StockNews.com Upgrades Extra Space Storage (NYSE:EXR) to “Hold”

StockNews.com upgraded shares of Extra Space Storage (NYSE:EXR) from a sell rating to a hold rating in a report issued on Tuesday.

Several other research firms have also recently issued reports on EXR. Scotiabank raised shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 target price on the stock in a research report on Friday, January 10th. Truist Financial raised their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Evercore ISI decreased their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Barclays decreased their target price on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $174.00.

Extra Space Storage Price Performance

Extra Space Storage stock opened at $154.63 on Tuesday. Extra Space Storage has a 12-month low of $131.02 and a 12-month high of $184.87. The stock has a market capitalization of $32.78 billion, a P/E ratio of 40.48, a P/E/G ratio of 7.48 and a beta of 0.91. The firm’s 50-day moving average is $155.34 and its two-hundred day moving average is $164.73. 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 released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. During the same period in the prior year, the business earned $2.02 earnings per share. Extra Space Storage’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities analysts predict that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a dividend of $1.62 per share. The ex-dividend date was Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.19%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the sale, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the sale, the director now owns 5,877 shares in the company, valued at $967,119.12. This represents a 34.39 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

A number of hedge funds have recently made changes to their positions in EXR. State Street Corp increased its stake in shares of Extra Space Storage by 1.7% in the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock worth $2,412,894,000 after buying an additional 227,006 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Extra Space Storage by 4.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,366,107 shares of the real estate investment trust’s stock worth $426,349,000 after purchasing an additional 111,137 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Extra Space Storage by 10.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,020,459 shares of the real estate investment trust’s stock worth $364,066,000 after purchasing an additional 189,949 shares during the last quarter. Pathway Financial Advisers LLC raised its stake in shares of Extra Space Storage by 17,832.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock valued at $363,783,000 after purchasing an additional 2,007,626 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Extra Space Storage by 724.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock worth $357,100,000 after purchasing an additional 1,741,320 shares during the last quarter. Hedge funds and other 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.