Extra Space Storage Inc. (NYSE:EXR) Receives Average Recommendation of “Hold” from Brokerages

Extra Space Storage Inc. (NYSE:EXR) has received a consensus rating of “Hold” from the twelve analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $150.17.

Several brokerages have weighed in on EXR. The Goldman Sachs Group boosted their price target on Extra Space Storage from $168.00 to $187.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Raymond James reiterated an “outperform” rating and issued a $160.00 price target on shares of Extra Space Storage in a report on Thursday, March 28th. TheStreet upgraded Extra Space Storage from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. Barclays assumed coverage on shares of Extra Space Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $157.00 price objective for the company. Finally, StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, March 2nd.

Extra Space Storage Trading Down 1.4 %

Shares of Extra Space Storage stock opened at $134.20 on Friday. The business has a 50 day moving average price of $142.79 and a 200 day moving average price of $137.43. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.30 and a quick ratio of 0.30. The company has a market capitalization of $28.40 billion, a P/E ratio of 27.17, a P/E/G ratio of 3.34 and a beta of 0.74. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $164.99.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.01). The business had revenue of $797.77 million during the quarter, compared to analyst estimates of $778.05 million. Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The company’s revenue was up 57.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.09 earnings per share. Sell-side analysts anticipate that Extra Space Storage will post 8.05 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.83%. Extra Space Storage’s dividend payout ratio (DPR) is 131.17%.

Insider Buying and Selling

In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the transaction, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were 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 directly owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The disclosure for this sale can be found here. In the last three months, insiders sold 3,532 shares of company stock valued at $514,819. Company insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EXR. Vanguard Group Inc. raised its stake in shares of Extra Space Storage by 55.7% in the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after purchasing an additional 12,055,172 shares in the last quarter. Norges Bank acquired a new stake in Extra Space Storage during the fourth quarter worth about $1,022,811,000. JPMorgan Chase & Co. raised its stake in Extra Space Storage by 599.8% during the third quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock worth $406,781,000 after acquiring an additional 2,867,657 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in Extra Space Storage during the third quarter worth about $173,621,000. Finally, First Eagle Investment Management LLC raised its stake in Extra Space Storage by 233,362.8% during the third quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock worth $160,940,000 after acquiring an additional 1,323,167 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

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.