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

Extra Space Storage Inc. (NYSE:EXR - Get Free Report) has been given an average recommendation of "Hold" by the twelve research firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $150.17.

A number of equities research analysts have recently issued reports on the stock. StockNews.com cut shares of Extra Space Storage from a "hold" rating to a "sell" rating in a research report on Saturday, March 2nd. Scotiabank assumed coverage on shares of Extra Space Storage in a research report on Tuesday, February 13th. They set a "sector underperform" rating and a $131.00 price objective for the company. Morgan Stanley raised Extra Space Storage from an "underweight" rating to an "equal weight" rating and boosted their target price for the stock from $115.00 to $150.00 in a research note on Thursday, December 21st. Truist Financial boosted their target price on Extra Space Storage from $138.00 to $152.00 and gave the stock a "hold" rating in a research note on Thursday, December 28th. Finally, TheStreet raised Extra Space Storage from a "c+" rating to a "b-" rating in a research note on Thursday, January 11th.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the sale, the executive vice president now owns 37,028 shares of the company's stock, valued at approximately $5,369,060. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares in the company, valued at approximately $13,785,693.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the transaction, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,532 shares of company stock valued at $514,819. 1.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors and hedge funds have recently modified their holdings of EXR. Whittier Trust Co. lifted its holdings in shares of Extra Space Storage by 4.5% in the 4th quarter. Whittier Trust Co. now owns 1,656 shares of the real estate investment trust's stock worth $266,000 after purchasing an additional 72 shares in the last quarter. Private Advisor Group LLC lifted its holdings in shares of Extra Space Storage by 5.6% in the 1st quarter. Private Advisor Group LLC now owns 1,404 shares of the real estate investment trust's stock worth $289,000 after purchasing an additional 74 shares in the last quarter. Thomas White International Ltd. lifted its holdings in shares of Extra Space Storage by 5.9% in the 4th quarter. Thomas White International Ltd. now owns 1,483 shares of the real estate investment trust's stock worth $218,000 after purchasing an additional 83 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Extra Space Storage by 35.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 384 shares of the real estate investment trust's stock worth $78,000 after purchasing an additional 100 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in shares of Extra Space Storage by 3.4% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 3,379 shares of the real estate investment trust's stock worth $542,000 after purchasing an additional 110 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Stock Performance

Shares of NYSE:EXR traded down $2.51 on Friday, hitting $140.69. The company had a trading volume of 687,262 shares, compared to its average volume of 1,091,452. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $164.99. The stock has a market cap of $29.77 billion, a price-to-earnings ratio of 28.48, a P/E/G ratio of 3.46 and a beta of 0.74. The stock has a 50 day moving average price of $143.28 and a 200 day moving average price of $137.24. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.03 by ($1.01). The business had revenue of $797.77 million during the quarter, compared to the consensus estimate of $778.05 million. Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The company's revenue was up 57.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.09 EPS. Analysts expect that Extra Space Storage will post 8.05 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.61%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage's dividend payout ratio is presently 131.17%.

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.