Extra Space Storage (NYSE:EXR) Coverage Initiated at Mizuho

Mizuho assumed coverage on shares of Extra Space Storage (NYSE:EXR) in a research note released on Wednesday,Benzinga reports. The brokerage issued an outperform rating and a $141.00 price objective on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company dropped 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 lowered their price objective 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. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday, March 7th. Finally, Barclays dropped their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $167.25.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $133.77 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The firm has a market cap of $28.39 billion, a price-to-earnings ratio of 35.02, a P/E/G ratio of 7.76 and a beta of 0.96. The stock’s fifty day moving average price is $148.62 and its two-hundred day moving average price is $156.62. Extra Space Storage has a one year low of $121.03 and a one year high of $184.87.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, beating the consensus estimate of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. On average, equities analysts forecast that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $1.62 dividend. The ex-dividend date was Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.84%. Extra Space Storage’s dividend payout ratio (DPR) is currently 160.40%.

Insider Activity

In other news, EVP William N. Springer sold 1,220 shares of the stock in a transaction 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 in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the sale, the chief executive officer now directly owns 9,190 shares in the company, valued at approximately $1,355,065.50. This trade represents a 44.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,392 shares of company stock worth $1,392,315. Corporate insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in Extra Space Storage during the 4th quarter worth approximately $938,647,000. Northern Trust Corp lifted its holdings in shares of Extra Space Storage by 48.7% during the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust’s stock worth $430,107,000 after purchasing an additional 941,212 shares during the period. Balyasny Asset Management L.P. bought a new stake in shares of Extra Space Storage in the fourth quarter worth $107,453,000. Manning & Napier Advisors LLC increased its holdings in Extra Space Storage by 1,127.2% in the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust’s stock valued at $116,985,000 after purchasing an additional 718,266 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC increased its holdings in Extra Space Storage by 91.2% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,089,753 shares of the real estate investment trust’s stock valued at $163,027,000 after purchasing an additional 519,934 shares during the period. 99.11% of the stock is currently owned by 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.