Extra Space Storage (NYSE:EXR) Stock Gets Price Target Cut from Royal Bank Of Canada

Extra Space Storage (NYSE:EXR) had its target price trimmed by Royal Bank Of Canada from $157.00 to $156.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has a sector perform rating on the real estate investment trust’s stock.

A number of other research firms have also recently issued reports on EXR. Wells Fargo & Company decreased their target price on Extra Space Storage from $158.00 to $157.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 1st. BMO Capital Markets raised shares of Extra Space Storage from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $160.00 to $170.00 in a report on Thursday, August 27th. Truist Financial upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and reduced their price target for the company from $148.00 to $147.00 in a research note on Thursday, October 1st. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $160.00 price target on shares of Extra Space Storage in a report on Thursday, July 30th. Finally, Evercore set a $146.00 price objective on shares of Extra Space Storage in a research report on Monday, September 21st. Eight equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, Extra Space Storage has a consensus rating of “Moderate Buy” and an average price target of $148.60.

Extra Space Storage Stock Up 1.1%

Shares of NYSE EXR opened at $151.50 on Thursday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.56 and a current ratio of 0.25. Extra Space Storage has a 52 week low of $125.71 and a 52 week high of $158.88. The stock has a market capitalization of $32.01 billion, a P/E ratio of 30.79, a PEG ratio of 4.43 and a beta of 1.15. The stock’s fifty day moving average is $138.55 and its 200 day moving average is $142.35.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, October 27th. The real estate investment trust reported $1.17 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.93). The firm had revenue of $889.79 million for the quarter, compared to the consensus estimate of $886.61 million. Extra Space Storage had a return on equity of 7.36% and a net margin of 29.90%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.08 EPS. Sell-side analysts forecast that Extra Space Storage will post 8.45 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Tuesday, September 15th. Extra Space Storage’s dividend payout ratio is presently 131.71%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Pathway Financial Advisers LLC bought a new position in Extra Space Storage in the 3rd quarter valued at about $51,000. Chicago Partners Investment Group LLC increased its holdings in Extra Space Storage by 86.6% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 4,019 shares of the real estate investment trust’s stock worth $576,000 after purchasing an additional 1,865 shares in the last quarter. Rakuten Investment Management Inc. increased its holdings in Extra Space Storage by 9.8% during the 3rd quarter. Rakuten Investment Management Inc. now owns 37,920 shares of the real estate investment trust’s stock worth $5,062,000 after purchasing an additional 3,370 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Extra Space Storage during the 3rd quarter worth approximately $7,573,000. Finally, Profund Advisors LLC increased its holdings in Extra Space Storage by 42.1% during the 3rd quarter. Profund Advisors LLC now owns 3,929 shares of the real estate investment trust’s stock worth $517,000 after purchasing an additional 1,165 shares in the last quarter. 99.11% of the stock is owned by institutional investors.

About Extra Space Storage

Extra Space Storage Inc is a real estate investment trust that owns, operates, manages and develops self-storage properties in the United States. The company provides storage units for residential, business and vehicle-storage customers, with facilities offering a range of unit sizes and access options.

In addition to operating properties under the Extra Space Storage brand, the company provides third-party property management, acquisition and development services for self-storage owners.