Extra Space Storage (NYSE:EXR) Price Target Raised to $165.00 at Truist Financial

Posted by Defense World Staff on Mar 9th, 2023

Extra Space Storage (NYSE:EXR – Get Rating) had its price objective upped by Truist Financial from $160.00 to $165.00 in a research note published on Wednesday morning, The Fly reports.

Several other research analysts have also issued reports on the stock. JPMorgan Chase & Co. lowered shares of Extra Space Storage from an overweight rating to a neutral rating and decreased their price target for the stock from $177.00 to $167.00 in a research report on Friday, December 16th. Raymond James upgraded shares of Extra Space Storage from a market perform rating to an outperform rating and set a $170.00 price target on the stock in a research report on Monday, January 9th. KeyCorp decreased their price target on shares of Extra Space Storage from $220.00 to $190.00 and set an overweight rating on the stock in a research report on Wednesday, November 30th. Citigroup decreased their price target on shares of Extra Space Storage from $175.00 to $170.00 and set a neutral rating on the stock in a research report on Monday, December 12th. Finally, Morgan Stanley decreased their price target on shares of Extra Space Storage from $153.00 to $145.00 and set an underweight rating on the stock in a research report on Wednesday, December 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, Extra Space Storage currently has an average rating of Hold and a consensus target price of $170.89.

Extra Space Storage Price Performance

NYSE EXR opened at $163.74 on Wednesday. Extra Space Storage has a 12 month low of $139.97 and a 12 month high of $222.35. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market capitalization of $22.10 billion, a PE ratio of 25.54, a P/E/G ratio of 2.44 and a beta of 0.54. The company’s 50 day simple moving average is $156.77 and its 200 day simple moving average is $165.49.

Extra Space Storage (NYSE:EXR – Get Rating) last posted its quarterly earnings data on Wednesday, February 22nd. The real estate investment trust reported $1.52 EPS 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 company had revenue of $506.70 million for the quarter, compared to analyst estimates of $433.39 million. During the same quarter in the prior year, the business earned $1.91 EPS. Extra Space Storage’s revenue was up 18.4% compared to the same quarter last year. As a group, equities research analysts forecast that Extra Space Storage will post 8.56 EPS for the current fiscal year.

Extra Space Storage Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be paid a dividend of $1.62 per share. The ex-dividend date is Tuesday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.96%. This is a positive change from Extra Space Storage’s previous quarterly dividend of $1.50. Extra Space Storage’s dividend payout ratio (DPR) is 93.60%.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CMO Samrat Sondhi sold 6,290 shares of Extra Space Storage stock in a transaction on Monday, February 27th. The shares were sold at an average price of $161.88, for a total transaction 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 approximately $13,379,867.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Extra Space Storage news, CMO Samrat Sondhi sold 6,290 shares of Extra Space Storage stock in a transaction on Monday, February 27th. The shares were sold at an average price of $161.88, for a total transaction 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 approximately $13,379,867.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Gwyn Goodson Mcneal sold 1,500 shares of Extra Space Storage stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $164.00, for a total transaction of $246,000.00. Following the sale, the executive vice president now directly owns 32,290 shares of the company’s stock, valued at approximately $5,295,560. The disclosure for this sale can be found here. Company insiders own 1.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of EXR. Norges Bank bought a new position in shares of Extra Space Storage during the 4th quarter valued at $380,823,000. Zimmer Partners LP raised its holdings in shares of Extra Space Storage by 1,875.0% during the 2nd quarter. Zimmer Partners LP now owns 987,500 shares of the real estate investment trust’s stock valued at $167,994,000 after purchasing an additional 937,500 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Extra Space Storage by 16.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,637,995 shares of the real estate investment trust’s stock valued at $618,895,000 after purchasing an additional 501,723 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Extra Space Storage by 104.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 779,098 shares of the real estate investment trust’s stock valued at $132,540,000 after purchasing an additional 398,729 shares in the last quarter. Finally, Ceredex Value Advisors LLC raised its holdings in shares of Extra Space Storage by 69.0% during the 4th quarter. Ceredex Value Advisors LLC now owns 934,970 shares of the real estate investment trust’s stock valued at $137,609,000 after purchasing an additional 381,727 shares in the last quarter. Institutional investors own 95.32% of the company’s stock.

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.