Extra Space Storage Inc. (NYSE:EXR) Receives Consensus Rating of “Hold” from Analysts

Shares of Extra Space Storage Inc. (NYSE:EXR) have been assigned a consensus recommendation of “Hold” from the twelve ratings firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $171.25.

A number of equities research analysts recently weighed in on EXR shares. Evercore ISI dropped their price target on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Scotiabank upgraded Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target on the stock in a research note on Friday, January 10th. Truist Financial upped their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Finally, StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st.

Extra Space Storage Trading Down 0.6 %

Shares of Extra Space Storage stock opened at $150.75 on Tuesday. Extra Space Storage has a 12-month low of $131.02 and a 12-month high of $184.87. The stock has a market cap of $31.96 billion, a P/E ratio of 39.46, a P/E/G ratio of 7.18 and a beta of 0.91. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The business’s 50 day moving average is $156.95 and its 200-day moving average is $164.96.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $826.93 million. During the same quarter in the prior year, the company earned $2.02 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities research analysts predict that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a $1.62 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $6.48 annualized dividend and a yield of 4.30%. Extra Space Storage’s dividend payout ratio is presently 169.63%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $507,009.36. Following the transaction, the director now owns 5,877 shares of the company’s stock, valued at $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

A number of hedge funds have recently made changes to their positions in the stock. New Century Financial Group LLC bought a new position in shares of Extra Space Storage during the fourth quarter worth about $238,000. D.B. Root & Company LLC bought a new position in shares of Extra Space Storage during the fourth quarter worth about $313,000. SG Americas Securities LLC raised its position in shares of Extra Space Storage by 763.4% during the fourth quarter. SG Americas Securities LLC now owns 181,513 shares of the real estate investment trust’s stock worth $27,154,000 after acquiring an additional 160,489 shares during the last quarter. Hamlin Capital Management LLC raised its position in shares of Extra Space Storage by 11.1% during the fourth quarter. Hamlin Capital Management LLC now owns 850,800 shares of the real estate investment trust’s stock worth $127,280,000 after acquiring an additional 84,757 shares during the last quarter. Finally, Gilman Hill Asset Management LLC raised its position in shares of Extra Space Storage by 13.3% during the fourth quarter. Gilman Hill Asset Management LLC now owns 1,492 shares of the real estate investment trust’s stock worth $223,000 after acquiring an additional 175 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

About Extra Space Storage

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.