Extra Space Storage (NYSE:EXR) Receives “Outperform” Rating from Raymond James

Raymond James reissued their outperform rating on shares of Extra Space Storage (NYSE:EXR) in a report published on Thursday morning, MarketBeat.com reports. Raymond James currently has a $160.00 price objective on the real estate investment trust’s stock.

A number of other research firms also recently weighed in on EXR. TheStreet raised Extra Space Storage from a c+ rating to a b- rating in a report on Thursday, January 11th. Barclays initiated coverage on Extra Space Storage in a report on Wednesday. They set an overweight rating and a $157.00 target price for the company. Scotiabank initiated coverage on Extra Space Storage in a report on Tuesday, February 13th. They set a sector underperform rating and a $131.00 target price for the company. Deutsche Bank Aktiengesellschaft assumed coverage on Extra Space Storage in a report on Tuesday, January 30th. They set a hold rating and a $141.00 target price for the company. Finally, The Goldman Sachs Group raised their price target on Extra Space Storage from $168.00 to $187.00 and gave the stock a buy rating in a research report on Thursday, January 11th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $151.08.

Extra Space Storage Trading Up 0.1 %

Shares of Extra Space Storage stock opened at $146.93 on Thursday. The business has a fifty day simple moving average of $143.49 and a two-hundred day simple moving average of $135.48. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $165.85. The company has a market capitalization of $31.09 billion, a price-to-earnings ratio of 29.74, a P/E/G ratio of 3.45 and a beta of 0.74. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.30 and a quick ratio of 0.30.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The business had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. During the same period in the prior year, the business earned $2.09 EPS. The company’s revenue for the quarter was up 57.4% compared to the same quarter last year. Research analysts forecast that Extra Space Storage will post 8.04 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date is Thursday, March 14th. Extra Space Storage’s dividend payout ratio is presently 131.17%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now owns 94,126 shares in the company, valued at $13,785,693.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the sale, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The disclosure for this sale can be found here. Insiders have sold a total of 3,532 shares of company stock worth $514,819 over the last 90 days. Insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Whittier Trust Co. lifted its stake in shares of Extra Space Storage by 4.5% in the fourth 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 period. Private Advisor Group LLC lifted its stake in shares of Extra Space Storage by 5.6% in the first 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 period. Thomas White International Ltd. lifted its stake in shares of 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 acquiring an additional 83 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Extra Space Storage by 35.2% in the first quarter. Geneos Wealth Management Inc. now owns 384 shares of the real estate investment trust’s stock worth $78,000 after acquiring an additional 100 shares during the period. Finally, Mercer Global Advisors Inc. ADV lifted its stake in shares of Extra Space Storage by 3.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 3,379 shares of the real estate investment trust’s stock worth $542,000 after acquiring an additional 110 shares during the period. 99.11% of the stock is owned by institutional investors and hedge funds.

Extra Space Storage Company Profile

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.