Extra Space Storage Inc (NYSE:EXR) Receives Average Rating of “Hold” from Brokerages

Extra Space Storage Inc (NYSE:EXR) has earned a consensus recommendation of “Hold” from the sixteen analysts that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $148.6429.

Several equities analysts have recently weighed in on EXR shares. UBS Group dropped their price objective on shares of Extra Space Storage from $169.00 to $160.00 and set a “buy” rating on the stock in a report on Tuesday, September 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Extra Space Storage in a research note on Wednesday, October 8th. BNP Paribas Exane initiated coverage on Extra Space Storage in a research note on Tuesday, June 24th. They issued a “neutral” rating and a $156.00 price objective for the company. Evercore ISI upped their target price on Extra Space Storage from $147.00 to $149.00 and gave the stock a “cautious” rating in a research report on Friday, October 3rd. Finally, Truist Financial cut their target price on Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a report on Tuesday, August 19th.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total value of $1,060,575.00. Following the sale, the chief executive officer owned 19,760 shares in the company, valued at $2,794,261.60. This represents a 27.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.36% of the stock is currently owned by insiders.

Institutional Trading of Extra Space Storage

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Extra Space Storage during the second quarter valued at approximately $1,058,303,000. JPMorgan Chase & Co. boosted its holdings in Extra Space Storage by 205.7% during the 1st quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust’s stock worth $608,001,000 after acquiring an additional 2,755,265 shares during the last quarter. Nuveen LLC bought a new stake in shares of Extra Space Storage in the 1st quarter worth $257,917,000. Resolution Capital Ltd raised its holdings in shares of Extra Space Storage by 116.2% in the second quarter. Resolution Capital Ltd now owns 1,950,842 shares of the real estate investment trust’s stock valued at $287,632,000 after purchasing an additional 1,048,685 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Extra Space Storage by 570.3% during the first quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust’s stock valued at $166,180,000 after purchasing an additional 956,500 shares in the last quarter. 99.11% of the stock is owned by institutional investors.

Extra Space Storage Price Performance

Extra Space Storage stock opened at $151.42 on Thursday. The stock has a market capitalization of $32.14 billion, a price-to-earnings ratio of 32.85, a PEG ratio of 2.73 and a beta of 1.11. Extra Space Storage has a 52-week low of $121.03 and a 52-week high of $175.57. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. The stock’s 50 day moving average price is $142.55 and its two-hundred day moving average price is $144.51.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.01). The company had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, equities analysts predict that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Monday, September 15th. Extra Space Storage’s dividend payout ratio (DPR) is currently 140.56%.

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.