Extra Space Storage (NYSE:EXR) Price Target Raised to $175.00

Extra Space Storage (NYSE:EXR) had its target price boosted by Wells Fargo & Company from $160.00 to $175.00 in a research note issued to investors on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

EXR has been the subject of several other research reports. Barclays increased their price target on Extra Space Storage from $157.00 to $158.00 and gave the company an overweight rating in a research note on Monday, May 20th. Scotiabank increased their price target on Extra Space Storage from $140.00 to $159.00 and gave the company a sector underperform rating in a research note on Friday, July 19th. Raymond James increased their price target on Extra Space Storage from $160.00 to $175.00 and gave the company an outperform rating in a research note on Tuesday, July 23rd. Citigroup decreased their price target on Extra Space Storage from $168.00 to $160.00 and set a neutral rating for the company in a research note on Friday, June 7th. Finally, StockNews.com raised Extra Space Storage from a sell rating to a hold rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $157.67.

Extra Space Storage Trading Down 0.4 %

Shares of EXR stock opened at $163.96 on Friday. The stock has a market cap of $34.72 billion, a price-to-earnings ratio of 36.52, a PEG ratio of 3.47 and a beta of 0.83. The stock has a 50-day moving average of $154.65 and a 200-day moving average of $147.31. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.73. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $171.46.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $1.62 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a yield of 3.95%. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $148.22, for a total value of $100,344.94. Following the completion of the sale, the director now owns 5,229 shares of the company’s stock, valued at $775,042.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Extra Space Storage news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $148.22, for a total value of $100,344.94. Following the completion of the sale, the director now owns 5,229 shares of the company’s stock, valued at $775,042.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the transaction, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Norges Bank bought a new stake in Extra Space Storage during the fourth quarter worth $1,022,811,000. Boston Partners bought a new stake in Extra Space Storage during the first quarter worth $130,554,000. Capital Research Global Investors lifted its holdings in Extra Space Storage by 111.4% during the fourth quarter. Capital Research Global Investors now owns 1,537,317 shares of the real estate investment trust’s stock worth $246,478,000 after acquiring an additional 810,158 shares during the period. Principal Financial Group Inc. lifted its holdings in Extra Space Storage by 8.9% during the fourth quarter. Principal Financial Group Inc. now owns 7,083,752 shares of the real estate investment trust’s stock worth $1,135,738,000 after acquiring an additional 577,918 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings 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 worth $87,824,000 after acquiring an additional 572,231 shares during the period. Institutional investors 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.