Evercore ISI Cuts Extra Space Storage (NYSE:EXR) Price Target to $168.00

Extra Space Storage (NYSE:EXR) had its price target trimmed by Evercore ISI from $170.00 to $168.00 in a report published on Monday, Benzinga reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

EXR has been the topic of several other research reports. Truist Financial upped their target price on shares of Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Barclays upped their target price on shares of Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Scotiabank upped their target price on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a report on Thursday, August 22nd. Wells Fargo & Company upped their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $170.80.

Extra Space Storage Trading Down 1.2 %

Shares of EXR stock opened at $170.10 on Monday. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $184.87. The firm’s fifty day simple moving average is $174.34 and its 200 day simple moving average is $158.74. The firm has a market capitalization of $36.01 billion, a P/E ratio of 37.88, a price-to-earnings-growth ratio of 6.47 and a beta of 0.86. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.76.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $1.62 per share. The ex-dividend date was Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.81%. Extra Space Storage’s payout ratio is presently 144.32%.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Kenneth M. Woolley sold 6,647 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the transaction, the director now owns 404,306 shares in the company, valued at approximately $71,655,152.38. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the transaction, the chief executive officer now owns 24,190 shares in the company, valued at $4,318,398.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,970 shares of company stock valued at $3,367,307. 1.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Extra Space Storage

A number of institutional investors and hedge funds have recently made changes to their positions in EXR. Creekmur Asset Management LLC bought a new position in shares of Extra Space Storage during the 4th quarter valued at approximately $26,000. Wellington Management Group LLP grew its position in shares of Extra Space Storage by 25.8% during the 4th quarter. Wellington Management Group LLP now owns 2,199,347 shares of the real estate investment trust’s stock valued at $352,621,000 after acquiring an additional 451,242 shares during the period. Nomura Holdings Inc. bought a new position in shares of Extra Space Storage during the 4th quarter valued at approximately $6,010,000. Lake Hills Wealth Management LLC bought a new position in shares of Extra Space Storage during the 1st quarter valued at approximately $207,000. Finally, GAMMA Investing LLC grew its position in shares of Extra Space Storage by 32.2% during the 1st quarter. GAMMA Investing LLC now owns 1,051 shares of the real estate investment trust’s stock valued at $154,000 after acquiring an additional 256 shares during the period. Institutional investors and hedge funds 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.