Extra Space Storage (NYSE:EXR) Price Target Raised to $161.00

Extra Space Storage (NYSE:EXR) had its price objective upped by Bank of America from $155.00 to $161.00 in a research note published on Tuesday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other equities research analysts also recently issued reports on EXR. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Wednesday, April 30th. Evercore ISI lifted their price target on shares of Extra Space Storage from $144.00 to $149.00 and gave the stock an “in-line” rating in a research note on Thursday, May 1st. Royal Bank of Canada lowered their price target on shares of Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating on the stock in a report on Thursday, May 1st. Barclays reduced their price objective on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. Finally, Benchmark lowered their target price on shares of Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $158.69.

Extra Space Storage Trading Up 1.8%

Extra Space Storage stock opened at $148.48 on Tuesday. Extra Space Storage has a one year low of $121.03 and a one year high of $184.87. The company’s fifty day moving average price is $143.11 and its two-hundred day moving average price is $152.18. 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 company has a market capitalization of $31.51 billion, a price-to-earnings ratio of 38.87, a PEG ratio of 7.76 and a beta of 1.14.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.96 by $0.04. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $820.00 million for the quarter, compared to analyst estimates of $705.12 million. During the same quarter in the prior year, the firm posted $1.96 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, analysts forecast that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $1.62 dividend. The ex-dividend date was Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.36%. Extra Space Storage’s payout ratio is 150.35%.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, Director Joseph J. Bonner sold 672 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the completion of the sale, the director now owns 4,557 shares in the company, valued at approximately $679,448.70. This trade represents a 12.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now owns 20,158 shares in the company, valued at $3,077,320.28. The trade was a 5.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,392 shares of company stock worth $1,392,315. Insiders own 0.96% of the company’s stock.

Institutional Trading of Extra Space Storage

Hedge funds and other institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. boosted its position in Extra Space Storage by 10.6% in the 4th quarter. Harbor Capital Advisors Inc. now owns 6,227 shares of the real estate investment trust’s stock valued at $932,000 after buying an additional 596 shares during the last quarter. Czech National Bank lifted its stake in shares of Extra Space Storage by 6.5% during the fourth quarter. Czech National Bank now owns 45,963 shares of the real estate investment trust’s stock valued at $6,876,000 after acquiring an additional 2,791 shares during the period. Ignite Planners LLC boosted its holdings in Extra Space Storage by 3.9% in the fourth quarter. Ignite Planners LLC now owns 4,765 shares of the real estate investment trust’s stock valued at $720,000 after acquiring an additional 181 shares during the last quarter. Oak Thistle LLC acquired a new stake in Extra Space Storage in the fourth quarter worth about $399,000. Finally, Park Avenue Securities LLC increased its position in Extra Space Storage by 20.2% in the fourth quarter. Park Avenue Securities LLC now owns 4,273 shares of the real estate investment trust’s stock worth $639,000 after purchasing an additional 719 shares during the period. Institutional investors and hedge funds 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.