Truist Financial Issues Positive Forecast for Extra Space Storage (NYSE:EXR) Stock Price

Extra Space Storage (NYSE:EXR) had its price target lifted by Truist Financial from $167.00 to $168.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a hold rating on the real estate investment trust’s stock.

Several other analysts have also issued reports on the company. Scotiabank reduced their target price on Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating on the stock in a report on Monday, November 25th. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and boosted their target price for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Barclays increased their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $171.43.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock opened at $163.64 on Thursday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $34.69 billion, a price-to-earnings ratio of 42.84, a price-to-earnings-growth ratio of 8.33 and a beta of 0.89. Extra Space Storage has a twelve month low of $131.02 and a twelve month high of $184.87. The company has a 50-day simple moving average of $168.43 and a two-hundred day simple moving average of $164.72.

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

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s payout ratio is 169.63%.

Insider Activity

In related news, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now directly owns 404,306 shares in the company, valued at $71,655,152.38. This represents a 1.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now directly owns 5,877 shares in the company, valued at $967,119.12. The trade was a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,228 shares of company stock valued at $3,023,957 over the last quarter. 1.36% of the stock is owned by company insiders.

Institutional Trading of Extra Space Storage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EXR. State Street Corp lifted its position in shares of Extra Space Storage by 1.7% in the 3rd quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock worth $2,412,894,000 after purchasing an additional 227,006 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Extra Space Storage by 4.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock valued at $551,586,000 after buying an additional 157,763 shares during the period. Dimensional Fund Advisors LP boosted its position in Extra Space Storage by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock valued at $485,973,000 after acquiring an additional 45,717 shares during the last quarter. Diamond Hill Capital Management Inc. grew its holdings in Extra Space Storage by 7.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock worth $460,890,000 after acquiring an additional 198,888 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Extra Space Storage by 4.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,366,107 shares of the real estate investment trust’s stock worth $426,349,000 after acquiring an additional 111,137 shares in the last quarter. 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.