Analysts Set Extra Space Storage Inc. (NYSE:EXR) Price Target at $167.25

Shares of Extra Space Storage Inc. (NYSE:EXR - Get Free Report) have earned a consensus rating of "Moderate Buy" from the thirteen research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $167.25.

A number of brokerages have recently issued reports on EXR. Wells Fargo & Company cut their target price on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a research note on Friday, February 21st. Scotiabank upgraded shares of Extra Space Storage from a "sector perform" rating to a "sector outperform" rating and reduced their price objective for the company from $165.00 to $149.00 in a research note on Wednesday, April 9th. The Goldman Sachs Group restated a "buy" rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Barclays decreased their price target on Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 12th. Finally, Royal Bank of Canada dropped their price objective on Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating for the company in a research note on Thursday, February 27th.

Extra Space Storage Stock Performance

Shares of NYSE:EXR traded up $0.20 on Thursday, reaching $141.25. The company's stock had a trading volume of 280,607 shares, compared to its average volume of 1,059,265. Extra Space Storage has a 52-week low of $121.03 and a 52-week high of $184.87. The stock has a market capitalization of $29.98 billion, a P/E ratio of 36.95, a PEG ratio of 7.76 and a beta of 0.96. The stock's 50-day moving average is $145.51 and its two-hundred day moving average is $154.10. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, topping the consensus estimate of $1.10 by $0.93. The business had revenue of $821.90 million during the quarter, compared to analysts' expectations of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. As a group, sell-side analysts forecast that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.59%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage's dividend payout ratio (DPR) is 160.40%.

Insider Buying and Selling at Extra Space Storage

In other news, Director Joseph J. Bonner sold 672 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the sale, the director now owns 4,557 shares in the company, valued at approximately $679,448.70. This represents a 12.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at $3,077,320.28. The trade was a 5.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,392 shares of company stock valued at $1,392,315 in the last ninety days. Insiders own 1.36% of the company's stock.

Institutional Trading of Extra Space Storage

Several institutional investors and hedge funds have recently bought and sold shares of the company. Oregon Public Employees Retirement Fund raised its position in shares of Extra Space Storage by 0.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,160 shares of the real estate investment trust's stock valued at $2,717,000 after acquiring an additional 66 shares in the last quarter. Wedge Capital Management L L P NC raised its holdings in shares of Extra Space Storage by 1.3% during the fourth quarter. Wedge Capital Management L L P NC now owns 5,138 shares of the real estate investment trust's stock worth $769,000 after purchasing an additional 68 shares during the period. Lindbrook Capital LLC lifted its position in shares of Extra Space Storage by 14.9% in the 4th quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust's stock worth $78,000 after buying an additional 68 shares during the last quarter. Aptus Capital Advisors LLC grew its position in shares of Extra Space Storage by 4.3% during the 4th quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust's stock valued at $245,000 after buying an additional 68 shares during the last quarter. Finally, Siemens Fonds Invest GmbH grew its position in shares of Extra Space Storage by 3.0% during the 4th quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust's stock valued at $342,000 after buying an additional 68 shares during the last quarter. Institutional investors and hedge funds 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.