Evercore ISI Cuts Extra Space Storage (NYSE:EXR) Price Target to $146.00

Key Points

• Extra Space Storage's price target was decreased by Evercore ISI from $148.00 to $146.00, with a potential upside of 4.49% from its previous close.
• Despite recent target adjustments, the stock has a consensus rating of "Hold" with a target price averaging $156.54 based on various analysts’ reports.
• Extra Space Storage's shares rose 0.3% on Monday, with trading volumes significantly below average, while the company reported a year-over-year revenue increase of 3.8%.

Extra Space Storage (NYSE:EXR - Free Report) had its price objective decreased by Evercore ISI from $148.00 to $146.00 in a research note issued to investors on Monday morning,Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust's stock.

Other analysts have also issued research reports about the stock. Benchmark lowered their target price on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. JPMorgan Chase & Co. boosted their target price on shares of Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a research note on Friday, June 13th. Barclays lowered their target price on shares of Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. BNP Paribas Exane initiated coverage on shares of Extra Space Storage in a research note on Tuesday, June 24th. They set a "neutral" rating and a $156.00 target price for the company. Finally, Bank of America upped their price target on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $156.54.

Extra Space Storage Trading Up 0.1%

EXR stock traded up $0.21 during midday trading on Monday, reaching $138.82. 182,980 shares of the company's stock traded hands, compared to its average volume of 1,198,948. The company has a market capitalization of $29.46 billion, a P/E ratio of 30.11, a PEG ratio of 3.35 and a beta of 1.07. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.33. Extra Space Storage has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The business has a 50-day moving average price of $148.44 and a two-hundred day moving average price of $148.14.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). The firm had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The company's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.06 earnings per share. Equities research analysts forecast 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. The ex-dividend date of this dividend was Monday, June 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.7%. Extra Space Storage's dividend payout ratio is currently 140.56%.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was 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 of the company's stock, valued at $4,098,541. This trade represents a 21.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.36% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Extra Space Storage by 0.9% during the first quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust's stock valued at $5,044,129,000 after acquiring an additional 295,556 shares during the period. Cohen & Steers Inc. increased its stake in shares of Extra Space Storage by 5.9% in the fourth quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust's stock valued at $1,383,094,000 after buying an additional 516,941 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Extra Space Storage by 205.7% in the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust's stock valued at $608,001,000 after buying an additional 2,755,265 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Extra Space Storage by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust's stock valued at $469,229,000 after buying an additional 24,533 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Extra Space Storage by 0.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,077,577 shares of the real estate investment trust's stock valued at $456,989,000 after buying an additional 12,607 shares in the last quarter. 99.11% of the stock is 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.