Extra Space Storage (NYSE:EXR) Research Coverage Started at BNP Paribas Exane

BNP Paribas Exane began coverage on shares of Extra Space Storage (NYSE:EXR) in a report published on Tuesday, MarketBeat.com reports. The brokerage issued a neutral rating and a $156.00 target price on the real estate investment trust’s stock.

Several other brokerages have also recently commented on EXR. Mizuho raised their target price on Extra Space Storage from $141.00 to $153.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 28th. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. JPMorgan Chase & Co. raised their price objective on Extra Space Storage from $160.00 to $162.00 and gave the stock a “neutral” rating in a research report on Friday, June 13th. Wall Street Zen upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Wednesday, April 30th. Finally, Bank of America raised their price target on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a “neutral” rating in a report on Tuesday, May 13th. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and an average target price of $159.29.

Extra Space Storage Stock Performance

Shares of EXR opened at $146.05 on Tuesday. Extra Space Storage has a one year low of $121.03 and a one year high of $184.87. The company has a 50-day moving average of $147.40 and a two-hundred day moving average of $148.63. The stock has a market cap of $30.99 billion, a price-to-earnings ratio of 33.89, a PEG ratio of 3.53 and a beta of 1.11. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.33 and a quick ratio of 0.33.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.96 by $0.04. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The firm had revenue of $820.00 million during the quarter, compared to analyst estimates of $705.12 million. During the same quarter last year, the business posted $1.96 EPS. The company’s revenue was up 2.6% on a year-over-year basis. On average, equities research analysts expect that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.44%. Extra Space Storage’s dividend payout ratio (DPR) is 150.35%.

Insider Transactions at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the transaction, the chief executive officer now owns 9,190 shares of the company’s stock, valued at approximately $1,355,065.50. This represents a 44.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.96% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Extra Space Storage by 0.9% during the first quarter. Vanguard Group Inc. now owns 33,969,485 shares of the real estate investment trust’s stock valued at $5,044,129,000 after purchasing an additional 295,556 shares during the last quarter. Cohen & Steers Inc. grew its stake in Extra Space Storage by 5.9% in the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock valued at $1,383,094,000 after buying an additional 516,941 shares during the last quarter. Norges Bank acquired a new position in Extra Space Storage in the 4th quarter valued at $938,647,000. JPMorgan Chase & Co. grew its stake in Extra Space Storage by 205.7% in the 1st quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust’s stock valued at $608,001,000 after buying an additional 2,755,265 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Extra Space Storage by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust’s stock valued at $469,229,000 after buying an additional 24,533 shares during the last quarter. 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.