Extra Space Storage (NYSE:EXR) Price Target Raised 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 report published on Friday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

EXR has been the subject of several other reports. Scotiabank lifted their price objective on Extra Space Storage from $140.00 to $159.00 and gave the company a sector underperform rating in a report on Friday, July 19th. StockNews.com upgraded Extra Space Storage from a sell rating to a hold rating in a research note on Tuesday, July 23rd. Raymond James lifted their target price on Extra Space Storage from $160.00 to $175.00 and gave the stock an outperform rating in a report on Tuesday, July 23rd. Evercore ISI boosted 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. Finally, Barclays upped their target price on Extra Space Storage from $157.00 to $158.00 and gave the stock an overweight rating in a research note on Monday, May 20th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Extra Space Storage currently has a consensus rating of Hold and an average price target of $157.67.

Extra Space Storage Stock Down 0.4 %

NYSE:EXR opened at $163.96 on Friday. Extra Space Storage has a twelve month low of $101.19 and a twelve month high of $171.46. The company has a market cap of $34.72 billion, a price-to-earnings ratio of 36.52, a price-to-earnings-growth ratio of 3.47 and a beta of 0.83. The stock has a fifty day simple moving average of $154.65 and a 200-day simple moving average of $147.31. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.73.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date was Friday, June 14th. Extra Space Storage’s dividend payout ratio is presently 144.32%.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the sale, the chief executive officer now owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the transaction, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph J. Bonner sold 677 shares of the firm’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 transaction, the director now owns 5,229 shares in the company, valued at approximately $775,042.38. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of EXR. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Extra Space Storage by 15.2% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 20,721 shares of the real estate investment trust’s stock valued at $3,322,000 after buying an additional 2,730 shares during the period. Center For Asset Management LLC purchased a new stake in shares of Extra Space Storage in the fourth quarter valued at $232,000. Pallas Capital Advisors LLC purchased a new stake in shares of Extra Space Storage in the fourth quarter valued at $1,287,000. Alta Capital Management LLC grew its position in Extra Space Storage by 48.8% during the fourth quarter. Alta Capital Management LLC now owns 23,083 shares of the real estate investment trust’s stock valued at $3,701,000 after acquiring an additional 7,567 shares during the period. Finally, Carderock Capital Management Inc. purchased a new stake in Extra Space Storage during the fourth quarter valued at about $1,090,000. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

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.