Extra Space Storage Inc. (NYSE:EXR) Receives $171.43 Consensus Target Price from Analysts

Shares of Extra Space Storage Inc. (NYSE:EXR) have received a consensus rating of “Hold” from the thirteen research firms that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $173.08.

A number of brokerages recently commented on EXR. Scotiabank lowered their target price on Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a report on Monday, November 25th. Evercore ISI lowered their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Jefferies Financial Group raised shares of 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 research note on Wednesday, September 18th. KeyCorp raised their price target on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research report on Monday, September 9th. Finally, StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st.

Extra Space Storage Price Performance

Shares of EXR opened at $149.60 on Friday. The firm has a 50-day simple moving average of $162.69 and a two-hundred day simple moving average of $165.64. The stock has a market cap of $31.71 billion, a PE ratio of 39.16, a P/E/G ratio of 8.03 and a beta of 0.89. Extra Space Storage has a 1-year low of $131.02 and a 1-year high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $826.93 million. During the same quarter last year, the business posted $2.02 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, analysts forecast that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.33%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s payout ratio is currently 169.63%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the sale, the director now directly owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the transaction, the chief executive officer now owns 24,190 shares in the company, valued at $4,318,398.80. This trade represents a 23.67 % 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 Investors Weigh In On Extra Space Storage

Several hedge funds have recently modified their holdings of the stock. Pathway Financial Advisers LLC raised its holdings in Extra Space Storage by 17,832.9% during the third 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Extra Space Storage by 724.1% during 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 worth $357,100,000 after buying an additional 1,741,320 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of 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 boosted its stake in shares of Extra Space Storage by 20.5% in the second quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock valued at $291,720,000 after buying an additional 319,965 shares in the last quarter. Finally, Mizuho Securities USA LLC grew its holdings in Extra Space Storage by 1,664.3% during the third quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust’s stock worth $51,912,000 after acquiring an additional 271,765 shares during the period. 99.11% of the stock is owned by institutional investors and hedge funds.

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.