Extra Space Storage (NYSE:EXR) Price Target Cut to $165.00 by Analysts at Scotiabank

Extra Space Storage (NYSE:EXR) had its price objective trimmed by Scotiabank from $167.00 to $165.00 in a research note released on Wednesday,Benzinga reports. The firm currently has a sector perform rating on the real estate investment trust’s stock.

A number of other equities analysts have also commented on the company. Truist Financial increased their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. Barclays reduced 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. Royal Bank of Canada lowered their price objective on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. Finally, Wells Fargo & Company reduced their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Extra Space Storage presently has an average rating of “Hold” and an average price target of $171.36.

Extra Space Storage Price Performance

EXR stock opened at $157.24 on Wednesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company’s fifty day moving average price is $152.63 and its 200-day moving average price is $163.21. Extra Space Storage has a one year low of $131.02 and a one year high of $184.87. The company has a market capitalization of $33.33 billion, a PE ratio of 41.16, a price-to-earnings-growth ratio of 7.76 and a beta of 0.91.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, topping the consensus estimate of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $821.90 million for the quarter, compared to analysts’ expectations of $707.34 million. On average, 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 will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is currently 160.40%.

Insiders Place Their Bets

In other news, EVP William N. Springer sold 1,220 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the sale, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were 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 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 position. The disclosure for this sale can be found here. 1.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC boosted its position in Extra Space Storage by 39.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,277 shares of the real estate investment trust’s stock valued at $230,000 after buying an additional 362 shares during the period. Harbor Capital Advisors Inc. raised its stake in shares of Extra Space Storage by 4.7% during the third quarter. Harbor Capital Advisors Inc. now owns 5,631 shares of the real estate investment trust’s stock valued at $1,015,000 after acquiring an additional 252 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Extra Space Storage by 11.6% in the third quarter. Van ECK Associates Corp now owns 96,609 shares of the real estate investment trust’s stock valued at $16,333,000 after purchasing an additional 10,063 shares during the period. National Pension Service grew its stake in Extra Space Storage by 18.3% in the third quarter. National Pension Service now owns 333,865 shares of the real estate investment trust’s stock worth $60,159,000 after purchasing an additional 51,623 shares in the last quarter. Finally, QRG Capital Management Inc. increased its holdings in Extra Space Storage by 35.6% during the 3rd quarter. QRG Capital Management Inc. now owns 2,769 shares of the real estate investment trust’s stock worth $499,000 after purchasing an additional 727 shares during the period. 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.