Shares of Extra Space Storage Inc. (NYSE:EXR – Get Free Report) have earned a consensus rating of “Moderate Buy” from the fourteen research firms that are covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $159.54.
Several equities research analysts recently weighed in on the company. Evercore ISI increased their price target on Extra Space Storage from $144.00 to $149.00 and gave the stock an “in-line” rating in a report on Thursday, May 1st. JPMorgan Chase & Co. increased their price target on Extra Space Storage from $160.00 to $162.00 and gave the stock a “neutral” rating in a report on Friday. Royal Bank of Canada decreased their price target on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating for the company in a report on Thursday, May 1st. Mizuho increased their price target on Extra Space Storage from $141.00 to $153.00 and gave the stock an “outperform” rating in a report on Wednesday, May 28th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th.
View Our Latest Research Report on Extra Space Storage
Extra Space Storage Price Performance
Extra Space Storage (NYSE:EXR – Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.04. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. During the same period last year, the company earned $1.96 earnings per share. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities analysts anticipate that Extra Space Storage will post 8.1 EPS for the current year.
Extra Space Storage Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date is Monday, June 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 150.35%.
Insider Buying and Selling at Extra Space Storage
In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the completion of the transaction, the chief executive officer now owns 9,190 shares of the company’s stock, valued at $1,355,065.50. The trade was a 44.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.36% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in EXR. Golden State Wealth Management LLC acquired a new position in shares of Extra Space Storage during the 4th quarter worth $25,000. Harbour Investments Inc. raised its stake in shares of Extra Space Storage by 90.9% during the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 80 shares during the last quarter. GKV Capital Management Co. Inc. acquired a new position in shares of Extra Space Storage during the 1st quarter worth $29,000. Quent Capital LLC raised its stake in shares of Extra Space Storage by 89.0% during the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 154 shares during the last quarter. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Extra Space Storage during the 1st quarter worth $50,000. Institutional investors and hedge funds 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.
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