Extra Space Storage (NYSE:EXR) Given New $184.00 Price Target at Barclays

Extra Space Storage (NYSE:EXR) had its price objective decreased by Barclays from $192.00 to $184.00 in a report published on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the real estate investment trust’s stock.

A number of other analysts have also recently commented on EXR. Truist Financial lifted their price target on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Evercore ISI decreased their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and increased their price target for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Wells Fargo & Company restated an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Finally, StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $171.25.

Extra Space Storage Stock Performance

EXR opened at $149.51 on Monday. The company has a market cap of $31.69 billion, a P/E ratio of 39.14, a price-to-earnings-growth ratio of 7.96 and a beta of 0.91. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm’s 50-day moving average price is $157.83 and its 200-day moving average price is $164.93. Extra Space Storage has a 52-week low of $131.02 and a 52-week high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. During the same quarter in the previous year, the company posted $2.02 EPS. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities analysts anticipate that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a $1.62 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.33%. Extra Space Storage’s dividend payout ratio (DPR) is currently 169.63%.

Insider Transactions at Extra Space Storage

In other news, Director Diane Olmstead sold 3,081 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now directly owns 5,877 shares in the company, valued at $967,119.12. The trade was a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at approximately $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in EXR. Ashton Thomas Securities LLC purchased a new position in Extra Space Storage during the third quarter valued at $33,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Extra Space Storage during the 3rd quarter worth about $42,000. Continuum Advisory LLC lifted its stake in Extra Space Storage by 68.1% in the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock valued at $56,000 after buying an additional 126 shares in the last quarter. Sunbelt Securities Inc. boosted its holdings in Extra Space Storage by 441.2% in the 2nd quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust’s stock worth $96,000 after buying an additional 503 shares during the last quarter. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in Extra Space Storage during the 3rd quarter worth approximately $129,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

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.