Extra Space Storage (NYSE:EXR) Sets New 52-Week High – Here’s Why

Extra Space Storage Inc (NYSE:EXR)’s share price reached a new 52-week high on Wednesday. The stock traded as high as $159.93 and last traded at $159.0350, with a volume of 38,960 shares traded. The stock had previously closed at $156.23.

Analyst Upgrades and Downgrades

EXR has been the subject of several research analyst reports. Weiss Ratings upgraded shares of Extra Space Storage from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday. Wells Fargo & Company decreased their price objective on shares of Extra Space Storage from $158.00 to $157.00 and set an “overweight” rating for the company in a research note on Tuesday, September 1st. Barclays lifted their price objective on shares of Extra Space Storage from $170.00 to $172.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. Raymond James Financial assumed coverage on shares of Extra Space Storage in a research report on Thursday, July 16th. They set an “outperform” rating and a $44.00 price objective on the stock. Finally, Jefferies Financial Group cut their target price on shares of Extra Space Storage from $165.00 to $151.00 in a research note on Monday, October 12th. Eight equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $155.38.

Extra Space Storage Trading Up 2.7%

The stock has a market cap of $33.49 billion, a price-to-earnings ratio of 32.52, a PEG ratio of 4.56 and a beta of 1.07. The company has a quick ratio of 1.56, a current ratio of 0.25 and a debt-to-equity ratio of 0.97. The business has a 50-day moving average of $138.93 and a 200-day moving average of $142.49.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.93). Extra Space Storage had a net margin of 29.90% and a return on equity of 7.36%. The firm had revenue of $889.79 million during the quarter, compared to analysts’ expectations of $886.61 million. During the same quarter last year, the firm earned $2.08 EPS. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, research analysts forecast that Extra Space Storage Inc will post 8.46 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Tuesday, September 15th. Extra Space Storage’s payout ratio is currently 131.71%.

Hedge Funds Weigh In On Extra Space Storage

A number of hedge funds have recently added to or reduced their stakes in EXR. Candriam S.C.A. lifted its stake in Extra Space Storage by 7.9% in the third quarter. Candriam S.C.A. now owns 10,817 shares of the real estate investment trust’s stock valued at $1,428,000 after acquiring an additional 795 shares during the last quarter. Pictet Asset Management Holding SA grew its position in Extra Space Storage by 4.8% in the third quarter. Pictet Asset Management Holding SA now owns 397,373 shares of the real estate investment trust’s stock worth $52,259,000 after acquiring an additional 18,039 shares in the last quarter. Alps Advisors Inc. grew its position in Extra Space Storage by 4.9% in the third quarter. Alps Advisors Inc. now owns 12,975 shares of the real estate investment trust’s stock worth $1,706,000 after acquiring an additional 601 shares in the last quarter. Alta Advisers Ltd acquired a new position in shares of Extra Space Storage during the 3rd quarter worth $201,000. Finally, Kestra Advisory Services LLC increased its stake in shares of Extra Space Storage by 5.7% during the 3rd quarter. Kestra Advisory Services LLC now owns 13,878 shares of the real estate investment trust’s stock worth $1,825,000 after purchasing an additional 745 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Company Profile

Extra Space Storage Inc is a real estate investment trust that owns, operates, manages and develops self-storage properties in the United States. The company provides storage units for residential, business and vehicle-storage customers, with facilities offering a range of unit sizes and access options.

In addition to operating properties under the Extra Space Storage brand, the company provides third-party property management, acquisition and development services for self-storage owners.