Extra Space Storage Inc. (NYSE:EXR) Given Average Rating of "Hold" by Brokerages

Shares of Extra Space Storage Inc. (NYSE:EXR - Get Free Report) have earned an average rating of "Hold" from the twelve analysts that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $171.09.

A number of research analysts have recently issued reports on the stock. StockNews.com cut shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Friday, March 7th. Royal Bank of Canada cut 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 report on Thursday, February 27th. Wells Fargo & Company decreased their target price on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Barclays cut their price target on Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating for the company in a report on Wednesday, March 12th. Finally, Truist Financial upped their price target on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a "hold" rating in a research report on Thursday, December 5th.

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Insiders Place Their Bets

In related news, EVP William N. Springer sold 1,220 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the sale, the executive vice president now directly owns 20,158 shares in the company, valued at $3,077,320.28. This trade represents a 5.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph J. Bonner sold 672 shares of the business's stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $149.10, for a total transaction of $100,195.20. Following the transaction, the director now owns 4,557 shares of the company's stock, valued at approximately $679,448.70. This represents a 12.85 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,392 shares of company stock valued at $1,396,515. Company insiders own 1.36% of the company's stock.

Institutional Investors Weigh In On Extra Space Storage

Several hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Extra Space Storage during the 3rd quarter worth $334,000. Cerity Partners LLC raised its position in shares of Extra Space Storage by 39.9% during the third quarter. Cerity Partners LLC now owns 14,426 shares of the real estate investment trust's stock worth $2,599,000 after purchasing an additional 4,114 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Extra Space Storage by 3.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 147,115 shares of the real estate investment trust's stock valued at $26,509,000 after purchasing an additional 4,358 shares in the last quarter. D.A. Davidson & CO. acquired a new position in shares of Extra Space Storage in the 3rd quarter valued at approximately $257,000. Finally, Townsquare Capital LLC grew its position in shares of Extra Space Storage by 30.9% in the 3rd quarter. Townsquare Capital LLC now owns 8,267 shares of the real estate investment trust's stock valued at $1,490,000 after purchasing an additional 1,953 shares during the period. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Extra Space Storage Price Performance

NYSE:EXR traded up $0.12 during trading hours on Friday, reaching $147.96. The company had a trading volume of 1,442,372 shares, compared to its average volume of 1,052,455. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The stock has a 50-day moving average of $152.17 and a two-hundred day moving average of $159.40. Extra Space Storage has a one year low of $131.02 and a one year high of $184.87. The firm has a market capitalization of $31.37 billion, a PE ratio of 38.73, a PEG ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted 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. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Analysts forecast that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $1.62 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.38%. Extra Space Storage's dividend payout ratio is currently 160.40%.

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.