Extra Space Storage (NYSE:EXR) Upgraded by Scotiabank to "Sector Perform" Rating

Scotiabank upgraded shares of Extra Space Storage (NYSE:EXR - Free Report) from a sector underperform rating to a sector perform rating in a research report released on Friday, Marketbeat Ratings reports. They currently have $167.00 price target on the real estate investment trust's stock.

A number of other analysts also recently issued reports on the stock. StockNews.com downgraded shares of Extra Space Storage from a "hold" rating to a "sell" rating in a report on Thursday, October 31st. Evercore ISI reduced their target price on Extra Space Storage from $170.00 to $168.00 and set an "in-line" rating on the stock in a research note on Monday, October 14th. Jefferies Financial Group upgraded Extra Space Storage from a "hold" rating to a "buy" rating and upped their target price for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Barclays boosted their price objective on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an "overweight" rating in a research note on Monday, October 28th. Finally, Wells Fargo & Company restated an "equal weight" rating and set a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $173.08.

Extra Space Storage Stock Down 0.9 %

Extra Space Storage stock traded down $1.29 during mid-day trading on Friday, reaching $146.72. The stock had a trading volume of 1,449,918 shares, compared to its average volume of 965,770. Extra Space Storage has a fifty-two week low of $131.02 and a fifty-two week high of $184.87. The stock's 50-day simple moving average is $158.78 and its 200-day simple moving average is $165.03. 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 market capitalization of $31.10 billion, a PE ratio of 38.41, a price-to-earnings-growth ratio of 7.96 and a beta of 0.89.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its earnings results 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 company had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. During the same quarter in the prior year, the business earned $2.02 EPS. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. On average, sell-side analysts forecast that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.42%. The ex-dividend date of this dividend was Monday, December 16th. Extra Space Storage's payout ratio is 169.63%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now owns 16,690 shares in the company, valued at approximately $2,470,286.90. This represents a 31.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Diane Olmstead sold 3,081 shares of the stock in a transaction on Friday, November 15th. The shares were 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 $967,119.12. This trade represents a 34.39 % 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 Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC boosted its stake in Extra Space Storage by 17,832.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust's stock worth $363,783,000 after purchasing an additional 2,007,626 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Extra Space Storage by 724.1% in the 3rd 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 valued at $357,100,000 after buying an additional 1,741,320 shares during the last quarter. American Century Companies Inc. increased its stake in Extra Space Storage by 543.5% in the 2nd quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust's stock valued at $61,724,000 after buying an additional 335,447 shares during the period. Canada Pension Plan Investment Board lifted its stake in shares of Extra Space Storage by 20.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust's stock worth $291,720,000 after acquiring an additional 319,965 shares during the period. Finally, Mizuho Securities USA LLC lifted its position in Extra Space Storage by 1,664.3% in the third quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust's stock valued at $51,912,000 after purchasing an additional 271,765 shares during the period. Institutional investors and hedge funds own 99.11% of the company's stock.

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.