Scotiabank Lowers Extra Space Storage (NYSE:EXR) Price Target to $167.00

Extra Space Storage (NYSE:EXR) had its price target lowered by Scotiabank from $169.00 to $167.00 in a research note published on Monday,Benzinga reports. Scotiabank currently has a sector underperform rating on the real estate investment trust’s stock.

EXR has been the subject of several other reports. Evercore ISI cut their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Bank of America cut Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $172.00 to $155.00 in a report on Monday, August 5th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and upped their target price for the stock from $162.00 to $204.00 in a research note on Wednesday, September 18th. Finally, Royal Bank of Canada assumed coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target on the stock. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $171.36.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $172.68 on Monday. The stock’s 50-day simple moving average is $169.82 and its two-hundred day simple moving average is $164.15. Extra Space Storage has a twelve month low of $125.82 and a twelve month high of $184.87. The firm has a market capitalization of $36.60 billion, a P/E ratio of 45.20, a P/E/G ratio of 8.58 and a beta of 0.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share 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 the consensus estimate of $826.93 million. During the same quarter last year, the company posted $2.02 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities analysts anticipate that Extra Space Storage will post 8.09 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a dividend of $1.62 per share. The ex-dividend date is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.75%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of 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 23.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the sale, the director now directly owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,228 shares of company stock valued at $3,023,957 over the last ninety days. 1.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors have recently bought and sold shares of the stock. Graypoint LLC raised its holdings in Extra Space Storage by 4.3% in the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock worth $284,000 after purchasing an additional 65 shares in the last quarter. Hummer Financial Advisory Services Inc grew its position in shares of Extra Space Storage by 1.2% in the 3rd quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock worth $1,067,000 after buying an additional 70 shares during the period. Buckley Wealth Management LLC increased its stake in shares of Extra Space Storage by 1.9% in the 3rd quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock worth $687,000 after acquiring an additional 71 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Extra Space Storage by 19.7% during 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 acquiring an additional 76 shares during the period. Finally, Bleakley Financial Group LLC boosted its stake in Extra Space Storage by 4.1% during the third quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock worth $356,000 after acquiring an additional 77 shares in the last quarter. 99.11% of the stock is owned by institutional investors.

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.