thomas White International Ltd. now owns 1,483 shares of the real estate investment trust’s stock worth $218,000 after purchasing an additional 83 shares during the last quarter. Finally, Navellier & Associates Inc. lifted its stake in Extra Space Storage by 2.7% in the second quarter. Navellier & Associates Inc. now owns 3,679 shares of the real estate investment trust’s stock worth $548,000 after purchasing an additional 95 shares during the last quarter. Institutional investors and hedge funds own 66.40% of the company’s stock.

About Extra Space Storage

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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 September 30, 2023, the Company owned and/or operated 3,651 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.5 million units and approximately 279.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.

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Analyst Recommendations for Extra Space Storage (NYSE:EXR)

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