Royal Bank Of Canada Cuts Extra Space Storage (NYSE:EXR) Price Target to $146.00

Extra Space Storage (NYSE:EXR) had its price target cut by Royal Bank Of Canada from $148.00 to $146.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

EXR has been the subject of a number of other research reports. Barclays lowered their price objective on Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. Evercore ISI reissued a “cautious” rating on shares of Extra Space Storage in a report on Monday, November 3rd. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $146.00 price objective (down previously from $169.00) on shares of Extra Space Storage in a report on Thursday, August 21st. Citigroup lowered their target price on Extra Space Storage from $165.00 to $150.00 and set a “neutral” rating on the stock in a report on Friday, August 22nd. Finally, Truist Financial dropped their target price on Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a research report on Tuesday, August 19th. Six analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $148.36.

Extra Space Storage Trading Up 0.4%

Shares of EXR opened at $131.61 on Friday. The stock has a market capitalization of $27.93 billion, a P/E ratio of 29.52, a PEG ratio of 2.56 and a beta of 1.14. Extra Space Storage has a twelve month low of $121.03 and a twelve month high of $175.57. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. The firm has a fifty day simple moving average of $142.90 and a two-hundred day simple moving average of $145.04.

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

Extra Space Storage Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’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 value of $1,060,575.00. Following the completion of the sale, the chief executive officer directly owned 19,760 shares of the company’s stock, valued at $2,794,261.60. This trade represents a 27.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.96% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Extra Space Storage during the second quarter valued at approximately $1,058,303,000. JPMorgan Chase & Co. lifted its stake in shares of Extra Space Storage by 205.7% during the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust’s stock worth $608,001,000 after buying an additional 2,755,265 shares during the period. Nuveen LLC acquired a new position in shares of Extra Space Storage in the 1st quarter valued at $257,917,000. Resolution Capital Ltd raised its stake in Extra Space Storage by 116.2% in the 2nd quarter. Resolution Capital Ltd now owns 1,950,842 shares of the real estate investment trust’s stock worth $287,632,000 after acquiring an additional 1,048,685 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in Extra Space Storage by 570.3% during the 1st quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust’s stock worth $166,180,000 after acquiring an additional 956,500 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

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.