Analysts Set Extra Space Storage Inc. (NYSE:EXR) Price Target at $149.67

Shares of Extra Space Storage Inc. (NYSE:EXR) have been given an average rating of “Hold” by the twelve research firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $149.67.

Several equities analysts recently issued reports on EXR shares. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. Evercore ISI decreased their target price on shares of Extra Space Storage from $145.00 to $139.00 in a research note on Wednesday, May 1st. Barclays initiated coverage on shares of Extra Space Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $157.00 price target for the company. Scotiabank started coverage on shares of Extra Space Storage in a research report on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Friday, April 5th.

Insider Activity

In related news, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the transaction, 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 document filed with the SEC, which can be accessed through this hyperlink. In related news, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction that occurred 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 SEC, which can be accessed through this link. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s 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 completion of the sale, the executive vice president now directly owns 37,028 shares in the company, valued at $5,369,060. The disclosure for this sale can be found here. In the last 90 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

Several large investors have recently bought and sold shares of EXR. EdgeRock Capital LLC bought a new stake in shares of Extra Space Storage during the fourth quarter valued at approximately $26,000. Creekmur Asset Management LLC bought a new stake in shares of Extra Space Storage in the 4th quarter worth $26,000. Zions Bancorporation N.A. raised its stake in shares of Extra Space Storage by 241.9% in the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 150 shares during the last quarter. Anchor Investment Management LLC bought a new position in shares of Extra Space Storage during the fourth quarter valued at $35,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Extra Space Storage by 162.5% during the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 143 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Stock Up 2.3 %

Shares of EXR opened at $152.08 on Thursday. The firm has a market cap of $32.20 billion, a P/E ratio of 33.87, a P/E/G ratio of 3.63 and a beta of 0.76. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $164.99. The stock has a 50 day simple moving average of $142.04 and a two-hundred day simple moving average of $140.88. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.15 and a quick ratio of 0.15.

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

Extra Space Storage Announces Dividend

The company also recently disclosed 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. This represents a $6.48 annualized dividend and a yield of 4.26%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s dividend 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.