Extra Space Storage Inc. (NYSE:EXR) Receives $171.43 Average PT from Analysts

Extra Space Storage Inc. (NYSE:EXR - Get Free Report) has earned a consensus recommendation of "Hold" from the fourteen brokerages that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $171.43.

EXR has been the subject of a number of recent analyst reports. Evercore ISI reduced their price target on shares of 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. KeyCorp boosted 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. StockNews.com cut shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Thursday, October 31st. Jefferies Financial Group upgraded shares of Extra Space Storage from a "hold" rating to a "buy" rating and raised their price objective for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Finally, Scotiabank cut their target price on shares of Extra Space Storage from $169.00 to $167.00 and set a "sector underperform" rating for the company in a research report on Monday, November 25th.

Extra Space Storage Stock Performance

Shares of EXR traded up $4.65 during mid-day trading on Friday, hitting $147.00. The stock had a trading volume of 3,516,544 shares, compared to its average volume of 1,032,990. The business has a fifty day moving average price of $164.45 and a 200-day moving average price of $165.62. Extra Space Storage has a 52 week low of $131.02 and a 52 week high of $184.87. The firm has a market cap of $31.16 billion, a P/E ratio of 38.48, a PEG ratio of 8.03 and a beta of 0.89. 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 data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $824.80 million during the quarter, compared to analysts' expectations of $826.93 million. During the same quarter in the prior year, the firm posted $2.02 earnings per share. The firm's quarterly revenue was up 10.2% on a year-over-year basis. On average, equities research analysts expect that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.41%. The ex-dividend date is Monday, December 16th. Extra Space Storage's dividend payout ratio (DPR) is currently 169.63%.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction dated 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 sale, the chief executive officer now directly owns 24,190 shares of the company's stock, valued at $4,318,398.80. This represents a 23.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the business's stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the sale, the director now directly owns 5,877 shares in the company, valued at $967,119.12. The trade was a 34.39 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.36% of the company's stock.

Institutional Trading of Extra Space Storage

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EXR. EdgeRock Capital LLC bought a new position in shares of Extra Space Storage in the second quarter worth about $25,000. Centerpoint Advisors LLC bought a new stake in Extra Space Storage during the 2nd quarter worth approximately $27,000. Ashton Thomas Securities LLC purchased a new position in Extra Space Storage during the third quarter valued at approximately $33,000. Blue Trust Inc. boosted its position in shares of Extra Space Storage by 540.5% in the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 200 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of Extra Space Storage in the third quarter worth $42,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

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.