Extra Space Storage (NYSE:EXR) Hits New 12-Month High Following Analyst Upgrade

Extra Space Storage Inc. (NYSE:EXR)’s stock price hit a new 52-week high during mid-day trading on Tuesday after Evercore ISI raised their price target on the stock from $167.00 to $170.00. Evercore ISI currently has an in-line rating on the stock. Extra Space Storage traded as high as $179.42 and last traded at $178.77, with a volume of 646106 shares trading hands. The stock had previously closed at $177.63.

EXR has been the subject of several other research reports. Raymond James boosted their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada began coverage on 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. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Barclays increased their price objective on shares of Extra Space Storage from $158.00 to $188.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Finally, Truist Financial boosted their target price on shares of Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Extra Space Storage has an average rating of “Hold” and a consensus target price of $168.57.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the transaction, the chief executive officer now directly owns 31,690 shares in the company, valued at $4,835,260.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the transaction, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $177.23, for a total value of $1,178,047.81. Following the transaction, the director now owns 404,306 shares in the company, valued at approximately $71,655,152.38. The disclosure for this sale can be found here. Insiders have sold 18,970 shares of company stock worth $3,172,757 over the last quarter. 1.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of EXR. Sanctuary Advisors LLC purchased a new stake in shares of Extra Space Storage during the second quarter worth approximately $2,631,000. Brown Financial Advisors purchased a new stake in shares of Extra Space Storage during the second quarter worth $840,000. Cetera Investment Advisers raised its position in shares of Extra Space Storage by 0.4% in the second quarter. Cetera Investment Advisers now owns 45,643 shares of the real estate investment trust’s stock valued at $7,093,000 after buying an additional 193 shares during the last quarter. Truist Financial Corp lifted its stake in shares of Extra Space Storage by 15.6% in the second quarter. Truist Financial Corp now owns 34,371 shares of the real estate investment trust’s stock worth $5,342,000 after buying an additional 4,641 shares in the last quarter. Finally, Pathway Financial Advisers LLC boosted its position in Extra Space Storage by 1.6% during the second quarter. Pathway Financial Advisers LLC now owns 11,258 shares of the real estate investment trust’s stock worth $1,742,000 after acquiring an additional 177 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

The company has a market cap of $37.81 billion, a PE ratio of 39.56, a PEG ratio of 2.56 and a beta of 0.86. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.20 and a current ratio of 0.20. The firm’s 50 day moving average is $168.17 and its 200-day moving average is $153.83.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $1.62 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.63%. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

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.