Wells Fargo & Company Raises Extra Space Storage (NYSE:EXR) Price Target to $175.00

Extra Space Storage (NYSE:EXR) had its price target lifted by Wells Fargo & Company from $160.00 to $175.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Other research analysts have also recently issued reports about the stock. Scotiabank raised their target price on shares of Extra Space Storage from $140.00 to $159.00 and gave the stock a sector underperform rating in a report on Friday, July 19th. StockNews.com raised shares of Extra Space Storage from a sell rating to a hold rating in a research note on Tuesday. Barclays boosted their target price on shares of Extra Space Storage from $157.00 to $158.00 and gave the company an overweight rating in a research note on Monday, May 20th. Citigroup decreased their target price on Extra Space Storage from $168.00 to $160.00 and set a neutral rating for the company in a research report on Friday, June 7th. Finally, Evercore ISI lifted their price target on Extra Space Storage from $140.00 to $151.00 and gave the company an in-line rating in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $157.67.

Extra Space Storage Trading Up 2.4 %

NYSE:EXR opened at $164.61 on Friday. The stock has a fifty day simple moving average of $154.38 and a 200 day simple moving average of $147.36. The firm has a market capitalization of $34.85 billion, a price-to-earnings ratio of 36.66, a price-to-earnings-growth ratio of 3.39 and a beta of 0.83. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $171.46. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.73.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend was Friday, June 14th. Extra Space Storage’s payout ratio is currently 144.32%.

Insider Transactions at Extra Space Storage

In related news, Director Joseph J. Bonner sold 677 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $148.22, for a total value of $100,344.94. Following the completion of the sale, the director now owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the transaction, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the transaction, the director now owns 5,229 shares in the company, valued at $775,042.38. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Extra Space Storage by 17.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,087 shares of the real estate investment trust’s stock worth $18,933,000 after purchasing an additional 17,163 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Extra Space Storage in the fourth quarter worth $3,304,000. Daiwa Securities Group Inc. boosted its holdings in shares of Extra Space Storage by 8.4% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,724,293 shares of the real estate investment trust’s stock worth $436,786,000 after buying an additional 211,395 shares during the period. Pallas Capital Advisors LLC bought a new stake in shares of Extra Space Storage during the 4th quarter worth $1,287,000. Finally, State of Tennessee Treasury Department grew its stake in Extra Space Storage by 252.1% in the 4th quarter. State of Tennessee Treasury Department now owns 114,819 shares of the real estate investment trust’s stock valued at $18,409,000 after buying an additional 82,207 shares during 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.