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

Extra Space Storage Inc (NYSE:EXR - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the sixteen research firms that are presently covering the firm, Marketbeat reports. Eight analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $159.29.

EXR has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Bank of America boosted their price objective on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. Barclays cut their target price on shares of 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. BNP Paribas Exane assumed coverage on shares of Extra Space Storage in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 target price on the stock. Finally, Royal Bank Of Canada cut their target price on shares of Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 1st.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the transaction, the chief executive officer directly owned 27,260 shares in the company, valued at $4,098,541. This trade represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. QRG Capital Management Inc. lifted its stake in Extra Space Storage by 21.4% during the first quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust's stock valued at $399,000 after purchasing an additional 474 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Extra Space Storage by 24.3% during the first quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust's stock valued at $216,000 after purchasing an additional 286 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Extra Space Storage by 44.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 22,593 shares of the real estate investment trust's stock valued at $3,355,000 after purchasing an additional 6,964 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Extra Space Storage by 1.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust's stock valued at $3,285,000 after purchasing an additional 398 shares during the last quarter. Finally, CX Institutional acquired a new stake in Extra Space Storage during the first quarter valued at approximately $127,000. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Stock Down 2.6%

Shares of NYSE EXR opened at $148.86 on Tuesday. The firm has a fifty day moving average of $148.64 and a 200-day moving average of $148.37. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.85. Extra Space Storage has a 52-week low of $121.03 and a 52-week high of $184.87. The stock has a market capitalization of $31.59 billion, a PE ratio of 34.54, a P/E/G ratio of 3.71 and a beta of 1.10.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.96 by $0.04. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The firm 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 EPS. The firm's revenue was up 2.6% on a year-over-year basis. On average, analysts anticipate that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.35%. The ex-dividend date was Monday, June 16th. Extra Space Storage's dividend payout ratio (DPR) is presently 150.35%.

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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