Extra Space Storage (NYSE:EXR) Downgraded by Bank of America

Bank of America downgraded shares of Extra Space Storage (NYSE:EXR) from a neutral rating to an underperform rating in a research report sent to investors on Monday, MarketBeat Ratings reports. Bank of America currently has $155.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $172.00.

Other equities research analysts also recently issued reports about the stock. StockNews.com upgraded shares of Extra Space Storage from a sell rating to a hold rating in a research note on Tuesday, July 23rd. Wells Fargo & Company raised their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an overweight rating in a research note on Friday, July 26th. Scotiabank raised their target price on shares of Extra Space Storage from $140.00 to $159.00 and gave the company a sector underperform rating in a research note on Friday, July 19th. Barclays raised their price objective on shares of Extra Space Storage from $157.00 to $158.00 and gave the stock an overweight rating in a research report on Monday, May 20th. Finally, Citigroup cut their price objective on shares of Extra Space Storage from $168.00 to $160.00 and set a neutral rating for the company in a research report on Friday, June 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $160.67.

Extra Space Storage Trading Down 1.0 %

Shares of NYSE:EXR opened at $161.63 on Monday. Extra Space Storage has a 52-week low of $101.19 and a 52-week high of $171.46. The company has a market capitalization of $34.22 billion, a P/E ratio of 36.00, a price-to-earnings-growth ratio of 3.37 and a beta of 0.83. The company has a 50-day simple moving average of $156.79 and a 200 day simple moving average of $147.83. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.15 and a current ratio of 0.20.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $1.62 per share. The ex-dividend date was Friday, June 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.01%. Extra Space Storage’s dividend payout ratio is presently 144.32%.

Insider Transactions at Extra Space Storage

In other news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the transaction, the director now directly owns 5,229 shares of the company’s stock, valued at $775,042.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Joseph J. Bonner sold 677 shares of Extra Space Storage stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the transaction, the director now directly owns 5,229 shares of the company’s stock, valued at $775,042.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Monday, July 1st. The shares were 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 disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Extra Space Storage by 17.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,087 shares of the real estate investment trust’s stock valued at $18,933,000 after acquiring an additional 17,163 shares during the last quarter. GSA Capital Partners LLP bought a new position in Extra Space Storage in the fourth quarter valued at approximately $3,304,000. Daiwa Securities Group Inc. grew its stake in shares of Extra Space Storage by 8.4% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,724,293 shares of the real estate investment trust’s stock worth $436,786,000 after buying an additional 211,395 shares during the last quarter. State of Tennessee Treasury Department grew its stake in shares of Extra Space Storage by 252.1% during the fourth quarter. State of Tennessee Treasury Department now owns 114,819 shares of the real estate investment trust’s stock worth $18,409,000 after buying an additional 82,207 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Extra Space Storage by 19.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 247,203 shares of the real estate investment trust’s stock worth $36,307,000 after buying an additional 40,055 shares during the last quarter. 99.11% of the stock is owned by institutional investors.

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.