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

Shares of Extra Space Storage Inc (NYSE:EXR) have been given an average rating of “Hold” by the sixteen ratings firms that are currently covering the company, Marketbeat reports. Ten analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $148.3571.

A number of research firms have recently weighed in on EXR. Citigroup dropped their price objective on Extra Space Storage from $165.00 to $150.00 and set a “neutral” rating for the company in a research note on Friday, August 22nd. The Goldman Sachs Group restated a “neutral” rating and issued a $146.00 price target (down from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Extra Space Storage in a report on Wednesday, October 8th. Truist Financial lowered their target price on shares of Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a report on Tuesday, August 19th. Finally, Wall Street Zen cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st.

Extra Space Storage Stock Down 0.9%

Shares of EXR stock opened at $131.02 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.24 and a quick ratio of 0.24. Extra Space Storage has a one year low of $121.03 and a one year high of $165.54. The company’s fifty day moving average price is $138.62 and its 200-day moving average price is $143.10. The company has a market capitalization of $27.81 billion, a price-to-earnings ratio of 29.24, a PEG ratio of 2.52 and a beta of 1.27.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Wednesday, October 29th. The real estate investment trust reported $2.08 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.02. Extra Space Storage had a net margin of 28.40% and a return on equity of 6.56%. The company had revenue of $858.46 million during the quarter, compared to the consensus estimate of $736.26 million. During the same quarter in the prior year, the firm posted $2.07 EPS. Extra Space Storage’s quarterly revenue was up 4.1% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. Sell-side analysts expect that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a dividend of $1.62 per share. The ex-dividend date is Monday, December 15th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.9%. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.64%.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $141.41, for a total value of $1,060,575.00. Following the sale, the chief executive officer directly owned 19,760 shares in the company, valued at approximately $2,794,261.60. The trade was a 27.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Several institutional investors have recently added to or reduced their stakes in EXR. Norges Bank purchased a new stake in shares of Extra Space Storage during the 2nd quarter worth approximately $1,058,303,000. JPMorgan Chase & Co. raised its stake in Extra Space Storage by 205.7% during the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust’s stock valued at $608,001,000 after purchasing an additional 2,755,265 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Extra Space Storage by 900.0% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,187,795 shares of the real estate investment trust’s stock valued at $308,348,000 after purchasing an additional 1,969,013 shares during the last quarter. Nuveen LLC purchased a new position in shares of Extra Space Storage in the 1st quarter worth $257,917,000. Finally, Resolution Capital Ltd grew its stake in shares of Extra Space Storage by 116.2% in the 2nd quarter. Resolution Capital Ltd now owns 1,950,842 shares of the real estate investment trust’s stock worth $287,632,000 after buying an additional 1,048,685 shares in the last quarter. Hedge funds and other institutional investors 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.