Extra Space Storage (NYSE:EXR) Rating Increased to Strong-Buy at Mizuho

Mizuho upgraded shares of Extra Space Storage (NYSE:EXR - Free Report) to a strong-buy rating in a report released on Tuesday, April 8th,Zacks.com reports.

Several other equities research analysts also recently weighed in on EXR. Scotiabank raised Extra Space Storage from a "sector perform" rating to a "sector outperform" rating and cut their price objective for the company from $165.00 to $149.00 in a report on Wednesday, April 9th. 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. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Extra Space Storage in a research report on Thursday, March 6th. StockNews.com cut shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research report on Friday, March 7th. Finally, Royal Bank of Canada decreased their target price on shares of 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. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $167.25.

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Extra Space Storage Stock Up 1.0 %

NYSE:EXR traded up $1.32 on Tuesday, hitting $138.99. 278,144 shares of the company's stock were exchanged, compared to its average volume of 1,069,148. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The firm has a 50-day moving average price of $148.27 and a 200-day moving average price of $156.20. The company has a market cap of $29.50 billion, a P/E ratio of 36.38, a price-to-earnings-growth ratio of 7.76 and a beta of 0.96. Extra Space Storage has a 52 week low of $121.03 and a 52 week high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, beating analysts' consensus estimates 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. As a group, analysts expect that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.66%. The ex-dividend date was Friday, March 14th. Extra Space Storage's dividend payout ratio (DPR) is presently 160.40%.

Insider Buying and Selling

In related news, EVP William N. Springer sold 1,220 shares of the firm's 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 of the company's stock, valued at $3,077,320.28. This trade represents a 5.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the sale, the chief executive officer now owns 9,190 shares in the company, valued at $1,355,065.50. The trade was a 44.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,392 shares of company stock valued at $1,392,315. Company insiders own 1.36% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in EXR. Tidal Investments LLC grew its holdings in shares of Extra Space Storage by 34.4% during the third quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust's stock valued at $2,278,000 after buying an additional 3,234 shares during the last quarter. Manning & Napier Advisors LLC increased its holdings in shares of Extra Space Storage by 1,127.2% in the 4th quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust's stock worth $116,985,000 after purchasing an additional 718,266 shares in the last quarter. Vert Asset Management LLC raised its stake in shares of Extra Space Storage by 8.0% in the fourth quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust's stock worth $13,984,000 after purchasing an additional 6,910 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Extra Space Storage by 134.3% during the fourth quarter. Pacer Advisors Inc. now owns 167,735 shares of the real estate investment trust's stock valued at $25,093,000 after purchasing an additional 96,136 shares in the last quarter. Finally, Brentview Investment Management LLC bought a new stake in Extra Space Storage in the 4th quarter worth about $2,852,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

About Extra Space Storage

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.