Extra Space Storage (NYSE:EXR) Price Target Cut to $168.00

Extra Space Storage (NYSE:EXR) had its price objective lowered by Evercore ISI from $170.00 to $168.00 in a research note issued to investors on Monday morning, Benzinga reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

Other analysts have also recently issued reports about the stock. Royal Bank of Canada began coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price on the stock. Barclays increased their target price on shares of Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Truist Financial increased their target price on shares of Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $172.00 to $155.00 in a research report on Monday, August 5th. Finally, Scotiabank raised their price objective on shares of Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Extra Space Storage presently has a consensus rating of “Hold” and a consensus price target of $170.80.

Extra Space Storage Stock Performance

NYSE EXR opened at $170.10 on Monday. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $184.87. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20. The stock has a market capitalization of $36.01 billion, a PE ratio of 37.88, a P/E/G ratio of 6.47 and a beta of 0.86. The company’s 50 day simple moving average is $174.34 and its two-hundred day simple moving average is $158.74.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.81%. The ex-dividend date was Monday, September 16th. Extra Space Storage’s dividend payout ratio is currently 144.32%.

Insider Activity

In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total transaction of $350,660.00. Following the transaction, the executive vice president now directly owns 11,919 shares in the company, valued at $2,089,758.27. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gwyn Goodson Mcneal sold 2,823 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the transaction, the executive vice president now owns 32,855 shares in the company, valued at approximately $5,815,663.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,970 shares of company stock valued at $3,367,307. 1.36% of the stock is currently owned by company insiders.

Institutional Trading of Extra Space Storage

Institutional investors have recently modified their holdings of the company. Hummer Financial Advisory Services Inc raised its position in shares of Extra Space Storage by 1.2% in the 3rd quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock valued at $1,067,000 after purchasing an additional 70 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its position in shares of Extra Space Storage by 19.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after purchasing an additional 76 shares during the last quarter. Bleakley Financial Group LLC raised its position in shares of Extra Space Storage by 4.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock valued at $356,000 after purchasing an additional 77 shares during the last quarter. QRG Capital Management Inc. raised its position in shares of Extra Space Storage by 5.2% in the 1st quarter. QRG Capital Management Inc. now owns 1,588 shares of the real estate investment trust’s stock valued at $233,000 after purchasing an additional 78 shares during the last quarter. Finally, Park Avenue Securities LLC raised its position in shares of Extra Space Storage by 2.1% in the 2nd quarter. Park Avenue Securities LLC now owns 3,773 shares of the real estate investment trust’s stock valued at $586,000 after purchasing an additional 79 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

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.