JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Extra Space Storage (NYSE:EXR) Stock

Extra Space Storage (NYSE:EXR) had its price objective boosted by JPMorgan Chase & Co. from $160.00 to $162.00 in a research note issued to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the real estate investment trust’s stock.

A number of other research analysts also recently issued reports on EXR. Mizuho lifted their price objective on shares of Extra Space Storage from $141.00 to $153.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 28th. Benchmark cut their price objective on shares of Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, May 13th. Evercore ISI boosted their target price on shares of Extra Space Storage from $144.00 to $149.00 and gave the stock an “in-line” rating in a research report on Thursday, May 1st. The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Finally, Wells Fargo & Company dropped their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $159.54.

Extra Space Storage Trading Down 0.7%

NYSE EXR opened at $149.47 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company has a market capitalization of $31.72 billion, a price-to-earnings ratio of 39.13, a price-to-earnings-growth ratio of 7.76 and a beta of 1.11. The company’s 50-day simple moving average is $145.26 and its two-hundred day simple moving average is $149.89. Extra Space Storage has a one year low of $121.03 and a one year high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.96 by $0.04. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. During the same quarter in the previous year, the firm earned $1.96 EPS. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities analysts forecast that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.34%. The ex-dividend date of this dividend is Monday, June 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 150.35%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the sale, the chief executive officer now directly owns 9,190 shares of the company’s stock, valued at $1,355,065.50. This represents a 44.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

Large investors have recently made changes to their positions in the business. Natixis purchased a new stake in shares of Extra Space Storage in the 4th quarter valued at $11,501,000. Investment Management Corp of Ontario lifted its stake in shares of Extra Space Storage by 37.0% in the 4th quarter. Investment Management Corp of Ontario now owns 9,543 shares of the real estate investment trust’s stock valued at $1,428,000 after purchasing an additional 2,579 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Extra Space Storage by 20.0% in the 4th quarter. Jones Financial Companies Lllp now owns 1,109 shares of the real estate investment trust’s stock valued at $166,000 after purchasing an additional 185 shares during the period. Donaldson Capital Management LLC lifted its stake in shares of Extra Space Storage by 3.5% in the 4th quarter. Donaldson Capital Management LLC now owns 287,956 shares of the real estate investment trust’s stock valued at $43,078,000 after purchasing an additional 9,804 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in shares of Extra Space Storage by 4.5% in the 4th quarter. CIBC Asset Management Inc now owns 32,279 shares of the real estate investment trust’s stock valued at $4,829,000 after purchasing an additional 1,402 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

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 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.