Evercore ISI Trims Extra Space Storage (NYSE:EXR) Target Price to $139.00

Extra Space Storage (NYSE:EXR) had its price objective reduced by Evercore ISI from $145.00 to $139.00 in a research note published on Wednesday morning.

Other equities research analysts also recently issued reports about the company. The Goldman Sachs Group upped their price objective on Extra Space Storage from $168.00 to $187.00 and gave the company a buy rating in a research report on Thursday, January 11th. StockNews.com downgraded Extra Space Storage from a hold rating to a sell rating in a research report on Saturday, March 2nd. Raymond James reaffirmed an outperform rating and set a $160.00 price objective on shares of Extra Space Storage in a research note on Thursday, March 28th. Wells Fargo & Company increased their target price on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an overweight rating in a research note on Friday, April 5th. Finally, Scotiabank assumed coverage on shares of Extra Space Storage in a research note on Tuesday, February 13th. They set a sector underperform rating and a $131.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $149.67.

Extra Space Storage Stock Up 1.5 %

NYSE EXR opened at $141.87 on Wednesday. The stock has a 50 day moving average price of $141.56 and a 200-day moving average price of $138.70. Extra Space Storage has a one year low of $101.19 and a one year high of $164.99. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.30 and a current ratio of 0.15. The company has a market capitalization of $30.02 billion, a P/E ratio of 31.60, a P/E/G ratio of 3.43 and a beta of 0.76.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a net margin of 29.10% and a return on equity of 6.76%. The business had revenue of $797.77 million for the quarter, compared to the consensus estimate of $778.05 million. During the same quarter last year, the business earned $2.09 EPS. Extra Space Storage’s revenue for the quarter was up 57.4% compared to the same quarter last year. As a group, equities analysts predict 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 $1.62 dividend. The ex-dividend date was Thursday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.57%. Extra Space Storage’s dividend payout ratio (DPR) is 144.32%.

Insider Transactions at Extra Space Storage

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

Institutional Investors Weigh In On Extra Space Storage

Hedge funds have recently modified their holdings of the business. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Extra Space Storage by 45.0% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 8,040 shares of the real estate investment trust’s stock worth $1,182,000 after buying an additional 2,497 shares during the period. Mutual of America Capital Management LLC raised its position in shares of Extra Space Storage by 5.8% in the 1st quarter. Mutual of America Capital Management LLC now owns 32,030 shares of the real estate investment trust’s stock worth $4,708,000 after acquiring an additional 1,767 shares in the last quarter. Nordea Investment Management AB raised its position in shares of Extra Space Storage by 4.4% in the 1st quarter. Nordea Investment Management AB now owns 15,048 shares of the real estate investment trust’s stock worth $2,218,000 after acquiring an additional 634 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of Extra Space Storage during the 1st quarter worth $112,000. Finally, Tokio Marine Asset Management Co. Ltd. boosted its position in Extra Space Storage by 16.5% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,881 shares of the real estate investment trust’s stock valued at $865,000 after purchasing an additional 831 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

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.