Extra Space Storage (NYSE:EXR) Hits New 12-Month High Following Analyst Upgrade

Extra Space Storage Inc. (NYSE:EXR) reached a new 52-week high during trading on Tuesday after Evercore ISI raised their price target on the stock from $167.00 to $170.00. Evercore ISI currently has an in-line rating on the stock. Extra Space Storage traded as high as $179.42 and last traded at $178.77, with a volume of 646106 shares. The stock had previously closed at $177.63.

EXR has been the topic of several other reports. Truist Financial boosted their target price on shares of Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a report on Friday, August 16th. Wells Fargo & Company upped their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Royal Bank of Canada started coverage on Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 target price for the company. Raymond James raised their price objective on Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Barclays boosted their price objective on shares of Extra Space Storage from $158.00 to $188.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Extra Space Storage presently has a consensus rating of “Hold” and a consensus price target of $168.57.

Insiders Place Their Bets

In related news, Director Kenneth M. Woolley sold 6,647 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the transaction, the director now owns 404,306 shares of the company’s stock, valued at approximately $71,655,152.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the sale, the executive vice president now owns 32,855 shares in the company, valued at $5,815,663.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kenneth M. Woolley sold 6,647 shares of Extra Space Storage stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now owns 404,306 shares of the company’s stock, valued at approximately $71,655,152.38. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,970 shares of company stock worth $3,172,757. 1.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Extra Space Storage

Institutional investors have recently bought and sold shares of the stock. Boston Partners purchased a new position in shares of Extra Space Storage in the 1st quarter worth about $130,554,000. Capital Research Global Investors raised its holdings in 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 buying an additional 810,158 shares during the period. Janus Henderson Group PLC lifted its position in 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 valued at $87,824,000 after buying an additional 572,231 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Extra Space Storage by 43.7% during the first 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 buying an additional 473,559 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Extra Space Storage by 25.8% in the fourth quarter. Wellington Management Group LLP now owns 2,199,347 shares of the real estate investment trust’s stock worth $352,621,000 after acquiring an additional 451,242 shares in the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Stock Performance

The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.76. The firm has a market cap of $37.81 billion, a PE ratio of 39.56, a P/E/G ratio of 2.56 and a beta of 0.86. The stock’s 50 day moving average price is $168.17 and its 200 day moving average price is $153.83.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend is Monday, September 16th. Extra Space Storage’s dividend payout ratio (DPR) is 144.32%.

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.