Brokerages Set Extra Space Storage Inc. (NYSE:EXR) Target Price at $171.55

Extra Space Storage Inc. (NYSE:EXR - Get Free Report) has earned an average rating of "Hold" from the eleven analysts that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, six have given a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $171.36.

EXR has been the subject of a number of research reports. Royal Bank of Canada lowered their price target on Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating for the company in a report on Thursday, February 27th. Truist Financial upped their target price on Extra Space Storage from $167.00 to $168.00 and gave the stock a "hold" rating in a report on Thursday, December 5th. Wells Fargo & Company cut their price target on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. StockNews.com upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a report on Tuesday, January 28th. Finally, Barclays dropped their target price on shares of Extra Space Storage from $192.00 to $184.00 and set an "overweight" rating on the stock in a report on Monday, January 13th.

Extra Space Storage Trading Up 2.5 %

Shares of EXR stock traded up $3.82 on Wednesday, reaching $157.24. 1,251,703 shares of the company's stock were exchanged, compared to its average volume of 1,350,731. The company's fifty day simple moving average is $152.47 and its 200 day simple moving average is $163.25. Extra Space Storage has a 52 week low of $131.02 and a 52 week high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $33.33 billion, a PE ratio of 41.16, a P/E/G ratio of 7.76 and a beta of 0.91.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share 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 the consensus estimate 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, analysts forecast that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Friday, March 14th. Extra Space Storage's dividend payout ratio is currently 160.40%.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at $2,470,286.90. The trade was a 31.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP William N. Springer sold 1,220 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the sale, the executive vice president now owns 20,158 shares of the company's stock, valued at approximately $3,077,320.28. This trade represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.36% of the company's stock.

Institutional Trading of Extra Space Storage

A number of institutional investors have recently bought and sold shares of the stock. Golden State Wealth Management LLC purchased a new position in shares of Extra Space Storage in the fourth quarter worth $25,000. Harbour Investments Inc. increased its position in shares of Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock valued at $25,000 after acquiring an additional 80 shares during the period. Ashton Thomas Securities LLC purchased a new position in Extra Space Storage in the 3rd quarter worth $33,000. Harvest Fund Management Co. Ltd acquired a new stake in Extra Space Storage during the 3rd quarter worth about $42,000. Finally, Continuum Advisory LLC grew its stake in Extra Space Storage by 68.1% during the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust's stock valued at $56,000 after purchasing an additional 126 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.