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

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

Several other equities research analysts have also recently issued reports on the company. Scotiabank started coverage on Extra Space Storage in a research note on Tuesday, February 13th. They issued a sector underperform rating and a $131.00 price target for the company. Barclays started coverage on Extra Space Storage in a research report on Wednesday, March 27th. They set an overweight rating and a $157.00 target price for the company. TheStreet upgraded Extra Space Storage from a c+ rating to a b- rating in a research report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Extra Space Storage in a research report on Tuesday, January 30th. They set a hold rating and a $141.00 price objective for the company. Finally, Wells Fargo & Company increased their price objective on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an overweight rating in a research note on Friday, April 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Extra Space Storage presently has an average rating of Hold and a consensus target price of $149.67.

Extra Space Storage Stock Up 3.3 %

EXR stock opened at $138.70 on Wednesday. The business’s fifty day moving average price is $141.55 and its two-hundred day moving average price is $138.54. The stock has a market capitalization of $29.35 billion, a price-to-earnings ratio of 30.89, a PEG ratio of 3.30 and a beta of 0.76. Extra Space Storage has a fifty-two week low of $101.19 and a fifty-two week high of $164.99. 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 released its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The business 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 7.28% and a net margin of 29.10%. Extra Space Storage’s revenue was up 57.4% compared to the same quarter last year. During the same period in the prior year, the business posted $2.09 earnings per share. On average, equities analysts anticipate that Extra Space Storage will post 8.05 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.67%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Insider Buying and Selling

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

Institutional Trading of Extra Space Storage

Hedge funds and other institutional investors have recently made changes to their positions in the company. Whittier Trust Co. boosted its position in 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 buying an additional 72 shares during the period. Bank Julius Baer & Co. Ltd Zurich raised its stake in shares of Extra Space Storage by 19.1% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 706 shares of the real estate investment trust’s stock valued at $113,000 after acquiring an additional 113 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Extra Space Storage by 30.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 515 shares of the real estate investment trust’s stock worth $83,000 after purchasing an additional 119 shares during the period. Private Advisor Group LLC grew its stake in shares of Extra Space Storage by 0.6% in the fourth quarter. Private Advisor Group LLC now owns 21,563 shares of the real estate investment trust’s stock worth $3,457,000 after purchasing an additional 119 shares during the last quarter. Finally, Spire Wealth Management increased its holdings in Extra Space Storage by 7.4% in the first quarter. Spire Wealth Management now owns 1,840 shares of the real estate investment trust’s stock valued at $271,000 after purchasing an additional 126 shares during the period. 99.11% of the stock is currently 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.