Extra Space Storage (NYSE:EXR) Price Target Cut to $160.00 by Analysts at Wells Fargo & Company

Extra Space Storage (NYSE:EXR - Free Report) had its target price decreased by Wells Fargo & Company from $165.00 to $160.00 in a report released on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust's stock.

Other equities analysts have also recently issued research reports about the stock. BNP Paribas upgraded shares of Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. Scotiabank increased 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 company a "neutral" rating in a report on Friday, June 13th. Wall Street Zen raised shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Evercore ISI boosted their target price on shares of Extra Space Storage from $144.00 to $149.00 and gave the stock an "in-line" rating in a research report on Thursday, May 1st. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Extra Space Storage has a consensus rating of "Hold" and a consensus price target of $157.69.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock traded up $0.32 on Wednesday, hitting $150.83. 866,679 shares of the company traded hands, compared to its average volume of 1,052,046. The firm's 50-day simple moving average is $149.12 and its 200 day simple moving average is $148.43. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.85. The company has a market cap of $32.01 billion, a P/E ratio of 35.00, a P/E/G ratio of 3.65 and a beta of 1.10. Extra Space Storage has a 12-month low of $121.03 and a 12-month high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.96 by $0.04. The company had revenue of $820.00 million for the quarter, compared to analysts' expectations of $705.12 million. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The firm's revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.96 EPS. Analysts expect that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date was Monday, June 16th. Extra Space Storage's payout ratio is 150.35%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares of the company's stock, valued at $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.96% of the stock is owned by insiders.

Institutional Investors Weigh In On Extra Space Storage

Large investors have recently modified their holdings of the business. GKV Capital Management Co. Inc. acquired a new stake in shares of Extra Space Storage during the first quarter worth about $29,000. Chung Wu Investment Group LLC purchased a new position in shares of Extra Space Storage during the second quarter worth approximately $29,000. Zions Bancorporation National Association UT purchased a new position in shares of Extra Space Storage during the first quarter worth approximately $50,000. Quarry LP grew its position in shares of Extra Space Storage by 156.1% during the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after acquiring an additional 217 shares during the last quarter. Finally, Golden State Wealth Management LLC grew its position in Extra Space Storage by 147.0% in the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after buying an additional 241 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

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.