Extra Space Storage (NYSE:EXR) Given New $181.00 Price Target at Barclays

Extra Space Storage (NYSE:EXR) had its target price cut by Barclays from $184.00 to $181.00 in a research note published on Wednesday,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Other analysts also recently issued research reports about the stock. Royal Bank of Canada dropped their target price on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday, March 7th. Truist Financial upped their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Scotiabank dropped their price objective on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Extra Space Storage currently has an average rating of “Hold” and a consensus target price of $171.09.

Extra Space Storage Trading Down 1.7 %

NYSE EXR opened at $149.24 on Wednesday. The firm has a market cap of $31.64 billion, a PE ratio of 39.07, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90. Extra Space Storage has a 52 week low of $131.02 and a 52 week high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The company has a 50 day moving average price of $153.12 and a 200 day moving average price of $162.56.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.93. The company had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. As a group, sell-side analysts forecast that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s dividend payout ratio is presently 160.40%.

Insiders Place Their Bets

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the completion of the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the transaction, the chief executive officer now owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Extra Space Storage

Hedge funds have recently modified their holdings of the business. Golden State Wealth Management LLC acquired a new stake in shares of Extra Space Storage in the fourth quarter valued at about $25,000. Harbour Investments Inc. raised its position in shares of Extra Space Storage by 90.9% in the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 80 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of Extra Space Storage in the third quarter valued at about $33,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Extra Space Storage in the third quarter valued at about $42,000. Finally, Quent Capital LLC raised its position in shares of Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 154 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.