Extra Space Storage (NYSE:EXR) Price Target Lowered to $139.00 at Evercore ISI

Extra Space Storage (NYSE:EXR) had its target price reduced by Evercore ISI from $145.00 to $139.00 in a research report released on Wednesday morning.

Several other research firms have also recently commented on EXR. Deutsche Bank Aktiengesellschaft began coverage on shares of Extra Space Storage in a research note on Tuesday, January 30th. They issued a hold rating and a $141.00 target price for the company. The Goldman Sachs Group lifted their target price on shares of Extra Space Storage from $168.00 to $187.00 and gave the stock a buy rating in a research note on Thursday, January 11th. Wells Fargo & Company boosted their price objective on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an overweight rating in a research note on Friday, April 5th. StockNews.com cut shares of Extra Space Storage from a hold rating to a sell rating in a research note on Saturday, March 2nd. Finally, Raymond James reissued an outperform rating and set a $160.00 price objective on shares of Extra Space Storage in a research note on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $149.67.

Extra Space Storage Stock Up 1.5 %

EXR stock opened at $141.87 on Wednesday. The stock has a market capitalization of $30.02 billion, a P/E ratio of 31.60, a PEG ratio of 3.48 and a beta of 0.76. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.30 and a current ratio of 0.15. Extra Space Storage has a one year low of $101.19 and a one year high of $164.99. The company has a 50 day moving average price of $141.56 and a two-hundred day moving average price of $138.84.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.01). The firm had revenue of $797.77 million during the quarter, compared to analysts’ expectations of $778.05 million. Extra Space Storage had a return on equity of 6.76% and a net margin of 29.10%. The firm’s revenue was up 57.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.09 earnings per share. As a group, sell-side analysts expect that Extra Space Storage will post 8.05 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $1.62 per share. The ex-dividend date was Thursday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.57%. Extra Space Storage’s payout ratio is 144.32%.

Insider Activity at Extra Space Storage

In related news, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the transaction, the chief marketing officer now owns 94,126 shares in the company, valued at approximately $13,785,693.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the transaction, the executive vice president now owns 37,028 shares in the company, valued at approximately $5,369,060. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the completion of the transaction, the chief marketing officer now owns 94,126 shares in the company, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,532 shares of company stock worth $514,819. 1.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors have recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Extra Space Storage by 45.0% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 8,040 shares of the real estate investment trust’s stock worth $1,182,000 after buying an additional 2,497 shares in the last quarter. Mutual of America Capital Management LLC lifted its holdings in Extra Space Storage by 5.8% in the 1st quarter. Mutual of America Capital Management LLC now owns 32,030 shares of the real estate investment trust’s stock worth $4,708,000 after buying an additional 1,767 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Extra Space Storage by 4.4% in the 1st quarter. Nordea Investment Management AB now owns 15,048 shares of the real estate investment trust’s stock worth $2,218,000 after buying an additional 634 shares in the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of Extra Space Storage in the 1st quarter valued at about $112,000. Finally, Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Extra Space Storage by 16.5% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,881 shares of the real estate investment trust’s stock valued at $865,000 after purchasing an additional 831 shares in 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.