Extra Space Storage (NYSE:EXR) Stock Rating Upgraded by Scotiabank

Scotiabank upgraded shares of Extra Space Storage (NYSE:EXR - Free Report) from a sector perform rating to a sector outperform rating in a research report sent to investors on Wednesday morning, MarketBeat reports. The brokerage currently has $149.00 target price on the real estate investment trust's stock, down from their previous target price of $165.00.

Several other equities analysts have also recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Royal Bank of Canada dropped their price target on Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating on the stock in a research note on Thursday, February 27th. StockNews.com cut shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research report on Friday, March 7th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Finally, Barclays cut their price target on Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating on the stock in a report on Wednesday, March 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Extra Space Storage presently has an average rating of "Hold" and an average target price of $167.25.

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Extra Space Storage Price Performance

NYSE:EXR traded up $2.72 on Wednesday, hitting $136.59. The company had a trading volume of 296,034 shares, compared to its average volume of 1,068,921. Extra Space Storage has a 52 week low of $121.03 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 stock has a market capitalization of $28.99 billion, a price-to-earnings ratio of 35.76, a PEG ratio of 7.76 and a beta of 0.96. The firm has a 50 day moving average of $148.62 and a two-hundred day moving average of $156.48.

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. The company had revenue of $821.90 million during the quarter, compared to analysts' expectations of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. On average, research analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage's dividend payout ratio is 160.40%.

Insider Activity

In other news, EVP William N. Springer sold 1,220 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the transaction, the executive vice president now directly owns 20,158 shares of the company's stock, valued at $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joseph J. Bonner sold 672 shares of Extra Space Storage stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total value of $100,195.20. Following the sale, the director now owns 4,557 shares in the company, valued at $679,448.70. The trade was a 12.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,392 shares of company stock worth $1,392,315 over the last quarter. Insiders own 1.36% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Golden State Wealth Management LLC purchased a new position in Extra Space Storage in the fourth quarter valued at approximately $25,000. Harbour Investments Inc. increased its holdings in Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 80 shares during the last quarter. Quent Capital LLC raised its position 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 purchasing an additional 154 shares during the period. Asset Planning Inc purchased a new stake in shares of Extra Space Storage during the 4th quarter valued at approximately $52,000. Finally, Quarry LP grew its stake in Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock valued at $53,000 after buying an additional 217 shares in the last quarter. 99.11% of the stock is owned by 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.