Evercore ISI Cuts Extra Space Storage (NYSE:EXR) Price Target to $139.00

Extra Space Storage (NYSE:EXR - Free Report) had its price objective lowered by Evercore ISI from $145.00 to $139.00 in a research report released on Wednesday morning.

EXR has been the topic of several other research reports. Raymond James restated an outperform rating and set a $160.00 price objective on shares of Extra Space Storage in a report on Thursday, March 28th. The Goldman Sachs Group upped their target price on Extra Space Storage from $168.00 to $187.00 and gave the stock a buy rating in a research report on Thursday, January 11th. StockNews.com downgraded Extra Space Storage from a hold rating to a sell rating in a report on Saturday, March 2nd. Deutsche Bank Aktiengesellschaft began coverage on shares of Extra Space Storage in a research note on Tuesday, January 30th. They issued a hold rating and a $141.00 target price for the company. Finally, Barclays started coverage on shares of Extra Space Storage in a research note on Wednesday, March 27th. They set an overweight rating and a $157.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, Extra Space Storage currently has a consensus rating of Hold and a consensus target price of $149.67.

Extra Space Storage Price Performance

Extra Space Storage stock traded up $4.42 during trading hours on Wednesday, hitting $138.70. 2,020,462 shares of the company traded hands, compared to its average volume of 1,184,809. The firm's 50-day simple moving average is $141.64 and its two-hundred day simple moving average is $138.54. The firm has a market cap of $29.35 billion, a P/E ratio of 27.77, a P/E/G ratio of 3.37 and a beta of 0.74. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $164.99. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71.

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

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders 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 dividend yield of 4.67%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage's dividend payout ratio is presently 131.17%.

Insiders Place Their Bets

In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the transaction, the chief marketing officer now owns 94,126 shares in the company, valued at approximately $13,785,693.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the firm's stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares of the company's stock, valued at $13,785,693.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm's stock in a transaction 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 completion of 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. Insiders have sold 3,532 shares of company stock worth $514,819 over the last 90 days. Corporate insiders own 1.36% of the company's stock.

Institutional Trading of Extra Space Storage

Hedge funds have recently added to or reduced their stakes in the company. EdgeRock Capital LLC acquired a new position in Extra Space Storage during the 4th quarter worth approximately $26,000. Creekmur Asset Management LLC bought a new position in Extra Space Storage in the 4th quarter valued at approximately $26,000. Zions Bancorporation N.A. grew its holdings in Extra Space Storage by 241.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 150 shares during the last quarter. Anchor Investment Management LLC acquired a new position in Extra Space Storage during the 4th quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Extra Space Storage by 162.5% in the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust's stock valued at $28,000 after acquiring an additional 143 shares during the last quarter. 99.11% of the stock is 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.