Extra Space Storage (NYSE:EXR) Upgraded at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Extra Space Storage (NYSE:EXR) from a hold rating to a buy rating in a research report released on Wednesday, MarketBeat.com reports. The firm currently has $204.00 target price on the real estate investment trust’s stock, up from their prior target price of $162.00.

EXR has been the subject of a number of other reports. KeyCorp boosted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an overweight rating in a research note on Monday, September 9th. Citigroup decreased their price objective on Extra Space Storage from $168.00 to $160.00 and set a neutral rating for the company in a report on Friday, June 7th. Raymond James increased their price target on Extra Space Storage from $160.00 to $175.00 and gave the stock an outperform rating in a research note on Tuesday, July 23rd. Wells Fargo & Company raised their price target on Extra Space Storage from $160.00 to $175.00 and gave the company an overweight rating in a report on Friday, July 26th. Finally, Scotiabank upped their price objective on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a sector underperform rating in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Extra Space Storage presently has an average rating of Hold and a consensus price target of $170.93.

Extra Space Storage Stock Performance

EXR stock opened at $180.41 on Wednesday. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $184.87. The stock has a market capitalization of $38.20 billion, a price-to-earnings ratio of 40.18, a PEG ratio of 2.56 and a beta of 0.86. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.20 and a current ratio of 0.20. The stock’s fifty day moving average is $170.03 and its two-hundred day moving average is $154.77.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $1.62 dividend. The ex-dividend date is Monday, September 16th. This represents a $6.48 annualized dividend and a yield of 3.59%. Extra Space Storage’s dividend payout ratio (DPR) is 144.32%.

Insider Buying and Selling at Extra Space Storage

In other news, Director Kenneth M. Woolley sold 6,647 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the sale, the director now directly owns 404,306 shares of the company’s stock, valued at $71,655,152.38. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,823 shares of Extra Space Storage stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $177.01, for a total transaction of $499,699.23. Following the transaction, the executive vice president now directly owns 32,855 shares in the company, valued at approximately $5,815,663.55. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kenneth M. Woolley sold 6,647 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now directly owns 404,306 shares of the company’s stock, valued at approximately $71,655,152.38. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,970 shares of company stock valued at $3,172,757. Corporate insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Extra Space Storage by 0.5% during the first quarter. Vanguard Group Inc. now owns 33,686,389 shares of the real estate investment trust’s stock valued at $4,951,899,000 after purchasing an additional 170,380 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Extra Space Storage by 4.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock valued at $551,586,000 after buying an additional 157,763 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Extra Space Storage by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock worth $485,973,000 after buying an additional 45,717 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its stake in Extra Space Storage by 7.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock valued at $460,890,000 after acquiring an additional 198,888 shares during the last quarter. Finally, Centersquare Investment Management LLC grew its position in Extra Space Storage by 1.3% in the first quarter. Centersquare Investment Management LLC now owns 2,546,475 shares of the real estate investment trust’s stock worth $341,941,000 after acquiring an additional 32,591 shares in the last quarter. Institutional investors and hedge funds 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.