Extra Space Storage (NYSE:EXR) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Extra Space Storage (NYSE:EXR) from a sell rating to a hold rating in a research report report published on Saturday morning.

Several other research analysts also recently issued reports on the stock. Truist Financial dropped their target price on shares of Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a research note on Tuesday, August 19th. Evercore ISI boosted their price objective on shares of Extra Space Storage from $147.00 to $149.00 and gave the company a “cautious” rating in a report on Friday, October 3rd. Barclays decreased their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Royal Bank Of Canada decreased their price objective on shares of Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating for the company in a report on Monday, August 4th. Finally, Citigroup decreased their price objective on shares of Extra Space Storage from $165.00 to $150.00 and set a “neutral” rating for the company in a report on Friday, August 22nd. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $148.64.

Extra Space Storage Trading Up 2.2%

Shares of NYSE EXR opened at $145.09 on Friday. The firm’s 50 day moving average price is $141.24 and its 200-day moving average price is $144.33. The company has a market cap of $30.80 billion, a PE ratio of 31.47, a P/E/G ratio of 3.44 and a beta of 1.11. Extra Space Storage has a 52-week low of $121.03 and a 52-week high of $175.57. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.01). The firm had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, equities research analysts expect that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Monday, September 15th. Extra Space Storage’s dividend payout ratio is currently 140.56%.

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 that occurred on Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the completion of the sale, the chief executive officer directly owned 19,760 shares of the company’s stock, valued at approximately $2,794,261.60. This represents a 27.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. D.A. Davidson & CO. increased its holdings in Extra Space Storage by 7.2% during the first quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust’s stock valued at $281,000 after buying an additional 127 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Extra Space Storage by 1.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust’s stock worth $3,285,000 after purchasing an additional 398 shares in the last quarter. QRG Capital Management Inc. increased its stake in shares of Extra Space Storage by 21.4% in the first quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust’s stock worth $399,000 after purchasing an additional 474 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of Extra Space Storage by 24.3% in the first quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust’s stock worth $216,000 after purchasing an additional 286 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in shares of Extra Space Storage by 1,376.5% in the first quarter. IFP Advisors Inc now owns 1,698 shares of the real estate investment trust’s stock worth $252,000 after purchasing an additional 1,583 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other 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.