Extra Space Storage (NYSE:EXR) Price Target Raised to $147.00

by · The Cerbat Gem

Extra Space Storage (NYSE:EXR – Free Report) had its target price hoisted by Evercore ISI from $146.00 to $147.00 in a report released on Monday, MarketBeat reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

Several other analysts also recently issued reports on EXR. Royal Bank Of Canada decreased their price target on Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating for the company in a research note on Monday, August 4th. Wall Street Zen raised Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, September 9th. Wells Fargo & Company raised shares of Extra Space Storage from an “equal weight” rating to an “overweight” rating and set a $160.00 price target on the stock in a research report on Tuesday, August 26th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $146.00 price objective (down from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. Finally, Mizuho boosted their target price on shares of Extra Space Storage from $141.00 to $153.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 28th. Six investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $148.50.

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Extra Space Storage Price Performance

NYSE EXR opened at $143.14 on Monday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $30.38 billion, a PE ratio of 31.05, a price-to-earnings-growth ratio of 3.48 and a beta of 1.09. Extra Space Storage has a 12-month low of $121.03 and a 12-month high of $184.87. The company has a 50 day moving average price of $143.55 and a two-hundred day moving average price of $145.38.

Extra Space Storage (NYSE:EXR – Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. During the same quarter in the prior year, the business posted $2.06 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, equities analysts predict that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Monday, September 15th. Extra Space Storage’s dividend payout ratio (DPR) is presently 140.56%.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the transaction, the chief executive officer directly owned 27,260 shares in the company, valued at $4,098,541. The trade was a 21.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.96% of the stock is owned by corporate insiders.

Institutional Trading of Extra Space Storage

Institutional investors have recently modified their holdings of the company. GKV Capital Management Co. Inc. acquired a new position in shares of Extra Space Storage in the first quarter valued at $29,000. Chung Wu Investment Group LLC acquired a new stake in Extra Space Storage during the second quarter worth $29,000. Elevation Point Wealth Partners LLC bought a new stake in Extra Space Storage in the 2nd quarter valued at $37,000. MTM Investment Management LLC acquired a new position in shares of Extra Space Storage in the 2nd quarter valued at $38,000. Finally, Zions Bancorporation National Association UT bought a new position in shares of Extra Space Storage during the 1st quarter worth about $50,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

About Extra Space Storage

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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.

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