Extra Space Storage Inc. (NYSE:EXR) Receives $174.00 Consensus Price Target from Brokerages

Extra Space Storage Inc. (NYSE:EXR) has earned an average recommendation of “Hold” from the eleven brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $174.00.

Several equities research analysts have weighed in on EXR shares. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $175.00 price target on shares of Extra Space Storage in a report on Monday, October 21st. Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective for the company in a research note on Friday, January 10th. Truist Financial upped their target price on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Finally, Barclays reduced their price target on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, January 13th.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $154.84 on Friday. The company has a market capitalization of $32.82 billion, a PE ratio of 40.53, a P/E/G ratio of 7.77 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. Extra Space Storage has a twelve month low of $131.02 and a twelve month high of $184.87. The firm has a fifty day simple moving average of $152.64 and a 200 day simple moving average of $164.12.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.18%. The ex-dividend date was Monday, December 16th. Extra Space Storage’s dividend payout ratio (DPR) is 169.63%.

Insider Activity at Extra Space Storage

In related news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the transaction, the director now directly owns 5,877 shares of the company’s stock, valued at $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is owned by company insiders.

Institutional Trading of Extra Space Storage

A number of large investors have recently made changes to their positions in the stock. Czech National Bank lifted its holdings in shares of Extra Space Storage by 7.0% during the 3rd quarter. Czech National Bank now owns 43,172 shares of the real estate investment trust’s stock valued at $7,779,000 after buying an additional 2,826 shares during the period. Atomi Financial Group Inc. purchased a new stake in Extra Space Storage during the third quarter valued at $246,000. Wedmont Private Capital lifted its holdings in Extra Space Storage by 17.7% in the third quarter. Wedmont Private Capital now owns 1,951 shares of the real estate investment trust’s stock valued at $330,000 after acquiring an additional 294 shares during the period. UMB Bank n.a. lifted its holdings in Extra Space Storage by 3,636.8% in the third quarter. UMB Bank n.a. now owns 18,684 shares of the real estate investment trust’s stock valued at $3,367,000 after acquiring an additional 18,184 shares during the period. Finally, Tobam boosted its position in Extra Space Storage by 15.1% in the third quarter. Tobam now owns 1,031 shares of the real estate investment trust’s stock worth $186,000 after purchasing an additional 135 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.