Extra Space Storage Inc (NYSE:EXR) Receives Average Recommendation of "Hold" from Brokerages

Key Points

• Extra Space Storage Inc (NYSE:EXR) has received a consensus rating of "Hold" from 16 brokerages, with 9 analysts recommending hold and 7 issuing buy ratings.
• The company recently reported $2.05 earnings per share for the quarter, slightly below analysts' estimates, while its quarterly revenue rose to $841.62 million.
• Extra Space Storage plans to pay a quarterly dividend of $1.62 on September 30th, indicating a 4.6% dividend yield and a high payout ratio of 140.56%.

Shares of Extra Space Storage Inc (NYSE:EXR - Get Free Report) have earned a consensus rating of "Hold" from the sixteen research firms that are covering the stock, Marketbeat.com reports. Nine investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $153.60.

A number of research analysts have recently issued reports on EXR shares. Scotiabank raised their price target on shares of Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. Wells Fargo & Company upgraded shares of Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 price target on the stock in a research report on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a report on Friday, June 13th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $146.00 price objective (down previously from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. Finally, Mizuho increased their price objective on shares of Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated 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 sale, the chief executive officer owned 27,260 shares of the company's stock, valued at $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. 1.36% of the stock is currently owned by company insiders.

Institutional Trading of Extra Space Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in EXR. OneDigital Investment Advisors LLC raised its position in shares of Extra Space Storage by 35.2% during the 4th quarter. OneDigital Investment Advisors LLC now owns 1,577 shares of the real estate investment trust's stock worth $236,000 after buying an additional 411 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Extra Space Storage during the 4th quarter worth about $215,000. Boothbay Fund Management LLC bought a new stake in shares of Extra Space Storage during the 4th quarter worth about $743,000. Quarry LP raised its holdings in shares of 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, Northern Trust Corp raised its holdings in shares of Extra Space Storage by 48.7% in the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock worth $430,107,000 after purchasing an additional 941,212 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Trading Up 0.3%

Extra Space Storage stock opened at $140.62 on Wednesday. The firm's 50-day moving average is $144.89 and its 200-day moving average is $146.57. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. Extra Space Storage has a 1 year low of $121.03 and a 1 year high of $184.87. The company has a market cap of $29.85 billion, a P/E ratio of 30.50, a PEG ratio of 3.40 and a beta of 1.07.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. During the same quarter in the previous year, the business posted $2.06 earnings per share. The company's quarterly revenue was up 3.8% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, equities analysts expect that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Monday, September 15th. Extra Space Storage's dividend payout ratio (DPR) is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.