Extra Space Storage (NYSE:EXR) Upgraded at BNP Paribas

BNP Paribas upgraded shares of Extra Space Storage (NYSE:EXR) to a hold rating in a research report sent to investors on Tuesday morning, Marketbeat.com reports.

Other analysts also recently issued reports about the company. Mizuho lifted their price target on Extra Space Storage from $141.00 to $153.00 and gave the company an “outperform” rating in a research note on Wednesday, May 28th. Scotiabank boosted their target price on shares of Extra Space Storage from $149.00 to $166.00 and gave the stock a “sector outperform” rating in a research report on Monday, May 12th. Evercore ISI raised their price objective on shares of Extra Space Storage from $144.00 to $149.00 and gave the company an “in-line” rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. raised their price objective on shares of Extra Space Storage from $160.00 to $162.00 and gave the company a “neutral” rating in a research note on Friday, June 13th. Finally, Wall Street Zen upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Wednesday, April 30th. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Extra Space Storage has an average rating of “Hold” and a consensus price target of $159.29.

Extra Space Storage Stock Performance

NYSE:EXR opened at $146.05 on Tuesday. The firm’s fifty day moving average price is $147.40 and its 200 day moving average price is $148.63. Extra Space Storage has a 1-year low of $121.03 and a 1-year high of $184.87. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.33 and a quick ratio of 0.33. The firm has a market cap of $30.99 billion, a price-to-earnings ratio of 33.89, a price-to-earnings-growth ratio of 3.53 and a beta of 1.11.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.04. The business had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.96 earnings per share. On average, sell-side analysts expect 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 will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date is Monday, June 16th. Extra Space Storage’s payout ratio is currently 150.35%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 9,190 shares in the company, valued at approximately $1,355,065.50. This represents a 44.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Extra Space Storage

Several institutional investors and hedge funds have recently modified their holdings of the company. AG2R LA Mondiale Gestion D Actifs purchased a new position in shares of Extra Space Storage during the 1st quarter worth $1,485,000. Voya Investment Management LLC lifted its position in Extra Space Storage by 422.6% during the first quarter. Voya Investment Management LLC now owns 318,582 shares of the real estate investment trust’s stock worth $47,306,000 after buying an additional 257,620 shares during the period. Inspire Investing LLC lifted its position in Extra Space Storage by 4.4% during the first quarter. Inspire Investing LLC now owns 21,476 shares of the real estate investment trust’s stock worth $3,189,000 after buying an additional 896 shares during the period. Modern Wealth Management LLC lifted its position in Extra Space Storage by 9.3% during the first quarter. Modern Wealth Management LLC now owns 12,467 shares of the real estate investment trust’s stock worth $1,851,000 after buying an additional 1,060 shares during the period. Finally, Strs Ohio purchased a new position in Extra Space Storage during the first quarter worth about $58,749,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

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.