Extra Space Storage (NYSE:EXR) Upgraded to Hold at Wall Street Zen

Key Points

• Extra Space Storage's rating was upgraded from "sell" to "hold" by Wall Street Zen, reflecting a change in investment sentiment regarding the stock.
• The average target price for Extra Space Storage is currently $153.60, as assessed by multiple analysts, with several rating it as "outperform" or "neutral."
• Extra Space Storage reported a net margin of 29.51% and a revenue increase of 3.8% year-over-year, despite missing its quarterly earnings estimate slightly by $0.01.

Wall Street Zen upgraded shares of Extra Space Storage (NYSE:EXR - Free Report) from a sell rating to a hold rating in a report released on Sunday morning.

A number of other brokerages have also recently weighed in on EXR. Scotiabank lifted 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. JPMorgan Chase & Co. lifted their price target on shares of Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research report on Friday, June 13th. Wells Fargo & Company cut their price objective on shares of Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 23rd. Barclays cut their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Finally, Benchmark cut their price objective on shares of 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. Seven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Extra Space Storage has an average rating of "Hold" and an average price target of $153.33.

Extra Space Storage Trading Up 0.2%

Shares of NYSE EXR traded up $0.33 during midday trading on Friday, reaching $141.90. 308,457 shares of the stock were exchanged, compared to its average volume of 1,185,420. The business has a 50-day simple moving average of $144.80 and a two-hundred day simple moving average of $146.53. The company has a market capitalization of $30.12 billion, a price-to-earnings ratio of 30.75, a P/E/G ratio of 3.40 and a beta of 1.07. Extra Space Storage has a 12 month low of $121.03 and a 12 month high of $184.87. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.29 and a quick ratio of 0.29.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced 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). The firm had revenue of $841.62 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the business earned $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, equities research analysts expect that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.6%. The ex-dividend date is Monday, September 15th. Extra Space Storage's payout ratio is presently 140.56%.

Insider Transactions 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, 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 directly owned 27,260 shares in the company, valued at approximately $4,098,541. The trade was a 21.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.96% of the company's stock.

Institutional Investors Weigh In On Extra Space Storage

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aptus Capital Advisors LLC increased its stake in shares of Extra Space Storage by 4.3% during the 4th quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust's stock worth $245,000 after purchasing an additional 68 shares during the last quarter. Siemens Fonds Invest GmbH increased its stake in shares of Extra Space Storage by 3.0% during the 4th quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust's stock worth $342,000 after purchasing an additional 68 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Extra Space Storage by 8.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust's stock worth $139,000 after purchasing an additional 73 shares during the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its stake in shares of Extra Space Storage by 4.6% during the 2nd quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 1,825 shares of the real estate investment trust's stock worth $269,000 after purchasing an additional 80 shares during the last quarter. Finally, Brown Advisory Inc. increased its stake in shares of Extra Space Storage by 1.8% during the 2nd quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust's stock worth $653,000 after purchasing an additional 80 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.