Extra Space Storage Inc. (NYSE:EXR) Receives Average Recommendation of "Hold" from Analysts

Extra Space Storage Inc. (NYSE:EXR - Get Free Report) has received an average rating of "Hold" from the fourteen ratings firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and five have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $171.36.

Several research firms have weighed in on EXR. Royal Bank of Canada began coverage on Extra Space Storage in a research note on Tuesday, September 10th. They issued a "sector perform" rating and a $180.00 price target for the company. Wells Fargo & Company restated an "equal weight" rating and issued a $175.00 price target on shares of Extra Space Storage in a research note on Monday, October 21st. Jefferies Financial Group upgraded Extra Space Storage from a "hold" rating to a "buy" rating and increased their target price for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Evercore ISI lowered their target price on Extra Space Storage from $170.00 to $168.00 and set an "in-line" rating for the company in a research report on Monday, October 14th. Finally, Truist Financial increased their target price on Extra Space Storage from $152.00 to $167.00 and gave the company a "hold" rating in a research report on Friday, August 16th.

Extra Space Storage Stock Performance

Shares of NYSE EXR traded up $4.84 during midday trading on Monday, hitting $172.98. 357,915 shares of the company's stock traded hands, compared to its average volume of 1,027,720. Extra Space Storage has a 1 year low of $125.82 and a 1 year high of $184.87. The stock has a market capitalization of $36.67 billion, a price-to-earnings ratio of 45.58, a price-to-earnings-growth ratio of 8.47 and a beta of 0.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The firm has a fifty day moving average of $170.44 and a 200 day moving average of $163.68.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). The firm had revenue of $824.80 million during the quarter, compared to analysts' expectations of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company's revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.02 earnings per share. On average, analysts forecast that Extra Space Storage will post 8.09 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage's dividend payout ratio is presently 169.63%.

Insiders Place Their Bets

In related news, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the transaction, the director now directly owns 5,877 shares in the company, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares of the company's stock, valued at $4,318,398.80. This trade represents a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,228 shares of company stock valued at $3,374,617. 1.36% of the stock is currently owned by corporate insiders.

Institutional Trading of Extra Space Storage

Several large investors have recently made changes to their positions in the company. Pathway Financial Advisers LLC boosted its stake in Extra Space Storage by 17,832.9% during the third quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust's stock worth $363,783,000 after buying an additional 2,007,626 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Extra Space Storage by 724.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust's stock worth $357,100,000 after buying an additional 1,741,320 shares during the last quarter. Boston Partners acquired a new position in Extra Space Storage during the first quarter worth $130,554,000. Janus Henderson Group PLC boosted its stake in Extra Space Storage by 2,244.2% during the first quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust's stock worth $87,824,000 after buying an additional 572,231 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in Extra Space Storage by 543.5% during the second quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust's stock worth $61,724,000 after buying an additional 335,447 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

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.