Extra Space Storage (NYSE:EXR) Receives New Coverage from Analysts at Barclays

Barclays began coverage on shares of Extra Space Storage (NYSE:EXR) in a report published on Wednesday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $157.00 target price on the real estate investment trust’s stock.

Several other research firms have also weighed in on EXR. The Goldman Sachs Group upped their price objective on Extra Space Storage from $168.00 to $187.00 and gave the company a buy rating in a research note on Thursday, January 11th. Scotiabank initiated coverage on Extra Space Storage in a research note on Tuesday, February 13th. They issued a sector underperform rating and a $131.00 price objective on the stock. Wells Fargo & Company decreased their price target on Extra Space Storage from $155.00 to $150.00 and set an overweight rating on the stock in a research report on Monday, March 4th. Deutsche Bank Aktiengesellschaft initiated coverage on Extra Space Storage in a research report on Tuesday, January 30th. They set a hold rating and a $141.00 price target on the stock. Finally, TheStreet upgraded Extra Space Storage from a c+ rating to a b- rating in a research report on Thursday, January 11th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $149.92.

Extra Space Storage Trading Up 4.5 %

EXR stock opened at $146.75 on Wednesday. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $165.85. The firm has a market cap of $31.05 billion, a P/E ratio of 29.71, a P/E/G ratio of 3.45 and a beta of 0.74. The business’s 50 day moving average is $143.48 and its 200-day moving average is $135.40. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The company had revenue of $797.77 million during the quarter, compared to the consensus estimate of $778.05 million. During the same quarter in the prior year, the company posted $2.09 earnings per share. The company’s revenue for the quarter was up 57.4% on a year-over-year basis. Equities analysts anticipate that Extra Space Storage will post 8.04 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a $1.62 dividend. The ex-dividend date is Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.42%. Extra Space Storage’s payout ratio is 131.17%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares in the company, valued at approximately $13,785,693.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction on Thursday, March 7th. The stock was 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 of the company’s stock, valued at approximately $5,369,060. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the transaction, the chief marketing officer now directly 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 ninety days, insiders have sold 3,532 shares of company stock worth $514,819. Insiders own 1.55% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in EXR. First Horizon Advisors Inc. lifted its stake in shares of Extra Space Storage by 1,272.7% in the 1st quarter. First Horizon Advisors Inc. now owns 151 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 140 shares during the period. Zions Bancorporation N.A. raised its stake in Extra Space Storage by 241.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 150 shares during the period. EdgeRock Capital LLC bought a new position in Extra Space Storage during the fourth quarter worth about $26,000. Creekmur Asset Management LLC bought a new position in Extra Space Storage during the fourth quarter worth about $26,000. Finally, Money Concepts Capital Corp bought a new position in Extra Space Storage during the fourth quarter worth about $27,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.