Extra Space Storage (NYSE:EXR) Given New $161.00 Price Target at Bank of America

Extra Space Storage (NYSE:EXR) had its price objective upped by Bank of America from $155.00 to $161.00 in a research report released on Tuesday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other research analysts also recently issued reports on the stock. Evercore ISI boosted their price objective on shares of Extra Space Storage from $144.00 to $149.00 and gave the stock an “in-line” rating in a report on Thursday, May 1st. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Wednesday, April 30th. Mizuho assumed coverage on Extra Space Storage in a report on Wednesday, April 9th. They issued an “outperform” rating and a $141.00 price target for the company. Wells Fargo & Company reduced their price objective on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Finally, Royal Bank of Canada lowered their price objective on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 1st. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $158.69.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $147.02 on Tuesday. The company has a market cap of $31.20 billion, a price-to-earnings ratio of 38.49, a PEG ratio of 7.76 and a beta of 1.14. The business has a 50 day moving average price of $143.47 and a 200 day moving average price of $152.35. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a twelve month low of $121.03 and a twelve month high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.96 by $0.04. The company had revenue of $820.00 million during the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.96 earnings per share. Research analysts predict that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $1.62 per share. The ex-dividend date was Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.41%. Extra Space Storage’s dividend payout ratio is currently 150.35%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, 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 value of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at $3,077,320.28. The trade was a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the sale, the chief executive officer now directly owns 9,190 shares in the company, valued at $1,355,065.50. This represents a 44.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,392 shares of company stock valued at $1,392,315. 0.96% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Korea Investment CORP boosted its holdings in shares of Extra Space Storage by 8.9% in the 1st quarter. Korea Investment CORP now owns 132,581 shares of the real estate investment trust’s stock worth $19,687,000 after acquiring an additional 10,785 shares in the last quarter. Northern Trust Corp raised its position in Extra Space Storage by 1.7% in the 1st quarter. Northern Trust Corp now owns 2,922,828 shares of the real estate investment trust’s stock valued at $434,011,000 after purchasing an additional 47,779 shares during the last quarter. CacheTech Inc. boosted its stake in Extra Space Storage by 3.1% in the first quarter. CacheTech Inc. now owns 5,756 shares of the real estate investment trust’s stock worth $855,000 after purchasing an additional 175 shares in the last quarter. Ethos Financial Group LLC bought a new stake in shares of Extra Space Storage during the first quarter worth $384,000. Finally, Adams Wealth Management grew its holdings in shares of Extra Space Storage by 3.1% during the first quarter. Adams Wealth Management now owns 5,756 shares of the real estate investment trust’s stock worth $855,000 after purchasing an additional 175 shares during 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.