Extra Space Storage (NYSE:EXR) Price Target Cut to $167.00 by Analysts at Scotiabank

Extra Space Storage (NYSE:EXR) had its price objective decreased by Scotiabank from $169.00 to $167.00 in a research note published on Monday morning,Benzinga reports. Scotiabank currently has a sector underperform rating on the real estate investment trust’s stock.

EXR has been the topic of several other reports. Evercore ISI dropped their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Wells Fargo & Company reissued an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a research report on Monday, October 21st. Bank of America downgraded shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. Royal Bank of Canada began coverage on shares of Extra Space Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target for the company. Finally, Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and upped their price objective for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $171.36.

Extra Space Storage Stock Up 1.3 %

Shares of Extra Space Storage stock opened at $170.38 on Monday. Extra Space Storage has a 1 year low of $125.82 and a 1 year high of $184.87. The firm has a market cap of $36.12 billion, a price-to-earnings ratio of 44.60, a PEG ratio of 8.47 and a beta of 0.87. The company has a 50-day moving average of $170.30 and a 200 day moving average of $163.85. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share 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 business had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. During the same period in the prior year, the business posted $2.02 EPS. Extra Space Storage’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Extra Space Storage will post 8.09 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $1.62 per share. The ex-dividend date is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.80%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total value of $350,660.00. Following the completion of the sale, the executive vice president now owns 11,919 shares in the company, valued at $2,089,758.27. This represents a 14.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the transaction, the chief executive officer now directly owns 24,190 shares in the company, valued at approximately $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,228 shares of company stock worth $3,374,617 in the last quarter. Company insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its stake in shares of Extra Space Storage by 2,244.2% in the first quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust’s stock worth $87,824,000 after purchasing an additional 572,231 shares in the last quarter. California State Teachers Retirement System increased its stake in Extra Space Storage by 1.3% in the 1st quarter. California State Teachers Retirement System now owns 342,652 shares of the real estate investment trust’s stock worth $50,370,000 after buying an additional 4,396 shares in the last quarter. Tidal Investments LLC raised its holdings in Extra Space Storage by 262.5% during the first quarter. Tidal Investments LLC now owns 12,967 shares of the real estate investment trust’s stock valued at $1,906,000 after acquiring an additional 9,390 shares during the period. Beacon Capital Management LLC lifted its position in shares of Extra Space Storage by 69.3% in the first quarter. Beacon Capital Management LLC now owns 828 shares of the real estate investment trust’s stock valued at $122,000 after acquiring an additional 339 shares in the last quarter. Finally, Plato Investment Management Ltd lifted its position in shares of Extra Space Storage by 110.3% in the first quarter. Plato Investment Management Ltd now owns 1,182 shares of the real estate investment trust’s stock valued at $174,000 after acquiring an additional 620 shares in the last quarter. 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.