Extra Space Storage Inc (NYSE:EXR) Given Consensus Recommendation of "Hold" by Analysts

Key Points

• Extra Space Storage Inc (NYSE:EXR) has received an average consensus recommendation of "Hold", with eight analysts rating it as hold and seven as buy.
• The company reported $2.05 earnings per share for the latest quarter, slightly missing the estimate and achieving a revenue of $841.62 million, which is a 3.8% increase compared to the same quarter last year.
• Extra Space Storage announced a quarterly dividend of $1.62 per share, resulting in an annualized yield of 4.7%, despite a high payout ratio of 150.35%.

Extra Space Storage Inc (NYSE:EXR - Get Free Report) has earned an average recommendation of "Hold" from the fifteen ratings firms that are covering the stock, MarketBeat Ratings reports. Eight analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $157.69.

Several equities research analysts recently commented on the company. Wells Fargo & Company dropped their price objective on Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 23rd. BNP Paribas Exane assumed coverage on shares of Extra Space Storage in a research report on Tuesday, June 24th. They set a "neutral" rating and a $156.00 price objective on the stock. Wall Street Zen raised shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Evercore ISI increased their price target on Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a report on Thursday, May 1st. Finally, Barclays cut their price objective on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a report on Friday, May 16th.

Extra Space Storage Trading Up 3.7%

Shares of NYSE EXR opened at $139.30 on Friday. The firm's 50 day moving average price is $148.78 and its 200-day moving average price is $148.33. Extra Space Storage has a 52-week low of $121.03 and a 52-week high of $184.87. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.33 and a current ratio of 0.29. The company has a market cap of $29.56 billion, a PE ratio of 30.22, a P/E/G ratio of 3.26 and a beta of 1.07.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings data 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 net margin of 29.51% and a return on equity of 6.69%. The business had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. During the same period last year, the company posted $2.06 earnings per share. The business's revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts expect that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Monday, June 16th. Extra Space Storage's payout ratio is presently 150.35%.

Insider Activity

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the sale, the chief executive officer owned 27,260 shares in the company, valued at approximately $4,098,541. This trade represents a 21.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.96% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. GKV Capital Management Co. Inc. bought a new stake in shares of Extra Space Storage during the first quarter valued at approximately $29,000. Chung Wu Investment Group LLC purchased a new position in Extra Space Storage during the second quarter valued at $29,000. Zions Bancorporation National Association UT bought a new stake in Extra Space Storage in the 1st quarter valued at $50,000. Quarry LP lifted its stake in Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 217 shares in the last quarter. Finally, Golden State Wealth Management LLC boosted its holdings in shares of Extra Space Storage by 147.0% during the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after purchasing an additional 241 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

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.

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