Extra Space Storage (NYSE:EXR) Downgraded by StockNews.com to “Sell”

StockNews.com lowered shares of Extra Space Storage (NYSE:EXR) from a hold rating to a sell rating in a research report sent to investors on Thursday morning.

A number of other research firms have also recently issued reports on EXR. Truist Financial increased their target price on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Scotiabank lifted their target price on Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research note on Thursday, August 22nd. Evercore ISI decreased their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Raymond James lifted their target price on Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, KeyCorp increased their price target on Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research report on Monday, September 9th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $171.07.

Extra Space Storage Stock Performance

Shares of NYSE:EXR traded up $0.79 during trading on Thursday, reaching $164.09. The stock had a trading volume of 48,948 shares, compared to its average volume of 1,035,536. The firm has a market capitalization of $34.78 billion, a price-to-earnings ratio of 43.04, a P/E/G ratio of 6.20 and a beta of 0.86. The stock has a fifty day simple moving average of $174.12 and a two-hundred day simple moving average of $160.20. The company has a quick ratio of 0.20, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a 52 week low of $104.72 and a 52 week high of $184.87.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.02 EPS. As a group, analysts anticipate that Extra Space Storage will post 8.08 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 Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $1.62 dividend. The ex-dividend date was Monday, September 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.95%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of Extra Space Storage stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the sale, the executive vice president now directly owns 32,855 shares in the company, valued at approximately $5,815,663.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s 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 transaction, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,970 shares of company stock worth $3,367,307 in the last ninety days. 1.36% of the stock is owned by insiders.

Institutional Trading of Extra Space Storage

Several large investors have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Extra Space Storage by 19.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 247,203 shares of the real estate investment trust’s stock valued at $36,307,000 after purchasing an additional 40,055 shares in the last quarter. Norden Group LLC bought a new stake in Extra Space Storage during the 1st quarter valued at approximately $1,947,000. Gateway Investment Advisers LLC purchased a new position in shares of Extra Space Storage during the 2nd quarter worth approximately $16,026,000. Centersquare Investment Management LLC raised its position in shares of Extra Space Storage by 1.3% in the 1st quarter. Centersquare Investment Management LLC now owns 2,546,475 shares of the real estate investment trust’s stock worth $341,941,000 after acquiring an additional 32,591 shares in the last quarter. Finally, MADDEN SECURITIES Corp purchased a new position in shares of Extra Space Storage in the 2nd quarter valued at approximately $1,002,000. 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.