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

Shares of Extra Space Storage Inc. (NYSE:EXR - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the fourteen analysts that are currently covering the firm, MarketBeat reports. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $159.54.

A number of analysts have commented on the company. Mizuho raised their price objective on Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 28th. Evercore ISI raised their target price on Extra Space Storage from $144.00 to $149.00 and gave the stock an "in-line" rating in a research report on Thursday, May 1st. Wall Street Zen 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. Finally, Barclays cut their target price on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research report on Friday, May 16th.

Extra Space Storage Stock Performance

EXR traded down $1.04 during midday trading on Friday, reaching $149.47. The company's stock had a trading volume of 945,917 shares, compared to its average volume of 1,056,978. The stock has a market cap of $31.72 billion, a P/E ratio of 39.13, a PEG ratio of 7.76 and a beta of 1.11. The company has a fifty day simple moving average of $145.26 and a 200 day simple moving average of $149.73. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a twelve month low of $121.03 and a twelve month high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. During the same quarter last year, the company earned $1.96 EPS. The company's quarterly revenue was up 2.6% on a year-over-year basis. Research analysts expect that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.34%. Extra Space Storage's dividend payout ratio (DPR) is presently 150.35%.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the completion of the sale, the chief executive officer now directly owns 9,190 shares of the company's stock, valued at $1,355,065.50. The trade was a 44.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Golden State Wealth Management LLC bought a new position in Extra Space Storage during the fourth quarter worth about $25,000. Harbour Investments Inc. lifted its holdings in Extra Space Storage by 90.9% during the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 80 shares in the last quarter. GKV Capital Management Co. Inc. bought a new position in Extra Space Storage during the first quarter worth about $29,000. Quent Capital LLC lifted its holdings in Extra Space Storage by 89.0% during the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust's stock worth $49,000 after acquiring an additional 154 shares in the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in Extra Space Storage during the first quarter worth about $50,000. 99.11% of the stock is currently owned by institutional investors.

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.