Extra Space Storage (NYSE:EXR) Price Target Raised to $166.00

by · The Cerbat Gem

Extra Space Storage (NYSE:EXR – Free Report) had its price objective increased by Scotiabank from $149.00 to $166.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a sector outperform rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued reports about the company. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Wells Fargo & Company cut their price objective on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Royal Bank of Canada dropped their target price on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating for the company in a report on Thursday, May 1st. Barclays dropped their target price on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. Finally, Evercore ISI increased their target price on Extra Space Storage from $144.00 to $149.00 and gave the company an “in-line” rating in a report on Thursday, May 1st. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $158.69.

View Our Latest Report on Extra Space Storage

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $145.88 on Monday. The stock’s 50-day simple moving average is $143.25 and its two-hundred day simple moving average is $152.31. Extra Space Storage has a twelve month low of $121.03 and a twelve month high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $30.96 billion, a P/E ratio of 38.19, a P/E/G ratio of 7.76 and a beta of 1.14.

Extra Space Storage (NYSE:EXR – Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.96 by $0.04. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $705.12 million. During the same period in the prior year, the business earned $1.96 EPS. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities analysts anticipate that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.44%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is currently 150.35%.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total value of $1,105,875.00. Following the completion of the sale, the chief executive officer now owns 9,190 shares in the company, valued at approximately $1,355,065.50. This trade represents a 44.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph J. Bonner sold 672 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total value of $100,195.20. Following the completion of the sale, the director now owns 4,557 shares of the company’s stock, valued at approximately $679,448.70. This trade represents a 12.85% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,392 shares of company stock worth $1,392,315. 0.96% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Extra Space Storage

Several institutional investors and hedge funds have recently bought and sold shares of EXR. Golden State Wealth Management LLC bought a new position in shares of Extra Space Storage in the 4th quarter worth approximately $25,000. Harbour Investments Inc. raised its position in shares of Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 80 shares in the last quarter. GKV Capital Management Co. Inc. bought a new position in shares of Extra Space Storage in the 1st quarter worth approximately $29,000. Quent Capital LLC raised its position in shares of Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 154 shares in the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in shares of Extra Space Storage in the 1st quarter worth approximately $50,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.

About Extra Space Storage

(Get Free Report)

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.

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