Royal Bank of Canada Initiates Coverage on Extra Space Storage (NYSE:EXR)

Royal Bank of Canada initiated coverage on shares of Extra Space Storage (NYSE:EXR) in a report released on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a sector perform rating and a $180.00 price objective on the real estate investment trust’s stock.

A number of other brokerages have also recently commented on EXR. Raymond James lifted their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an outperform rating in a research note on Tuesday, July 23rd. Wells Fargo & Company lifted their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an overweight rating in a research note on Friday, July 26th. Barclays lifted their price objective on shares of Extra Space Storage from $158.00 to $188.00 and gave the stock an overweight rating in a research note on Thursday, August 22nd. Bank of America cut shares of Extra Space Storage from a neutral rating to an underperform rating and dropped their price target for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. Finally, Truist Financial lifted their price target on shares of Extra Space Storage from $152.00 to $167.00 and gave the stock a hold rating in a research note on Friday, August 16th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $168.36.

Extra Space Storage Stock Performance

Shares of NYSE:EXR opened at $177.90 on Tuesday. Extra Space Storage has a 52 week low of $101.19 and a 52 week high of $179.23. The stock has a market capitalization of $37.70 billion, a P/E ratio of 39.62, a PEG ratio of 2.56 and a beta of 0.86. The firm has a fifty day simple moving average of $167.71 and a two-hundred day simple moving average of $153.38. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.76.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.64%. Extra Space Storage’s payout ratio is 144.32%.

Insider Activity at Extra Space Storage

In related news, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the sale, the executive vice president now owns 11,919 shares in the company, valued at approximately $2,089,758.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value of $499,699.23. Following the completion of the sale, the executive vice president now owns 32,855 shares in the company, valued at approximately $5,815,663.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP William N. Springer sold 2,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the sale, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. The disclosure for this sale can be found here. Insiders sold 12,323 shares of company stock worth $1,994,709 in the last 90 days. 1.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Extra Space Storage

Several large investors have recently modified their holdings of the business. Massmutual Trust Co. FSB ADV raised its holdings in shares of Extra Space Storage by 19.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after purchasing an additional 76 shares in the last quarter. QRG Capital Management Inc. raised its holdings in shares of Extra Space Storage by 5.2% in the 1st quarter. QRG Capital Management Inc. now owns 1,588 shares of the real estate investment trust’s stock valued at $233,000 after purchasing an additional 78 shares in the last quarter. Park Avenue Securities LLC raised its stake in shares of Extra Space Storage by 2.1% during the 2nd quarter. Park Avenue Securities LLC now owns 3,773 shares of the real estate investment trust’s stock worth $586,000 after acquiring an additional 79 shares in the last quarter. Gallacher Capital Management LLC raised its stake in shares of Extra Space Storage by 1.2% during the 2nd quarter. Gallacher Capital Management LLC now owns 7,433 shares of the real estate investment trust’s stock worth $1,155,000 after acquiring an additional 86 shares in the last quarter. Finally, Profund Advisors LLC raised its stake in shares of Extra Space Storage by 2.9% during the 2nd quarter. Profund Advisors LLC now owns 3,279 shares of the real estate investment trust’s stock worth $510,000 after acquiring an additional 93 shares in the last quarter. 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.