Extra Space Storage (NYSE:EXR) Price Target Lowered to $167.00 at Scotiabank

Extra Space Storage (NYSE:EXR) had its target price lowered by Scotiabank from $169.00 to $167.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a sector underperform rating on the real estate investment trust’s stock.

Several other research analysts have also recently weighed in on the company. Truist Financial boosted their price target on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and upped their target price for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. Royal Bank of Canada started coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price target for the company. KeyCorp boosted their price objective on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a report on Monday, September 9th. Finally, Barclays raised their target price on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $171.36.

Extra Space Storage Price Performance

EXR opened at $172.68 on Monday. Extra Space Storage has a 1 year low of $125.82 and a 1 year high of $184.87. The stock has a 50-day moving average price of $169.82 and a 200-day moving average price of $164.15. The firm has a market cap of $36.60 billion, a PE ratio of 45.20, a P/E/G ratio of 8.58 and a beta of 0.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). The firm had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.02 EPS. Sell-side analysts predict that Extra Space Storage will post 8.09 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.75%. Extra Space Storage’s dividend payout ratio (DPR) is 169.63%.

Insider Buying and Selling

In related news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This represents a 34.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the transaction, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. This represents a 23.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,228 shares of company stock valued at $3,023,957. 1.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On Extra Space Storage

Institutional investors have recently bought and sold shares of the business. EdgeRock Capital LLC purchased a new position in shares of Extra Space Storage in the second quarter valued at about $25,000. Centerpoint Advisors LLC bought a new position in Extra Space Storage in the 2nd quarter worth approximately $27,000. Ashton Thomas Securities LLC bought a new position in Extra Space Storage in the 3rd quarter worth approximately $33,000. Blue Trust Inc. grew its holdings in Extra Space Storage by 540.5% during the 2nd quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 200 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of Extra Space Storage during the third quarter valued at approximately $42,000. Hedge funds and other 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.