Extra Space Storage (NYSE:EXR) Given New $181.00 Price Target at Barclays

Extra Space Storage (NYSE:EXR) had its price target decreased by Barclays from $184.00 to $181.00 in a research note issued to investors on Wednesday,Benzinga reports. Barclays currently has an overweight rating on the real estate investment trust’s stock.

EXR has been the subject of several other reports. Royal Bank of Canada cut their target price on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Scotiabank dropped their price objective on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Finally, Wells Fargo & Company dropped their price objective on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Extra Space Storage presently has a consensus rating of “Hold” and a consensus price target of $171.09.

Extra Space Storage Stock Performance

EXR opened at $149.24 on Wednesday. The stock has a market capitalization of $31.64 billion, a price-to-earnings ratio of 39.07, a PEG ratio of 7.76 and a beta of 0.90. The company has a fifty day moving average of $153.12 and a 200 day moving average of $162.56. Extra Space Storage has a fifty-two week low of $131.02 and a fifty-two week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.93. The company had revenue of $821.90 million during the quarter, compared to analysts’ expectations of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. As a group, sell-side analysts forecast that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.34%. Extra Space Storage’s dividend payout ratio is presently 160.40%.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 16,690 shares in the company, valued at approximately $2,470,286.90. The trade was a 31.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the completion of the sale, the executive vice president now owns 20,158 shares of the company’s stock, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Extra Space Storage

Several large investors have recently modified their holdings of EXR. Golden State Wealth Management LLC bought a new stake in shares of Extra Space Storage in the 4th quarter valued at about $25,000. Harbour Investments Inc. raised its stake in shares of Extra Space Storage by 90.9% during the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 80 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Extra Space Storage during the 3rd quarter worth approximately $33,000. Harvest Fund Management Co. Ltd bought a new position in shares of Extra Space Storage during the 3rd quarter worth approximately $42,000. Finally, Quent Capital LLC raised its stake in shares of Extra Space Storage by 89.0% during the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 154 shares in the last quarter. 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.