Wells Fargo & Company Reiterates Equal Weight Rating for Extra Space Storage (NYSE:EXR)

Wells Fargo & Company reaffirmed their equal weight rating on shares of Extra Space Storage (NYSE:EXR) in a research report released on Monday morning, Marketbeat.com reports. They currently have a $175.00 price target on the real estate investment trust’s stock.

Several other research analysts also recently commented on EXR. Raymond James boosted their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. 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 note on Monday, October 14th. KeyCorp boosted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. Finally, Scotiabank boosted 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 research note on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Extra Space Storage presently has a consensus rating of “Hold” and a consensus target price of $170.80.

Extra Space Storage Stock Down 0.4 %

NYSE EXR opened at $168.35 on Monday. 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 has a 1-year low of $101.19 and a 1-year high of $184.87. The company has a 50 day moving average of $174.58 and a 200-day moving average of $159.51. The company has a market cap of $35.64 billion, a price-to-earnings ratio of 37.49, a PEG ratio of 6.47 and a beta of 0.86.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a $1.62 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $6.48 annualized dividend and a yield of 3.85%. Extra Space Storage’s payout ratio is 144.32%.

Insider Activity at Extra Space Storage

In related news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value of $499,699.23. Following the transaction, the executive vice president now owns 32,855 shares of the company’s stock, valued at approximately $5,815,663.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,823 shares of Extra Space Storage stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $177.01, for a total transaction of $499,699.23. Following the transaction, the executive vice president now owns 32,855 shares of the company’s stock, valued at $5,815,663.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, October 1st. The stock was 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 directly owns 24,190 shares in the company, valued at approximately $4,318,398.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,970 shares of company stock valued at $3,367,307. 1.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Extra Space Storage

Large investors have recently modified their holdings of the stock. EdgeRock Capital LLC purchased a new stake in shares of Extra Space Storage during the 2nd quarter worth approximately $25,000. Centerpoint Advisors LLC purchased a new position in Extra Space Storage in the 2nd quarter valued at approximately $27,000. Blue Trust Inc. grew its stake in Extra Space Storage by 540.5% in the 2nd quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 200 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in Extra Space Storage by 2,760.0% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 286 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 276 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in Extra Space Storage by 19.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after buying an additional 76 shares in 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.