Evercore ISI Cuts Extra Space Storage (NYSE:EXR) Price Target to $147.00

Extra Space Storage (NYSE:EXR) had its target price lowered by Evercore ISI from $149.00 to $147.00 in a research report released on Monday morning,Benzinga reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

Several other research firms have also recently issued reports on EXR. Citigroup decreased their target price on shares of Extra Space Storage from $165.00 to $150.00 and set a “neutral” rating for the company in a research note on Friday, August 22nd. Barclays cut their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Truist Financial lowered their target price on shares of Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a research note on Tuesday, August 19th. Wall Street Zen cut Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Extra Space Storage in a report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, Extra Space Storage has an average rating of “Hold” and a consensus price target of $148.50.

Extra Space Storage Price Performance

Shares of EXR opened at $132.99 on Monday. The business’s 50-day moving average is $143.33 and its two-hundred day moving average is $145.13. The company has a market capitalization of $28.23 billion, a P/E ratio of 29.69, a P/E/G ratio of 2.56 and a beta of 1.14. Extra Space Storage has a fifty-two week low of $121.03 and a fifty-two week high of $175.57. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, October 29th. The real estate investment trust reported $2.08 EPS for the quarter, topping the consensus estimate of $2.06 by $0.02. The firm had revenue of $838.53 million for the quarter, compared to analyst estimates of $736.26 million. Extra Space Storage had a return on equity of 6.53% and a net margin of 28.40%.During the same period last year, the company earned $2.07 earnings per share. Extra Space Storage’s revenue for the quarter was up 4.1% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. Research analysts predict that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend was Monday, September 15th. Extra Space Storage’s dividend payout ratio is 144.64%.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the sale, the chief executive officer owned 19,760 shares of the company’s stock, valued at $2,794,261.60. The trade was a 27.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors have recently made changes to their positions in EXR. D.A. Davidson & CO. lifted its stake in shares of Extra Space Storage by 7.2% during the first quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust’s stock worth $281,000 after purchasing an additional 127 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Extra Space Storage by 1.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust’s stock worth $3,285,000 after acquiring an additional 398 shares in the last quarter. IFP Advisors Inc grew its position in Extra Space Storage by 1,376.5% in the first quarter. IFP Advisors Inc now owns 1,698 shares of the real estate investment trust’s stock valued at $252,000 after acquiring an additional 1,583 shares in the last quarter. Mattson Financial Services LLC raised its stake in shares of Extra Space Storage by 17.7% during the first quarter. Mattson Financial Services LLC now owns 21,231 shares of the real estate investment trust’s stock valued at $3,153,000 after purchasing an additional 3,187 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Extra Space Storage during the first quarter worth $1,472,000. 99.11% of the stock is owned by institutional investors and hedge funds.

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.