JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Extra Space Storage (NYSE:EXR) Stock

Extra Space Storage (NYSE:EXR - Free Report) had its target price lifted by JPMorgan Chase & Co. from $160.00 to $162.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust's stock.

EXR has been the topic of a number of other reports. Wells Fargo & Company cut their price objective on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. Mizuho lifted 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. Bank of America lifted their price objective on Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Benchmark cut their price objective on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. Finally, Scotiabank lifted their price objective on 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. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, Extra Space Storage currently has an average rating of "Moderate Buy" and an average price target of $159.54.

Extra Space Storage Trading Down 0.7%

EXR traded down $1.04 on Friday, hitting $149.47. 945,917 shares of the company were exchanged, compared to its average volume of 1,057,887. The firm has a fifty day simple moving average of $144.80 and a two-hundred day simple moving average of $150.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. Extra Space Storage has a 12 month low of $121.03 and a 12 month high of $184.87. The stock has a market capitalization of $31.72 billion, a PE ratio of 39.13, a price-to-earnings-growth ratio of 7.76 and a beta of 1.11.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $820.00 million for the quarter, compared to analyst estimates of $705.12 million. During the same period last year, the company earned $1.96 EPS. Extra Space Storage's revenue for the quarter was up 2.6% compared to the same quarter last year. Sell-side 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 declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.34%. Extra Space Storage's dividend payout ratio is presently 150.35%.

Insider Activity at Extra Space Storage

In other Extra Space Storage 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 transaction, the chief executive officer now owns 9,190 shares in the company, valued at approximately $1,355,065.50. The trade was a 44.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund raised its stake in Extra Space Storage by 0.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,160 shares of the real estate investment trust's stock valued at $2,717,000 after buying an additional 66 shares during the last quarter. Lindbrook Capital LLC raised its stake in Extra Space Storage by 14.9% during the fourth quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust's stock valued at $78,000 after buying an additional 68 shares during the last quarter. Aptus Capital Advisors LLC raised its stake in Extra Space Storage by 4.3% during the fourth quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust's stock valued at $245,000 after buying an additional 68 shares during the last quarter. Siemens Fonds Invest GmbH raised its stake in Extra Space Storage by 3.0% during the fourth quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust's stock valued at $342,000 after buying an additional 68 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its stake in Extra Space Storage by 5.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,327 shares of the real estate investment trust's stock valued at $199,000 after buying an additional 73 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

About Extra Space Storage

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.