Extra Space Storage Inc. (NYSE:EXR) Receives $168.36 Average PT from Analysts

Extra Space Storage Inc. (NYSE:EXR) has received an average rating of “Hold” from the fourteen analysts that are covering the company, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $168.36.

A number of brokerages recently issued reports on EXR. Evercore ISI boosted their price objective on shares of Extra Space Storage from $166.00 to $167.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Barclays upped their price objective on shares of Extra Space Storage from $158.00 to $188.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. KeyCorp lifted their target price on Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a report on Monday, September 9th. Wells Fargo & Company increased their price target on Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Royal Bank of Canada began coverage on Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective on the stock.

Extra Space Storage Price Performance

Shares of EXR opened at $177.90 on Wednesday. The stock has a market cap of $37.70 billion, a P/E ratio of 39.62, a price-to-earnings-growth ratio of 2.56 and a beta of 0.86. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $179.23. The stock’s 50-day moving average price is $167.71 and its two-hundred day moving average price is $153.58. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.76.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $1.62 per share. The ex-dividend date is Monday, September 16th. This represents a $6.48 annualized dividend and a yield of 3.64%. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Insiders Place Their Bets

In other news, EVP William N. Springer sold 2,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total value of $350,660.00. Following the completion of the sale, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the sale, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 2,823 shares of Extra Space Storage stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the transaction, the executive vice president now owns 32,855 shares of the company’s stock, valued at approximately $5,815,663.55. The disclosure for this sale can be found here. Insiders have sold 12,323 shares of company stock valued at $1,994,709 in the last 90 days. 1.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Extra Space Storage

Several hedge funds have recently added to or reduced their stakes in EXR. Norges Bank acquired a new stake in shares of Extra Space Storage during the 4th quarter worth about $1,022,811,000. Boston Partners bought a new stake in shares of Extra Space Storage during the first quarter worth approximately $130,554,000. Capital Research Global Investors grew its position in shares of Extra Space Storage by 111.4% in the fourth quarter. Capital Research Global Investors now owns 1,537,317 shares of the real estate investment trust’s stock valued at $246,478,000 after purchasing an additional 810,158 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Extra Space Storage by 2,244.2% during the first quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust’s stock worth $87,824,000 after purchasing an additional 572,231 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in Extra Space Storage by 43.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,557,135 shares of the real estate investment trust’s stock worth $228,899,000 after purchasing an additional 473,559 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.