Extra Space Storage (NYSE:EXR) Upgraded to “Buy” by Jefferies Financial Group

Jefferies Financial Group upgraded shares of Extra Space Storage (NYSE:EXR) from a hold rating to a buy rating in a report published on Wednesday, Marketbeat.com reports. The firm currently has $204.00 target price on the real estate investment trust’s stock, up from their previous target price of $162.00.

A number of other equities research analysts also recently commented on the stock. Citigroup reduced their price objective on shares of Extra Space Storage from $168.00 to $160.00 and set a neutral rating for the company in a research report on Friday, June 7th. KeyCorp upped their price objective on Extra Space Storage from $172.00 to $178.00 and gave the stock an overweight rating in a report on Monday, September 9th. Bank of America cut Extra Space Storage from a neutral rating to an underperform rating and cut their price objective for the stock from $172.00 to $155.00 in a research report on Monday, August 5th. Scotiabank boosted their target price on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a sector underperform rating in a research report on Thursday, August 22nd. Finally, Raymond James increased their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an outperform rating in a report on Tuesday, July 23rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Extra Space Storage has an average rating of Hold and a consensus target price of $170.93.

Extra Space Storage Price Performance

Shares of EXR opened at $180.41 on Wednesday. The company has a market capitalization of $38.20 billion, a price-to-earnings ratio of 40.18, a price-to-earnings-growth ratio of 2.56 and a beta of 0.86. Extra Space Storage has a fifty-two week low of $101.19 and a fifty-two week high of $184.87. The firm has a 50-day simple moving average of $170.03 and a 200-day simple moving average of $154.77. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.20 and a current ratio of 0.20.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $1.62 per share. The ex-dividend date is Monday, September 16th. This represents a $6.48 annualized dividend and a yield of 3.59%. Extra Space Storage’s dividend payout ratio is presently 144.32%.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the transaction, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the completion of the transaction, the executive vice president now directly owns 11,919 shares in the company, valued at $2,089,758.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the transaction, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,970 shares of company stock worth $3,172,757. 1.36% of the stock is currently owned by company insiders.

Institutional Trading of Extra Space Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in EXR. Massmutual Trust Co. FSB ADV lifted its holdings in Extra Space Storage by 19.7% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock worth $72,000 after buying an additional 76 shares during the last quarter. QRG Capital Management Inc. increased its stake in Extra Space Storage by 5.2% during the first quarter. QRG Capital Management Inc. now owns 1,588 shares of the real estate investment trust’s stock valued at $233,000 after purchasing an additional 78 shares during the last quarter. Park Avenue Securities LLC raised its holdings in shares of Extra Space Storage by 2.1% during the second quarter. Park Avenue Securities LLC now owns 3,773 shares of the real estate investment trust’s stock worth $586,000 after purchasing an additional 79 shares during the period. Gallacher Capital Management LLC raised its holdings in shares of Extra Space Storage by 1.2% during the second quarter. Gallacher Capital Management LLC now owns 7,433 shares of the real estate investment trust’s stock worth $1,155,000 after purchasing an additional 86 shares during the period. Finally, Profund Advisors LLC lifted its position in shares of Extra Space Storage by 2.9% in the 2nd quarter. Profund Advisors LLC now owns 3,279 shares of the real estate investment trust’s stock worth $510,000 after buying an additional 93 shares during the last quarter. Institutional investors 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.