Extra Space Storage Inc (NYSE:EXR) Receives $148.50 Average Price Target from Brokerages

Key Points

• The consensus rating for Extra Space Storage Inc (NYSE:EXR) is a "Hold" from 15 research firms, with 9 recommending a hold and 6 offering a buy.
• CEO Joseph D. Margolis sold 7,500 shares of the company's stock, resulting in a 21.58% decrease in his holdings.
• Extra Space Storage declared a quarterly dividend of $1.62, representing an annualized payout of $6.48 and a dividend yield of 4.6%.

Shares of Extra Space Storage Inc (NYSE:EXR - Get Free Report) have received an average rating of "Hold" from the fifteen research firms that are covering the stock, MarketBeat Ratings reports. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $148.50.

EXR has been the subject of several recent research reports. Citigroup dropped their target price on shares of Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. Scotiabank reduced their price target on shares of Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating on the stock in a research report on Thursday, August 28th. JPMorgan Chase & Co. lifted their price target on shares of Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a research report on Friday, June 13th. BNP Paribas Exane began coverage on shares of Extra Space Storage in a research report on Tuesday, June 24th. They set a "neutral" rating and a $156.00 target price on the stock. Finally, Evercore ISI boosted their target price on shares of Extra Space Storage from $146.00 to $147.00 and gave the stock an "in-line" rating in a research report on Monday, September 15th.

Extra Space Storage Stock Up 0.6%

Shares of NYSE EXR traded up $0.77 during mid-day trading on Friday, reaching $139.37. The company had a trading volume of 177,378 shares, compared to its average volume of 1,175,884. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. The firm has a 50 day simple moving average of $142.99 and a two-hundred day simple moving average of $144.92. The stock has a market cap of $29.58 billion, a P/E ratio of 30.20, a PEG ratio of 3.38 and a beta of 1.09. Extra Space Storage has a 52-week low of $121.03 and a 52-week high of $183.08.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share 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 for the quarter, compared to analyst estimates of $719.43 million. During the same quarter in the prior year, the company earned $2.06 EPS. The firm's revenue for the quarter 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. Sell-side analysts predict that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid 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 is Monday, September 15th. Extra Space Storage's payout ratio is 140.56%.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction 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 sale, the chief executive officer owned 27,260 shares in the company, valued at approximately $4,098,541. The trade was a 21.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.36% of the company's stock.

Institutional Trading of Extra Space Storage

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Osaic Holdings Inc. increased its stake in Extra Space Storage by 17.2% during the second quarter. Osaic Holdings Inc. now owns 15,988 shares of the real estate investment trust's stock valued at $2,359,000 after purchasing an additional 2,344 shares during the last quarter. Westwood Holdings Group Inc. bought a new position in shares of Extra Space Storage during the second quarter worth about $7,377,000. CYBER HORNET ETFs LLC bought a new position in shares of Extra Space Storage during the second quarter worth about $82,000. FORA Capital LLC grew its position in shares of Extra Space Storage by 154.0% during the second quarter. FORA Capital LLC now owns 4,627 shares of the real estate investment trust's stock worth $682,000 after acquiring an additional 2,805 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its position in shares of Extra Space Storage by 2.8% during the second quarter. CANADA LIFE ASSURANCE Co now owns 467,610 shares of the real estate investment trust's stock worth $69,006,000 after acquiring an additional 12,657 shares during the last quarter. Institutional investors own 99.11% of the company's stock.

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.