Extra Space Storage (NYSE:EXR) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of Extra Space Storage (NYSE:EXR) from a sell rating to a hold rating in a research note published on Tuesday morning.

Several other research firms have also commented on EXR. Barclays lowered their price target on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Truist Financial raised their target price on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 target price for the company in a research report on Friday, January 10th. Evercore ISI reduced their price target 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. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $171.25.

Extra Space Storage Trading Down 0.6 %

NYSE EXR opened at $155.02 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The stock has a market capitalization of $32.86 billion, a P/E ratio of 40.58, a PEG ratio of 7.48 and a beta of 0.91. The firm’s 50-day moving average is $155.79 and its two-hundred day moving average is $164.86. Extra Space Storage has a 12 month low of $131.02 and a 12 month high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 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 company had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. During the same quarter in the prior year, the company posted $2.02 earnings per share. The business’s revenue was up 10.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors 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 4.18%. Extra Space Storage’s payout ratio is currently 169.63%.

Insider Activity at Extra Space Storage

In other news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now owns 5,877 shares in the company, valued at approximately $967,119.12. This represents a 34.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the sale, the chief executive officer now directly owns 16,690 shares in the company, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Golden State Wealth Management LLC acquired a new position in Extra Space Storage in the fourth quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Extra Space Storage in the 3rd quarter valued at about $33,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Extra Space Storage in the 3rd quarter valued at about $42,000. Continuum Advisory LLC grew its stake in Extra Space Storage by 68.1% during the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after buying an additional 126 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its position in Extra Space Storage by 441.2% during the second quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust’s stock worth $96,000 after buying an additional 503 shares during the period. 99.11% of the stock is 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.