Extra Space Storage (NYSE:EXR) Research Coverage Started at Barclays

Barclays assumed coverage on shares of Extra Space Storage (NYSE:EXR) in a research report released on Wednesday morning, Marketbeat Ratings reports. The firm issued an overweight rating and a $157.00 price objective on the real estate investment trust’s stock.

EXR has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Extra Space Storage in a report on Tuesday, January 30th. They set a hold rating and a $141.00 price objective on the stock. TheStreet upgraded Extra Space Storage from a c+ rating to a b- rating in a report on Thursday, January 11th. Wells Fargo & Company reduced their target price on Extra Space Storage from $155.00 to $150.00 and set an overweight rating on the stock in a report on Monday, March 4th. StockNews.com cut Extra Space Storage from a hold rating to a sell rating in a report on Saturday, March 2nd. Finally, The Goldman Sachs Group lifted their target price on Extra Space Storage from $168.00 to $187.00 and gave the company a buy rating in a report on Thursday, January 11th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Extra Space Storage has a consensus rating of Hold and an average target price of $151.08.

Extra Space Storage Price Performance

EXR stock opened at $147.00 on Wednesday. Extra Space Storage has a 52-week low of $101.19 and a 52-week high of $165.85. The stock’s fifty day simple moving average is $143.49 and its 200-day simple moving average is $135.63. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $31.10 billion, a price-to-earnings ratio of 29.76, a price-to-earnings-growth ratio of 3.61 and a beta of 0.74.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The business had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. During the same quarter last year, the business earned $2.09 EPS. Extra Space Storage’s revenue for the quarter was up 57.4% compared to the same quarter last year. Equities research analysts expect that Extra Space Storage will post 8.04 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.41%. The ex-dividend date was Thursday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 131.17%.

Insider Buying and Selling at Extra Space Storage

In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the sale, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock valued at $514,819 over the last three months. 1.55% of the stock is owned by company insiders.

Institutional Trading of Extra Space Storage

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nomura Holdings Inc. purchased a new stake in shares of Extra Space Storage during the fourth quarter worth about $6,010,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Extra Space Storage by 800,980.0% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 40,054 shares of the real estate investment trust’s stock worth $6,422,000 after purchasing an additional 40,049 shares in the last quarter. Wellington Management Group LLP grew its stake in Extra Space Storage by 25.8% in the fourth quarter. Wellington Management Group LLP now owns 2,199,347 shares of the real estate investment trust’s stock worth $352,621,000 after purchasing an additional 451,242 shares in the last quarter. Royal London Asset Management Ltd. grew its stake in Extra Space Storage by 4.3% in the fourth quarter. Royal London Asset Management Ltd. now owns 81,990 shares of the real estate investment trust’s stock worth $13,145,000 after purchasing an additional 3,354 shares in the last quarter. Finally, Creekmur Asset Management LLC acquired a new position in Extra Space Storage in the fourth quarter worth about $26,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

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.