Extra Space Storage Inc. (NYSE:EXR) Receives Average Rating of "Moderate Buy" from Brokerages

Shares of Extra Space Storage Inc. (NYSE:EXR - Get Free Report) have received a consensus rating of "Moderate Buy" from the fourteen research firms that are presently covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $158.46.

EXR has been the topic of several recent research reports. Wells Fargo & Company decreased their price objective on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Barclays decreased their price objective on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Benchmark decreased their target price on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Evercore ISI lifted their target price on Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a research note on Thursday, May 1st. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of Extra Space Storage in a research note on Thursday, March 6th.

Extra Space Storage Stock Performance

Shares of NYSE EXR traded up $1.13 during trading on Monday, hitting $145.91. The company had a trading volume of 829,242 shares, compared to its average volume of 1,055,515. The stock has a 50 day simple moving average of $143.25 and a 200 day simple moving average of $151.53. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. Extra Space Storage has a 12 month low of $121.03 and a 12 month high of $184.87. The firm has a market capitalization of $30.96 billion, a P/E ratio of 38.20, a price-to-earnings-growth ratio of 7.76 and a beta of 1.14.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping the consensus estimate of $1.96 by $0.04. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. During the same quarter last year, the company earned $1.96 earnings per share. The business's revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.44%. The ex-dividend date of this dividend is Monday, June 16th. Extra Space Storage's dividend payout ratio is presently 150.35%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, Director Joseph J. Bonner sold 672 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the transaction, the director now owns 4,557 shares in the company, valued at $679,448.70. This trade represents a 12.85% decrease in their position. The transaction was disclosed in a 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 shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the transaction, the chief executive officer now owns 9,190 shares of the company's stock, valued at $1,355,065.50. This represents a 44.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,392 shares of company stock worth $1,392,315 in the last quarter. 0.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Extra Space Storage

Institutional investors and hedge funds have recently modified their holdings of the stock. Golden State Wealth Management LLC purchased a new position in shares of Extra Space Storage in the 4th quarter worth approximately $25,000. Harbour Investments Inc. boosted its holdings in shares of Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock worth $25,000 after purchasing an additional 80 shares during the period. GKV Capital Management Co. Inc. purchased a new position in shares of Extra Space Storage in the 1st quarter worth approximately $29,000. Quent Capital LLC boosted its holdings in shares of Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 154 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new position in shares of Extra Space Storage in the 1st quarter worth approximately $50,000. 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.