Extra Space Storage Inc. (NYSE:EXR) Receives Average Recommendation of “Hold” from Analysts

Shares of Extra Space Storage Inc. (NYSE:EXR) have earned a consensus rating of “Hold” from the twelve ratings firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $150.17.

EXR has been the topic of a number of recent analyst reports. Raymond James reiterated an “outperform” rating and set a $160.00 target price on shares of Extra Space Storage in a research report on Thursday, March 28th. Morgan Stanley raised Extra Space Storage from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $115.00 to $150.00 in a research note on Thursday, December 21st. Wells Fargo & Company increased their price objective on Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. Barclays started coverage on Extra Space Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $157.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective on Extra Space Storage from $168.00 to $187.00 and gave the company a “buy” rating in a research note on Thursday, January 11th.

Extra Space Storage Trading Down 1.8 %

Extra Space Storage stock opened at $140.69 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. Extra Space Storage has a 12 month low of $101.19 and a 12 month high of $164.99. The stock’s 50 day simple moving average is $143.28 and its two-hundred day simple moving average is $137.12. The firm has a market cap of $29.77 billion, a PE ratio of 28.48, a P/E/G ratio of 3.52 and a beta of 0.74.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The business had revenue of $797.77 million for the quarter, compared to analysts’ expectations of $778.05 million. During the same quarter last year, the business earned $2.09 EPS. The company’s quarterly revenue was up 57.4% on a year-over-year basis. Analysts anticipate that Extra Space Storage will post 8.05 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date was Thursday, March 14th. Extra Space Storage’s payout ratio is 131.17%.

Insider Buying and Selling

In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the transaction, the executive vice president now directly owns 37,028 shares in the company, valued at approximately $5,369,060. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,532 shares of company stock valued at $514,819. 1.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Whittier Trust Co. boosted its stake in shares of Extra Space Storage by 4.5% in the 4th quarter. Whittier Trust Co. now owns 1,656 shares of the real estate investment trust’s stock valued at $266,000 after buying an additional 72 shares during the period. Private Advisor Group LLC boosted its stake in shares of Extra Space Storage by 5.6% in the 1st quarter. Private Advisor Group LLC now owns 1,404 shares of the real estate investment trust’s stock valued at $289,000 after buying an additional 74 shares during the period. Thomas White International Ltd. boosted its stake in shares of Extra Space Storage by 5.9% in the 4th quarter. Thomas White International Ltd. now owns 1,483 shares of the real estate investment trust’s stock valued at $218,000 after buying an additional 83 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of Extra Space Storage by 35.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 384 shares of the real estate investment trust’s stock valued at $78,000 after buying an additional 100 shares during the period. Finally, Mercer Global Advisors Inc. ADV boosted its stake in shares of Extra Space Storage by 3.4% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 3,379 shares of the real estate investment trust’s stock valued at $542,000 after buying an additional 110 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

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.