Extra Space Storage Inc. (NYSE:EXR – Free Report) – Stock analysts at Zacks Research lowered their Q3 2023 earnings estimates for Extra Space Storage in a research report issued on Thursday, September 14th. Zacks Research analyst M. Chattopadhyay now forecasts that the real estate investment trust will post earnings per share of $2.07 for the quarter, down from their previous forecast of $2.08. The consensus estimate for Extra Space Storage’s current full-year earnings is $7.99 per share. Zacks Research also issued estimates for Extra Space Storage’s Q4 2023 earnings at $2.03 EPS, FY2023 earnings at $8.18 EPS, Q1 2024 earnings at $2.04 EPS, Q2 2024 earnings at $2.11 EPS, Q4 2024 earnings at $2.17 EPS, FY2024 earnings at $8.52 EPS, Q1 2025 earnings at $2.18 EPS and Q2 2025 earnings at $2.23 EPS.
Several other research analysts have also weighed in on EXR. Citigroup lowered their target price on shares of Extra Space Storage from $160.00 to $135.00 and set a “neutral” rating for the company in a research note on Wednesday, September 13th. Raymond James decreased their price target on Extra Space Storage from $185.00 to $165.00 and set a “strong-buy” rating on the stock in a research note on Thursday, August 31st. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. Truist Financial cut their price target on shares of Extra Space Storage from $155.00 to $138.00 and set a “hold” rating on the stock in a research note on Tuesday, August 29th. Finally, Evercore ISI cut their price target on shares of Extra Space Storage from $147.00 to $145.00 and set an “in-line” rating on the stock in a research note on Friday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and an average target price of $152.43.
Extra Space Storage Trading Up 1.5 %
Shares of EXR stock opened at $128.06 on Monday. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.24 and a quick ratio of 0.24. The firm has a market cap of $27.06 billion, a PE ratio of 20.89, a price-to-earnings-growth ratio of 12.29 and a beta of 0.56. The company has a 50-day moving average of $135.09 and a two-hundred day moving average of $146.29. Extra Space Storage has a 1-year low of $123.67 and a 1-year high of $186.51.
Institutional Investors Weigh In On Extra Space Storage
Institutional investors have recently added to or reduced their stakes in the business. Securian Asset Management Inc. lifted its stake in Extra Space Storage by 1.1% during the first quarter. Securian Asset Management Inc. now owns 11,201 shares of the real estate investment trust’s stock worth $1,825,000 after purchasing an additional 124 shares during the last quarter. Oak Thistle LLC acquired a new stake in Extra Space Storage during the 1st quarter worth $362,000. Capital Analysts LLC raised its stake in Extra Space Storage by 1,255.1% during the 1st quarter. Capital Analysts LLC now owns 2,263 shares of the real estate investment trust’s stock worth $369,000 after acquiring an additional 2,096 shares in the last quarter. Credit Suisse AG raised its stake in Extra Space Storage by 7.1% during the 4th quarter. Credit Suisse AG now owns 230,286 shares of the real estate investment trust’s stock worth $33,893,000 after acquiring an additional 15,327 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Extra Space Storage by 8.4% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 176,342 shares of the real estate investment trust’s stock worth $28,731,000 after acquiring an additional 13,690 shares in the last quarter. Hedge funds and other institutional investors own 66.40% of the company’s stock.
Insider Activity
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 transaction of $120,111.84. Following the completion of the transaction, the director now owns 4,504 shares in the company, valued at $565,882.56. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.55% of the company’s stock.
Extra Space Storage Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Thursday, September 14th. Extra Space Storage’s dividend payout ratio is presently 39.80%.
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 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.
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