Extra Space Storage (NYSE:EXR) Upgraded to "Hold" at StockNews.com

StockNews.com upgraded shares of Extra Space Storage (NYSE:EXR - Free Report) from a sell rating to a hold rating in a research report report published on Tuesday morning.

A number of other equities analysts also recently weighed in on the company. Truist Financial upped their price target on Extra Space Storage from $167.00 to $168.00 and gave the stock a "hold" rating in a research report on Thursday, December 5th. Scotiabank raised shares of Extra Space Storage from a "sector underperform" rating to a "sector perform" rating and set a $167.00 target price for the company in a research report on Friday, January 10th. Barclays cut their price target on shares of Extra Space Storage from $192.00 to $184.00 and set an "overweight" rating on the stock in a research report on Monday, January 13th. Evercore ISI decreased their price objective on Extra Space Storage from $170.00 to $168.00 and set an "in-line" rating for the company in a report on Monday, October 14th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $174.00.

Extra Space Storage Stock Down 0.5 %

Shares of EXR stock traded down $0.73 during trading hours on Tuesday, hitting $153.98. 2,292,179 shares of the company were exchanged, compared to its average volume of 1,151,321. Extra Space Storage has a 52 week low of $131.02 and a 52 week high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The business has a 50 day moving average of $154.80 and a two-hundred day moving average of $164.60. The company has a market capitalization of $32.64 billion, a PE ratio of 40.31, a PEG ratio of 7.62 and a beta of 0.91.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). The firm had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.02 EPS. Analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.21%. Extra Space Storage's dividend payout ratio (DPR) is 169.63%.

Insider Activity

In related news, Director Diane Olmstead sold 3,081 shares of the business's stock in a transaction on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of 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 transaction 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 stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the transaction, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. The trade was a 31.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.36% of the company's stock.

Hedge Funds Weigh In On Extra Space Storage

Several institutional investors and hedge funds have recently modified their holdings of the business. Golden State Wealth Management LLC acquired a new position in shares of Extra Space Storage during the 4th quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Extra Space Storage in the third quarter valued at approximately $33,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Extra Space Storage in the third quarter valued at approximately $42,000. Continuum Advisory LLC grew its position in Extra Space Storage by 68.1% during the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust's stock worth $56,000 after buying an additional 126 shares in the last quarter. Finally, Quent Capital LLC increased its stake in Extra Space Storage by 89.0% during the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust's stock worth $49,000 after acquiring an additional 154 shares during the period. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.