Brokerages Set Extra Space Storage Inc. (NYSE:EXR) Target Price at $150.17

Shares of Extra Space Storage Inc. (NYSE:EXR) have been assigned an average recommendation of “Hold” from the twelve research firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $150.17.

EXR has been the subject of several analyst reports. Wells Fargo & Company raised their price objective on Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, April 5th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. Raymond James restated an “outperform” rating and issued a $160.00 price objective on shares of Extra Space Storage in a report on Thursday, March 28th. Truist Financial raised their target price on shares of Extra Space Storage from $138.00 to $152.00 and gave the company a “hold” rating in a research note on Thursday, December 28th. Finally, Scotiabank assumed coverage on shares of Extra Space Storage in a research note on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 target price for the company.

Extra Space Storage Price Performance

EXR stock opened at $135.87 on Friday. The stock has a 50-day moving average price of $143.10 and a two-hundred day moving average price of $137.46. The stock has a market cap of $28.75 billion, a PE ratio of 27.50, a price-to-earnings-growth ratio of 3.46 and a beta of 0.74. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $164.99.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The firm had revenue of $797.77 million for the quarter, compared to the consensus estimate of $778.05 million. Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. Extra Space Storage’s revenue for the quarter was up 57.4% on a year-over-year basis. During the same quarter last year, the company posted $2.09 EPS. Equities analysts forecast that Extra Space Storage will post 8.05 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.77%. Extra Space Storage’s dividend payout ratio (DPR) is presently 131.17%.

Insider Transactions at Extra Space Storage

In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the transaction, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the sale, the executive vice president now directly owns 37,028 shares in the company, valued at approximately $5,369,060. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,532 shares of company stock valued at $514,819. 1.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC lifted its holdings in Extra Space Storage by 8.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,636 shares of the real estate investment trust’s stock valued at $1,122,000 after buying an additional 583 shares during the period. Vert Asset Management LLC raised its holdings in shares of Extra Space Storage by 1.1% during the first quarter. Vert Asset Management LLC now owns 86,495 shares of the real estate investment trust’s stock valued at $12,715,000 after purchasing an additional 973 shares during the period. Ignite Planners LLC acquired a new position in shares of Extra Space Storage during the first quarter valued at about $702,000. Gulf International Bank UK Ltd raised its holdings in shares of Extra Space Storage by 0.7% during the first quarter. Gulf International Bank UK Ltd now owns 17,446 shares of the real estate investment trust’s stock valued at $2,564,000 after purchasing an additional 127 shares during the period. Finally, Czech National Bank increased its position in shares of Extra Space Storage by 0.5% during the first quarter. Czech National Bank now owns 37,174 shares of the real estate investment trust’s stock worth $5,465,000 after acquiring an additional 170 shares in the last quarter. Institutional investors and hedge funds 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.