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Extra Space Storage Inc. (NYSE:EXR) Given Average Recommendation of "Hold" by Brokerages

Defense World ·  Mar 11, 2023 17:38

Extra Space Storage Inc. (NYSE:EXR – Get Rating) has earned a consensus recommendation of "Hold" from the eleven research firms that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $170.89.

EXR has been the subject of a number of research analyst reports. Raymond James raised shares of Extra Space Storage from a "market perform" rating to an "outperform" rating and set a $170.00 price target for the company in a report on Monday, January 9th. Truist Financial upped their price target on shares of Extra Space Storage from $160.00 to $165.00 and gave the company a "hold" rating in a report on Wednesday. Morgan Stanley cut their price target on shares of Extra Space Storage from $153.00 to $145.00 and set an "underweight" rating for the company in a report on Wednesday, December 14th. Wolfe Research lowered shares of Extra Space Storage from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, January 18th. They noted that the move was a valuation call. Finally, KeyCorp reduced their price objective on shares of Extra Space Storage from $220.00 to $190.00 and set an "overweight" rating for the company in a research note on Wednesday, November 30th.

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Insider Activity

In other news, CMO Samrat Sondhi sold 6,290 shares of the firm's stock in a transaction on Monday, February 27th. The stock was sold at an average price of $161.88, for a total value of $1,018,225.20. Following the completion of the sale, the chief marketing officer now directly owns 82,653 shares in the company, valued at $13,379,867.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Gwyn Goodson Mcneal sold 1,500 shares of Extra Space Storage stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $164.00, for a total value of $246,000.00. Following the completion of the sale, the executive vice president now directly owns 32,290 shares in the company, valued at $5,295,560. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CMO Samrat Sondhi sold 6,290 shares of Extra Space Storage stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $161.88, for a total value of $1,018,225.20. Following the completion of the sale, the chief marketing officer now owns 82,653 shares of the company's stock, valued at $13,379,867.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,440 shares of company stock worth $1,371,963. 1.52% of the stock is owned by corporate insiders.

Institutional Trading of Extra Space Storage

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in Extra Space Storage by 8.0% in the second quarter. Principal Financial Group Inc. now owns 5,145,316 shares of the real estate investment trust's stock worth $875,324,000 after purchasing an additional 381,282 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Extra Space Storage by 0.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,648,605 shares of the real estate investment trust's stock worth $630,149,000 after buying an additional 10,610 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Extra Space Storage by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 3,135,848 shares of the real estate investment trust's stock worth $460,800,000 after buying an additional 38,582 shares during the last quarter. FMR LLC boosted its holdings in Extra Space Storage by 4.3% during the second quarter. FMR LLC now owns 2,608,764 shares of the real estate investment trust's stock worth $443,803,000 after buying an additional 107,178 shares during the last quarter. Finally, Norges Bank bought a new position in Extra Space Storage during the fourth quarter worth about $380,823,000. 95.32% of the stock is currently owned by institutional investors and hedge funds.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $153.55 on Friday. Extra Space Storage has a fifty-two week low of $139.97 and a fifty-two week high of $222.35. The firm's 50-day simple moving average is $157.12 and its 200 day simple moving average is $165.07. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.80. The stock has a market cap of $20.73 billion, a P/E ratio of 23.95, a P/E/G ratio of 2.39 and a beta of 0.54.

Extra Space Storage (NYSE:EXR – Get Rating) last issued its quarterly earnings results on Wednesday, February 22nd. The real estate investment trust reported $1.52 earnings per share for the quarter, missing analysts' consensus estimates of $2.08 by ($0.56). Extra Space Storage had a net margin of 45.52% and a return on equity of 22.01%. The business had revenue of $506.70 million during the quarter, compared to analyst estimates of $433.39 million. During the same period in the previous year, the company posted $1.91 earnings per share. Extra Space Storage's revenue was up 18.4% compared to the same quarter last year. Equities analysts expect that Extra Space Storage will post 8.57 EPS for the current year.

Extra Space Storage Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be paid a $1.62 dividend. The ex-dividend date is Tuesday, March 14th. This is a positive change from Extra Space Storage's previous quarterly dividend of $1.50. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.22%. Extra Space Storage's dividend payout ratio (DPR) is 93.60%.

About Extra Space Storage

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Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.

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