Extra Space Storage Inc. (NYSE:EXR) Given Consensus Rating of “Hold” by Brokerages

Shares of Extra Space Storage Inc. (NYSE:EXR) have earned an average recommendation of “Hold” from the twelve analysts that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $149.67.

A number of brokerages have recently commented on EXR. Scotiabank began coverage on shares of Extra Space Storage in a report on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 target price on the stock. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. TheStreet raised shares of Extra Space Storage from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. Wells Fargo & Company lifted their price objective on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Finally, Evercore ISI lowered their price objective on shares of Extra Space Storage from $145.00 to $139.00 in a research report on Wednesday, May 1st.

Insiders Place Their Bets

In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now directly owns 94,126 shares in the company, valued at approximately $13,785,693.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the transaction, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the transaction, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,532 shares of company stock worth $514,819. Corporate insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Extra Space Storage by 17.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,087 shares of the real estate investment trust’s stock worth $18,933,000 after buying an additional 17,163 shares during the last quarter. NewEdge Wealth LLC acquired a new position in Extra Space Storage in the 3rd quarter valued at about $341,000. Vanguard Personalized Indexing Management LLC raised its stake in Extra Space Storage by 110.8% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 11,914 shares of the real estate investment trust’s stock valued at $1,448,000 after purchasing an additional 6,262 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in Extra Space Storage by 8.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 2,724,293 shares of the real estate investment trust’s stock valued at $436,786,000 after purchasing an additional 211,395 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Extra Space Storage by 55.7% in the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after purchasing an additional 12,055,172 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Stock Down 1.6 %

EXR stock opened at $140.95 on Thursday. The company has a current ratio of 0.15, a quick ratio of 0.30 and a debt-to-equity ratio of 0.73. Extra Space Storage has a twelve month low of $101.19 and a twelve month high of $164.99. The company’s 50 day moving average is $141.74 and its two-hundred day moving average is $139.46. The stock has a market cap of $29.84 billion, a P/E ratio of 31.39, a PEG ratio of 3.48 and a beta of 0.76.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The company had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. Extra Space Storage had a return on equity of 6.76% and a net margin of 29.10%. The firm’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.09 EPS. Research analysts expect that Extra Space Storage will post 8.05 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.60%. Extra Space Storage’s payout ratio is currently 144.32%.

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.