Extra Space Storage (NYSE:EXR) Given New $161.00 Price Target at Bank of America

Extra Space Storage (NYSE:EXR) had its price target upped by Bank of America from $155.00 to $161.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

A number of other research analysts have also recently issued reports on the stock. Scotiabank boosted their price objective on shares of Extra Space Storage from $149.00 to $166.00 and gave the company a “sector outperform” rating in a report on Monday. Royal Bank of Canada reduced their price target on shares of Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 1st. Barclays decreased their price target on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. Mizuho began coverage on Extra Space Storage in a research note on Wednesday, April 9th. They set an “outperform” rating and a $141.00 price objective on the stock. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $158.69.

Extra Space Storage Stock Up 1.8%

NYSE:EXR opened at $148.48 on Tuesday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a 12-month low of $121.03 and a 12-month high of $184.87. The stock’s fifty day simple moving average is $143.11 and its 200-day simple moving average is $152.18. The firm has a market capitalization of $31.51 billion, a P/E ratio of 38.87, a P/E/G ratio of 7.76 and a beta of 1.14.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.04. The firm had revenue of $820.00 million for the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.96 earnings per share. Equities research analysts expect that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $1.62 per share. The ex-dividend date was Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.36%. Extra Space Storage’s dividend payout ratio is currently 150.35%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the completion of the transaction, the executive vice president now owns 20,158 shares of the company’s stock, valued at $3,077,320.28. This represents a 5.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 9,190 shares of the company’s stock, valued at $1,355,065.50. This represents a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,392 shares of company stock valued at $1,392,315. 0.96% of the stock is owned by insiders.

Institutional Investors Weigh In On Extra Space Storage

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EXR. Oregon Public Employees Retirement Fund grew its holdings in shares of Extra Space Storage by 0.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,160 shares of the real estate investment trust’s stock valued at $2,717,000 after acquiring an additional 66 shares in the last quarter. Wedge Capital Management L L P NC boosted its position in Extra Space Storage by 1.3% during the fourth quarter. Wedge Capital Management L L P NC now owns 5,138 shares of the real estate investment trust’s stock valued at $769,000 after purchasing an additional 68 shares during the last quarter. Lindbrook Capital LLC grew its stake in Extra Space Storage by 14.9% in the fourth quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust’s stock valued at $78,000 after purchasing an additional 68 shares in the last quarter. Aptus Capital Advisors LLC grew its stake in Extra Space Storage by 4.3% in the fourth quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust’s stock valued at $245,000 after purchasing an additional 68 shares in the last quarter. Finally, Siemens Fonds Invest GmbH increased its position in shares of Extra Space Storage by 3.0% during the 4th quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust’s stock worth $342,000 after purchasing an additional 68 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.