Extra Space Storage (NYSE:EXR) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Extra Space Storage (NYSE:EXR) from an equal weight rating to an overweight rating in a report published on Tuesday, Marketbeat reports. They currently have $160.00 price objective on the real estate investment trust’s stock.

Several other research firms also recently weighed in on EXR. Wall Street Zen upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Sunday, August 24th. Bank of America upped their target price on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 13th. BNP Paribas Exane assumed coverage on shares of Extra Space Storage in a research report on Tuesday, June 24th. They set a “neutral” rating and a $156.00 target price for the company. Mizuho upped their target price on shares of Extra Space Storage from $141.00 to $153.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 28th. Finally, Barclays dropped their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Seven investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Extra Space Storage has an average rating of “Hold” and an average price target of $153.33.

Extra Space Storage Stock Performance

NYSE:EXR opened at $142.33 on Tuesday. The stock has a 50-day simple moving average of $144.72 and a two-hundred day simple moving average of $146.43. The firm has a market capitalization of $30.21 billion, a PE ratio of 30.87, a P/E/G ratio of 3.43 and a beta of 1.07. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. Extra Space Storage has a 52-week low of $121.03 and a 52-week high of $184.87.

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

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $1.62 per share. The ex-dividend date is Monday, September 15th. This represents a $6.48 annualized dividend and a yield of 4.6%. Extra Space Storage’s dividend payout ratio (DPR) is 140.56%.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the transaction, the chief executive officer owned 27,260 shares of the company’s stock, valued at approximately $4,098,541. This trade represents a 21.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.96% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

Several institutional investors have recently modified their holdings of the stock. Aptus Capital Advisors LLC lifted its stake in shares of Extra Space Storage by 4.3% in the 4th quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust’s stock valued at $245,000 after purchasing an additional 68 shares during the last quarter. Siemens Fonds Invest GmbH lifted its position in Extra Space Storage by 3.0% in the fourth quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust’s stock worth $342,000 after buying an additional 68 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in Extra Space Storage by 8.5% in the first quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust’s stock worth $139,000 after buying an additional 73 shares during the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH lifted its position in Extra Space Storage by 4.6% in the second quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 1,825 shares of the real estate investment trust’s stock worth $269,000 after buying an additional 80 shares during the last quarter. Finally, Brown Advisory Inc. lifted its position in Extra Space Storage by 1.8% in the second quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust’s stock worth $653,000 after buying an additional 80 shares during the last quarter. 99.11% of the stock is owned by institutional investors.

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.