Extra Space Storage (NYSE:EXR) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Extra Space Storage (NYSE:EXR) from a sell rating to a hold rating in a report issued on Tuesday.

Several other analysts have also commented on the company. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $175.00 target price on shares of Extra Space Storage in a report on Monday, October 21st. Evercore ISI lowered their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Truist Financial lifted their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Scotiabank raised shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target on the stock in a report on Friday, January 10th. Finally, Barclays dropped their price target on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $171.25.

Extra Space Storage Stock Down 0.6 %

NYSE:EXR opened at $155.02 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The company’s fifty day moving average price is $155.79 and its 200-day moving average price is $164.86. Extra Space Storage has a 1-year low of $131.02 and a 1-year high of $184.87. The firm has a market capitalization of $32.86 billion, a P/E ratio of 40.58, a PEG ratio of 7.48 and a beta of 0.91.

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

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date was Monday, December 16th. Extra Space Storage’s dividend payout ratio is presently 169.63%.

Insider Buying and Selling

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction 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 transaction, the director now owns 5,877 shares in the company, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the sale, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

Several hedge funds and other institutional investors have recently modified their holdings of the business. Graypoint LLC raised its holdings in shares of Extra Space Storage by 4.3% during the 3rd quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock worth $284,000 after acquiring an additional 65 shares during the period. Wedge Capital Management L L P NC increased its position in Extra Space Storage by 1.3% during the fourth quarter. Wedge Capital Management L L P NC now owns 5,138 shares of the real estate investment trust’s stock worth $769,000 after purchasing an additional 68 shares during the last quarter. Hummer Financial Advisory Services Inc raised its stake in Extra Space Storage by 1.2% during the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock worth $1,067,000 after purchasing an additional 70 shares during the period. Buckley Wealth Management LLC boosted its holdings in Extra Space Storage by 1.9% in the 3rd quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock valued at $687,000 after purchasing an additional 71 shares during the last quarter. Finally, Bleakley Financial Group LLC grew its stake 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 buying an additional 77 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

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.