Extra Space Storage (NYSE:EXR) Price Target Cut to $145.00

Extra Space Storage (NYSE:EXR) had its price objective lowered by Evercore ISI from $147.00 to $145.00 in a research report released on Friday, MarketBeat reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

Several other research analysts also recently commented on EXR. StockNews.com downgraded shares of Extra Space Storage from a hold rating to a sell rating in a research note on Friday, August 25th. Citigroup cut their target price on shares of Extra Space Storage from $160.00 to $135.00 and set a neutral rating on the stock in a research report on Wednesday, September 13th. Truist Financial cut their price objective on shares of Extra Space Storage from $155.00 to $138.00 and set a hold rating on the stock in a research report on Tuesday, August 29th. Finally, Raymond James lowered their target price on shares of Extra Space Storage from $185.00 to $165.00 and set a strong-buy rating for the company in a research note on Thursday, August 31st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $152.43.

Extra Space Storage Price Performance

EXR stock opened at $126.65 on Friday. Extra Space Storage has a 52 week low of $123.67 and a 52 week high of $183.49. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 1.86. The company has a fifty day simple moving average of $134.63 and a two-hundred day simple moving average of $146.01. The firm has a market capitalization of $26.76 billion, a P/E ratio of 20.66, a price-to-earnings-growth ratio of 12.44 and a beta of 0.56.

Extra Space Storage Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 1.93%. The ex-dividend date is Thursday, September 14th. Extra Space Storage’s payout ratio is presently 39.80%.

Insider Buying and Selling

In related news, Director Joseph J. Bonner sold 956 shares of the business’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $125.64, for a total value of $120,111.84. Following the completion of the sale, the director now owns 4,504 shares of the company’s stock, valued at approximately $565,882.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Extra Space Storage

A number of large investors have recently modified their holdings of EXR. Private Advisor Group LLC grew its holdings in shares of Extra Space Storage by 5.6% during the first quarter. Private Advisor Group LLC now owns 1,404 shares of the real estate investment trust’s stock worth $289,000 after buying an additional 74 shares in the last quarter. Blair William & Co. IL boosted its position in shares of Extra Space Storage by 16.5% during the 1st quarter. Blair William & Co. IL now owns 1,502 shares of the real estate investment trust’s stock valued at $309,000 after acquiring an additional 213 shares during the last quarter. Prudential PLC acquired a new position in shares of Extra Space Storage during the 1st quarter valued at about $625,000. Cetera Investment Advisers boosted its position in shares of Extra Space Storage by 8.2% during the 1st quarter. Cetera Investment Advisers now owns 2,522 shares of the real estate investment trust’s stock valued at $519,000 after acquiring an additional 192 shares during the last quarter. Finally, Dakota Wealth Management acquired a new position in shares of Extra Space Storage during the 1st quarter valued at about $332,000. Hedge funds and other institutional investors own 66.40% of the company’s stock.

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 June 30, 2023, the Company owned and/or operated 2,438 self-storage stores in 41 states and Washington, DC The Company's stores comprise approximately 1.7 million units and approximately 184.0 million square feet of rentable space.