Evercore ISI Boosts Extra Space Storage (NYSE:EXR) Price Target to $167.00

Extra Space Storage (NYSE:EXR) had its price target boosted by Evercore ISI from $166.00 to $167.00 in a research note released on Wednesday, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

A number of other equities research analysts also recently commented on the company. Bank of America downgraded Extra Space Storage from a neutral rating to an underperform rating and lowered their price objective for the company from $172.00 to $155.00 in a research report on Monday, August 5th. Truist Financial lifted their price objective on Extra Space Storage from $152.00 to $167.00 and gave the company a hold rating in a research report on Friday, August 16th. Wells Fargo & Company lifted their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an overweight rating in a research report on Friday, July 26th. Raymond James lifted their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an outperform rating in a research report on Tuesday, July 23rd. Finally, Barclays lifted their target price on Extra Space Storage from $158.00 to $188.00 and gave the company an overweight rating in a report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Extra Space Storage has an average rating of Hold and an average price target of $166.58.

Extra Space Storage Stock Performance

Extra Space Storage stock opened at $177.00 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.15 and a current ratio of 0.20. The stock has a fifty day moving average of $163.58 and a two-hundred day moving average of $150.94. The company has a market capitalization of $37.48 billion, a price-to-earnings ratio of 39.42, a PEG ratio of 3.37 and a beta of 0.83. Extra Space Storage has a fifty-two week low of $101.19 and a fifty-two week high of $179.23.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend is Monday, September 16th. Extra Space Storage’s payout ratio is currently 144.32%.

Insider Buying and Selling at Extra Space Storage

In other news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $148.22, for a total transaction of $100,344.94. Following the completion of the sale, the director now directly owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $148.22, for a total transaction of $100,344.94. Following the completion of the sale, the director now directly owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP William N. Springer sold 2,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total value of $350,660.00. Following the sale, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at $2,089,758.27. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,000 shares of company stock valued at $2,095,054. 1.36% of the stock is owned by corporate insiders.

Institutional Trading of Extra Space Storage

Several hedge funds and other institutional investors have recently modified their holdings of EXR. International Assets Investment Management LLC purchased a new stake in shares of Extra Space Storage during the fourth quarter worth $24,857,000. Federated Hermes Inc. raised its holdings in Extra Space Storage by 54.0% during the fourth quarter. Federated Hermes Inc. now owns 2,416 shares of the real estate investment trust’s stock valued at $387,000 after buying an additional 847 shares in the last quarter. Atria Wealth Solutions Inc. raised its holdings in Extra Space Storage by 177.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 7,775 shares of the real estate investment trust’s stock valued at $1,247,000 after buying an additional 4,968 shares in the last quarter. Van ECK Associates Corp raised its holdings in Extra Space Storage by 14.3% during the fourth quarter. Van ECK Associates Corp now owns 86,379 shares of the real estate investment trust’s stock valued at $13,849,000 after buying an additional 10,822 shares in the last quarter. Finally, Kestra Private Wealth Services LLC bought a new position in Extra Space Storage during the fourth quarter valued at about $297,000. 99.11% of the stock is currently owned by hedge funds and other 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.