Extra Space Storage (NYSE:EXR) Given New $162.00 Price Target at JPMorgan Chase & Co.

Extra Space Storage (NYSE:EXR) had its price target upped by JPMorgan Chase & Co. from $160.00 to $162.00 in a report published on Friday,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

Several other analysts also recently weighed in on the company. Evercore ISI increased their target price on Extra Space Storage from $144.00 to $149.00 and gave the company an “in-line” rating in a research note on Thursday, May 1st. Barclays decreased their target price on Extra Space Storage from $181.00 to $178.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Wall Street Zen upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Wednesday, April 30th. Bank of America upped their price target on Extra Space Storage from $155.00 to $161.00 and gave the company a “neutral” rating in a report on Tuesday, May 13th. Finally, Scotiabank upped their price target on Extra Space Storage from $149.00 to $166.00 and gave the company a “sector outperform” rating in a report on Monday, May 12th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $159.54.

Extra Space Storage Stock Performance

EXR opened at $149.47 on Friday. The company has a market cap of $31.72 billion, a PE ratio of 39.13, a price-to-earnings-growth ratio of 7.76 and a beta of 1.11. The stock has a 50-day moving average of $145.26 and a 200-day moving average of $149.57. Extra Space Storage has a 52-week low of $121.03 and a 52-week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.04. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. During the same quarter in the prior year, the company earned $1.96 EPS. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities research analysts forecast that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.34%. Extra Space Storage’s payout ratio is presently 150.35%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the sale, the chief executive officer now owns 9,190 shares of the company’s stock, valued at $1,355,065.50. This represents a 44.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors have recently modified their holdings of EXR. Harbour Investments Inc. increased its holdings in shares of Extra Space Storage by 90.9% in the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 80 shares in the last quarter. GKV Capital Management Co. Inc. bought a new position in Extra Space Storage in the 1st quarter valued at $29,000. Quent Capital LLC increased its stake in shares of Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 154 shares during the period. Zions Bancorporation National Association UT acquired a new stake in shares of Extra Space Storage in the 1st quarter valued at $50,000. Finally, Asset Planning Inc acquired a new stake in shares of Extra Space Storage in the 4th quarter valued at $52,000. 99.11% of the stock is owned by institutional investors.

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.