Extra Space Storage (NYSE:EXR) Hits New 12-Month Low - Here's What Happened

Shares of Extra Space Storage Inc. (NYSE:EXR - Get Free Report) hit a new 52-week low on Tuesday . The stock traded as low as $130.74 and last traded at $131.99, with a volume of 1644715 shares trading hands. The stock had previously closed at $138.21.

Analysts Set New Price Targets

A number of equities analysts recently commented on EXR shares. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Royal Bank of Canada dropped their price target on shares of Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating on the stock in a research report on Thursday, February 27th. Barclays lowered their target price on shares of Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating for the company in a research note on Wednesday, March 12th. Scotiabank upgraded shares of Extra Space Storage from a "sector perform" rating to a "sector outperform" rating and dropped their target price for the company from $165.00 to $149.00 in a report on Wednesday. Finally, Wells Fargo & Company dropped their price objective 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. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $167.25.

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Extra Space Storage Stock Up 1.5 %

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 stock's 50 day simple moving average is $148.62 and its 200 day simple moving average is $156.62. The firm has a market cap of $28.39 billion, a P/E ratio of 35.02, a price-to-earnings-growth ratio of 7.76 and a beta of 0.96.

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 EPS 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 company had revenue of $821.90 million during the quarter, compared to the consensus estimate of $707.34 million. Research analysts anticipate that Extra Space Storage Inc. will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.84%. Extra Space Storage's dividend payout ratio is presently 160.40%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now owns 20,158 shares of the company's stock, valued at $3,077,320.28. This trade represents a 5.71 % 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 Joseph J. Bonner sold 672 shares of the company'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 value of $100,195.20. Following the completion of the transaction, the director now directly owns 4,557 shares of the company's stock, valued at approximately $679,448.70. This represents a 12.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 9,392 shares of company stock valued at $1,392,315. 1.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

Several institutional investors have recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC bought a new position in shares of Extra Space Storage during the 4th quarter valued at approximately $25,000. Harbour Investments Inc. increased its position in Extra Space Storage by 90.9% in the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock worth $25,000 after buying an additional 80 shares during the last quarter. Quent Capital LLC raised its stake in shares of Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust's stock valued at $49,000 after buying an additional 154 shares during the period. Asset Planning Inc purchased a new position in shares of Extra Space Storage during the 4th quarter valued at $52,000. Finally, Quarry LP grew its stake in shares of Extra Space Storage by 156.1% during the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after acquiring an additional 217 shares during the period. Institutional investors 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.