Extra Space Storage Inc (NYSE:EXR) Given Consensus Rating of "Hold" by Brokerages

Key Points

• Extra Space Storage Inc has received a consensus rating of "Hold" from brokers, with one sell rating, nine hold ratings, and six buy ratings among analysts.
• The average target price for the stock is $148.64, with notable adjustments from firms like Goldman Sachs and Wells Fargo.
• The company recently declared a quarterly dividend of $1.62, representing an annual yield of 4.3% and a high dividend payout ratio of 140.56%.

Shares of Extra Space Storage Inc (NYSE:EXR - Get Free Report) have been assigned an average recommendation of "Hold" from the sixteen ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $148.6429.

Several research firms recently issued reports on EXR. The Goldman Sachs Group reiterated a "neutral" rating and set a $146.00 target price (down previously from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. Wells Fargo & Company upgraded Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 target price on the stock in a report on Tuesday, August 26th. Barclays dropped their target price on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Scotiabank dropped their target price on Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 28th. Finally, Wall Street Zen upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a report on Saturday, October 11th.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $141.41, for a total value of $1,060,575.00. Following the sale, the chief executive officer owned 19,760 shares in the company, valued at $2,794,261.60. This represents a 27.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 made changes to their positions in the company. GKV Capital Management Co. Inc. acquired a new position in shares of Extra Space Storage in the first quarter valued at approximately $29,000. Chung Wu Investment Group LLC acquired a new position in shares of Extra Space Storage in the second quarter valued at approximately $29,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Extra Space Storage in the second quarter valued at approximately $37,000. MTM Investment Management LLC acquired a new position in shares of Extra Space Storage in the second quarter valued at approximately $38,000. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Extra Space Storage in the first quarter valued at approximately $50,000. Institutional investors and hedge funds own 99.11% of the company's stock.

Extra Space Storage Stock Up 0.9%

EXR stock opened at $149.15 on Thursday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market capitalization of $31.66 billion, a P/E ratio of 32.35, a P/E/G ratio of 3.58 and a beta of 1.11. The business has a 50-day moving average of $141.65 and a 200-day moving average of $144.39. Extra Space Storage has a fifty-two week low of $121.03 and a fifty-two week high of $175.57.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.01). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The company had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. During the same quarter in the previous year, the company posted $2.06 EPS. The business's revenue was up 3.8% on a year-over-year basis. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, sell-side analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $1.62 dividend. The ex-dividend date was Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.3%. Extra Space Storage's dividend payout ratio is currently 140.56%.

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.

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