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

Extra Space Storage Inc. (NYSE:EXR - Get Free Report) has been given a consensus rating of "Moderate Buy" by the fourteen analysts that are covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $158.46.

A number of analysts have commented on EXR shares. StockNews.com upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. The Goldman Sachs Group restated a "buy" rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Royal Bank of Canada reduced their price target on Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating for the company in a research report on Thursday, May 1st. Barclays dropped their price target on shares of Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research report on Friday. Finally, Benchmark dropped their price target on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th.

Insider Activity

In other news, EVP William N. Springer sold 1,220 shares of the company's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the sale, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business'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 directly owns 9,190 shares in the company, valued at approximately $1,355,065.50. This represents a 44.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,392 shares of company stock worth $1,392,315. 0.96% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Extra Space Storage by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust's stock worth $5,044,129,000 after purchasing an additional 295,556 shares during the period. Cohen & Steers Inc. boosted its stake in shares of Extra Space Storage by 5.9% during the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock worth $1,383,094,000 after purchasing an additional 516,941 shares during the period. Norges Bank bought a new stake in shares of Extra Space Storage during the 4th quarter worth approximately $938,647,000. JPMorgan Chase & Co. lifted its stake in shares of Extra Space Storage by 205.7% during the 1st quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust's stock worth $608,001,000 after acquiring an additional 2,755,265 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Extra Space Storage by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust's stock worth $469,229,000 after acquiring an additional 24,533 shares during the last quarter. Institutional investors own 99.11% of the company's stock.

Extra Space Storage Stock Performance

EXR stock traded down $0.48 during trading on Monday, reaching $152.11. The stock had a trading volume of 928,236 shares, compared to its average volume of 1,055,971. Extra Space Storage has a 52 week low of $121.03 and a 52 week high of $184.87. The stock's 50 day moving average is $143.17 and its two-hundred day moving average is $151.86. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a market cap of $32.28 billion, a PE ratio of 39.82, a PEG ratio of 7.76 and a beta of 1.14.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, beating analysts' consensus estimates of $1.96 by $0.04. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $820.00 million during the quarter, compared to analysts' expectations of $705.12 million. During the same period in the prior year, the company earned $1.96 earnings per share. The firm's revenue was up 2.6% on a year-over-year basis. As a group, equities 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 announced 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 of this dividend was Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.26%. Extra Space Storage's dividend payout ratio is currently 150.35%.

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.